Four Financial Services seat candidates yesterday voiced strong opposition to the Government's compensation package to clients of collapsed broker CA Pacific.
The four Legco candidates met at a forum jointly held by the stock exchange, futures exchange, Chinese Gold and Silver Society, Hong Kong Stockbrokers Association and two other industry organisations.
They included outspoken stock exchange council member Syed Bokhary, controversial Provisional Legislator Chim Pui-chung - who has held the seat for eight years - Bank of China Group Securities deputy chairman Fung Chi-kin and permanent chairman of the Hong Kong Stockbrokers Association Henry Wu King-cheong.
The four criticised the Government's increased compensation package to CA Pacific clients, saying there were insufficient mechanisms to monitor the Securities and Futures Commission's power.
Mr Chim said exchange rules clearly stated clients should receive only $8 million between them.
In CA Pacific's case, the Government increased the figure to $1 billion, involving payments from the SFC and the exchange of $150 million each.
'It sets a very bad example if every time a broker collapses, investors demand an increase in the compensation fund,' Mr Chim said.
