It was good news last week when the government finally showed its support for a single set of principles governing everyone selling investment products to the public. However, the bad news is we do not have a single enforcement agency to ensure they all follow the same rules. The risk of another Lehman Brothers minibond fiasco still exists. Permanent Secretary for Financial Services and the Treasury Au King-chi said all salespeople - from banks, brokers, insurers and pension funds - should adopt a single set of principles to protect the interest of customers. Banks and brokers sell securities, funds and investment products, while insurance agents also sell investment-linked products. and come 2011, Mandatory Provident Fund sales staff will become more involved when employees choose their own providers. Au said from January new insurance agents would be required to take the same stringent tests as brokers and bank staff before being allowed to sell investment products, and all sales staff should adopt the same disclosure principles to make investors aware of the risks. This is a good first step, but it does not go far enough, because insurance agents are not governed by the same regulations as bankers and brokers. Brokers are licensed by the Securities and Futures Commission, while banks come under the Hong Kong Monetary Authority - both powerful statutory bodies. Insurance agents, however, still operate under a self-regulatory model that does not require them to be licensed. They only need to be registered with the Insurance Agents Registration Board, a body that has little to do with regulation and enforcement. The government is planning to consult the market early next year about setting up an Insurance Authority, but it is not clear if the new body will be empowered to license insurance agents or even if the industry is willing to give up its self-regulatory model. Allianz plays football This week's video guest is Allianz Greater China head Frank Klausfelder, who explains why the world's leading fund company has become involved in a football training programme for youngsters. The Allianz Junior Football Camp was launched in August in conjunction with Germany's most famous club, Bayern Munich. From more than 2,500 applications worldwide, 32 were chosen from nine countries to take part at FC Bayern's Allianz Arena.