Investors who claimed to have been misled by banks into buying Octave Notes, a high-risk, complex investment product, have criticised the banking watchdog for failing to act to protect their interests.
They want the Monetary Authority to complete an investigation in three months and instruct banks involved in any mis-selling to buy back the notes at full value.
About 30 investors of Octave Notes took to the streets yesterday. Waving banners and placards, they shouted 'banks mis-selling' as they marched from Chater Garden to the HKMA's office in Two International Finance Centre in Central.
Some investors said they had been told that Octave Notes were linked with the yuan and were almost free of risk. They said they had never realised the notes were so complex.
Democratic Party legislator Kam Nai-wai, who is supporting the investors, said: 'The Monetary Authority should not drag its feet. We want the authority to complete its investigation into the sale of Octave Notes by banks in three months.
'If malpractice is found, the banks should buy back the notes.'