Banks cutting back on controversial ILAS sales

Banks are cutting back on the sale of controversial investment-linked assurance schemes (ILAS) as they await the implementation of new control measures over their sale from the Hong Kong Monetary Authority.

Citibank said it would suspend sales of the products and Bank of East Asia and Fubon Bank, which are still selling the products, said they would be reviewing their sale.

Banks may either stop selling the products completely, or may not actively promote them to their clients once the new measures are in place, some bank senior executives have suggested.

via Business feed http://www.scmp.com/business/money/investment-products/article/1267551/banks-cutting-back-controversial-ilas-sales