The Securities and Futures Commission is the latest to express worries about Hong Kong's operating environment, with a public statement underlining challenges to the city’s development as a financial center.
The SFC is warning that it is suffering from a lack of talent, according to its recent budget statement submitted to Hong Kong’s legislature.
«Without the appropriate number and mix of staff, the commission will not be able to deliver on the various initiatives underpinning Hong Kong’s development as an IFC,» it said in the statement which also requested for a 4.5 percent pay hike to cope with the challenges.
High Turnover
According to a «Bloomberg» report citing unnamed former employees, SFC lost 12 percent of its staff – including 25 percent of junior staff – which has forced those remaining to work 12-hour days to cover the gap.
The situation is so severe that top management formally raised the issue to the board late last year, three months before the public announcement to Hong Kong’s legislature, the report added.
«Does the higher levels of staff turnover affect our work?,» said SFC chief executive Ashley Alder in his testimony to lawmakers this month. «The straightforward answer is yes.»
