Response to this initiative has been very encouraging. The Steering Committee is chaired by Dr Edgar Cheng and supported by representatives of industry organisations, financial market regulators, academia, vocational and training bodies and relevant government bureaux. As a first step, the Steering Committee has commissioned a consultancy study to look into the present and future demand for and supply of human resources development opportunities in the financial services sector in Hong Kong. The study is the first of its kind. In the past six months, the consultants have collected, by way of interviews, surveys and workshops, data and views of a representative sample of insurance companies, banks, securities firms, fund managers, tertiary institutions, professional associations and training providers.
Insurance industry is one of the key industries covered in the consultancy study.
During this process, the insurance industry has been very helpful to our consultants. I must thank Mr Ma for sparing his valuable time to talk to our consultants, and also all the insurance institutions and persons who have taken part in our study by meeting our consultants, completing the questionnaires and attending the workshops. With the joint effort and contribution from the industry and other relevant parties, the consultants have identified key factors driving the future changes and developments in the financial services, including the insurance industry. These factors include the potential development of the Mainland market, the broadening of traditional distribution channels, the changing customer demand for more sophisticated services, the use of information technology, and the mergers and reorganisations of corporates. For the insurance industry in particular, these factors together with the introduction of the Mandatory Provident Fund, and the initiative taken by the Government to promote captive and reinsurance businesses in Hong Kong, have important implications for human resources and skills in the future for the industry.