The Securities & Futures Commission has banned licensed representative Man Kwai Ching from handling client assets and from becoming a licensed corporation's responsible officer and a registered institution's executive officer for life.

The commission's investigation found Man, formerly a responsible officer of Wing Yip Company Limited, had failed in her duties and to implement adequate internal control to protect Wing Yip's operations, ensure compliance with regulatory requirements and safeguard client assets.

Man's supervisory failure has made it easier for her husband Yip Kwok Kay, formerly Wing Yip's major shareholder and responsible officer, to misappropriate client assets in 1998-2006 without being detected.

Client assets worth about $10 million were misappropriated and Wing Yip is currently under administration, the commission said.

In making the decision, the commission has considered Man's co-operation and her voluntary surrender of more than $2 million in personal assets to Wing Yip's administrators.