The Monetary Authority will withdraw its order for a professor to advise Octopus Cards Limited on its affairs from May 23.

Chinese University Faculty of Business Administration's Associate Dean and Deposit Protection Board Chairman Prof Andrew Chan has been an advisor to the firm since February 16, 2007, following faults with Octopus transactions.

The firm has made refunds to the customers affected and implemented independent auditors PricewaterhouseCoopers' recommendations as the authority required to enhance its risk management and internal control over the Octopus system's operation.