| 18/09/2018 - 18/09/2018 |
015490 |
|
| The Technical Representative failed to comply with the CPD requirement in the year of 2017, which was in breach of Membership Regulation 10.1.7. A warning was issued to him and he was also fined at HK$4,000. |
|
| 13/06/2018 - 13/06/2018 |
001822 |
|
| The Chief Executive of the Member failed to provide to the clients details of the fees or commissions earned from the policies despite the clients’ request, in breach of CIB Membership Regulation 14.8 Note 1. He was fined at $10,000. |
|
| 15/05/2018 - 15/05/2018 |
012536 |
|
| He as the Chief Executive of the Member failed to vet the client’s information and as such, serious questions could be raised as to his fitness to be registered as the Chief Executive. He is prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive in respect of any Member of the CIB for a period of 2 years, with that prohibition be suspended for the period of 1 year from the date of this Decision. This means that if he does not have any other disciplinary case under the CIB Code of Conduct and/or Membership Regulation found established against him within 1 year, the stated prohibition shall not take effect. |
|
| 28/03/2018 - 28/03/2018 |
000498 |
| CHAN Wing Chung Herbert |
| 陳穎宗 |
|
| He as the Chief Executive of the Member failed to submit audited Financial Statement and Compliance Report for Financial Year Ended 31 December 2014 within six months after the end of its financial year, which was in breach of Membership Regulation 13.1. He was fined at HK$50,000. |
|
| 21/03/2018 - 21/03/2018 |
015100 |
|
| The Technical Representative wrongly informed the client about the estimated full surrender value of her policy, also confirmed with the client the wrong estimated value, which was in breach of Regulations for Insurance Brokers Engaged in Advising on Linked Long Term Insurance or Arranging or Negotiating Policies of Linked Long Term Insurance 5.4.1. A warning was issued to her. |
|
| 21/02/2018 - 21/02/2018 |
010867 |
|
| The conduct of the Technical Representative was in breach of Principles (b) of the CIB Code of Conduct requiring that “Members shall do everything possible to satisfy the insurance requirements of their clients and shall place the interests of those clients before all other considerations”. |
|
| 06/11/2017 - 06/11/2017 |
000756 |
|
| The Chief Executive failed to allocate adequate resources and set up appropriate procedures at the relevant time to ensure compliance with the Membership Regulations and the CIB Code of Conduct, in breach of Membership Regulation 3.2. A warning was issued to him. |
|
| 06/11/2017 - 06/11/2017 |
012028 |
|
| The Technical Representative, despite being aware of the complainant’s actual financial and employment situation, marketed to the complainant a policy that was unaffordable and inappropriate. The Technical Representative is in breach of Principle (b) of CIB Code of Conduct and Regulation 3.7 of the Membership Regulations. He is also considered not a fit and proper person to remain registered as a Technical Representative in accordance with Membership Regulations 3.8, 4.1 and 10.1.5. He was prohibited from being registered as a Technical Representative in respect of any Member of the CIB for a period of 5 years. |
|
| 06/11/2017 - 06/11/2017 |
013343 |
|
| The Technical Representative failed to comply with the CPD requirements in the year of 2015, which was in breach of Membership Regulation 10.1.7, also made an incorrect statement in respect of his CPD compliance in the registration renewal form. A reprimand was issued to him. |
|
| 06/11/2017 - 06/11/2017 |
014756 |
|
| The Technical Representative failed to comply with the CPD requirements in the year of 2015, which was in breach of Membership Regulation 10.1.7, also made an incorrect statement in respect of his CPD compliance in the registration renewal form. A reprimand was issued to him. |
|
| 28/09/2017 - 28/09/2017 |
011708 |
|
| The Technical Representative failed to exercise due care and diligence in handling client’s request for service, in breach of Principle (b) of the CIB Code of Conduct. A warning was issued to the Technical Representative. |
|
| 25/09/2017 - 25/09/2017 |
001453 |
|
| The Technical Representative used a narrative of fees and charges on the Financial Recommendation which was found to be seriously misleading. The Technical Representative was in breach of Principle (b) of the Code of Conduct. |
|
| 25/09/2017 - 25/09/2017 |
013711 |
|
| The Technical Representative was found that language of the kind sent to the complainant was not acceptable. The Technical Representative was in breach of Principle (a) of the Code of Conduct. A warning was issued to him. |
|
| 24/07/2017 - 24/07/2017 |
009104 |
|
| The Technical Representative used a spreadsheet on the basis that premiums were to be paid for the first 3 years only with 15% growth rate notwithstanding that the policy has a term of 30 years. It was found that he failed to at all times conduct his business with utmost good faith and integrity, in breach of Principle (a) of the CIB Code of Conduct, also in breach of Regulation 14.7.3. A fine of HKD 50,000 is imposed. |
|
| 24/07/2017 - 24/07/2017 |
010384 |
|
| The Technical Representative used a spreadsheet on the basis that premiums were to be paid for the first 3 years only with 15% growth rate notwithstanding that the policies have terms of 30 years. It was found that he failed to conduct his business with utmost good faith and integrity, in breach of Principle (a) of CIB Code of Conduct, also in breach of Membership Regulation 14.7.3. A fine of HKD 50,000 is imposed. |
|
| 20/07/2017 - 20/07/2017 |
000920 |
|
| The Technical Representative failed to comply with the CPD requirements in the year of 2016, which was in breach of Membership Regulation 10.1.7, also made an incorrect statement in respect of his CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 2,250 is imposed. |
|
| 20/07/2017 - 20/07/2017 |
001809 |
|
| The Technical Representative failed to comply with the CPD requirements in the year of 2016, which was in breach of Membership Regulation 10.1.7, also made an incorrect statement in respect of her CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 2,500 is imposed. |
|
| 13/07/2017 - 13/07/2017 |
014075 |
|
| The Technical Representative made an incorrect statement in respect of his CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 2,000 is imposed. |
|
| 04/07/2017 - 04/07/2017 |
010466 |
|
| The Technical Representative made an incorrect statement in respect of her CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 2,000 is imposed. |
|
| 16/06/2017 - 16/06/2017 |
012769 |
|
| The Technical Representative made an incorrect statement in respect of her CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 2,000 is imposed. |
|
| 08/06/2017 - 08/06/2017 |
011283 |
|
| The Technical Representative had failed to act according to the instruction of his client in regard to the appointment of an investment adviser of the policy. It was found that he failed to do everything possible to satisfy the insurance requirements of his client and that he did not take reasonable steps to execute promptly his client’s instructions, in breach of Principle (b) of CIB Code of Conduct and Regulation 5.4.5 of CIB’s Regulations for Insurance Brokers Engaged in Advising on Linked Long Term Insurance or Arranging Negotiating Policies of Linked Long Term Insurance. A warning is imposed. |
|
| 29/03/2017 - 29/03/2017 |
000498 |
| CHAN Wing Chung Herbert |
| 陳穎宗 |
|
| The Chief Executive failed to co-operate with CIB in answering enquiries relating to their receipt of an anonymous complaint against the Member and an alleged unauthorized Technical Representative. A fine of HKD 10,000 is imposed. |
|
| 29/03/2017 - 29/03/2017 |
000498 |
| CHAN Wing Chung Herbert |
| 陳穎宗 |
|
| The Chief Executive failed to co-operate with CIB in answering enquiries relating to potentially misleading claims made on the Member’s website. A fine of HKD 10,000 is imposed. |
|
| 01/03/2017 - 01/03/2017 |
008739 |
|
| The Technical Representative failed to exercise due care and diligence in understanding and satisfying the insurance needs and requirements of the client and thereby breaching his responsibilities and failed to comply with the minimum requirements in the Code of Conduct. It was also concluded that serious questions can be raised as to his fitness and properness as a registered Technical Representative. He was prohibited from being registered as a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of any Member of the CIB for a period of 12 months. |
|
| 24/02/2017 - 24/02/2017 |
006505 |
|
| The Technical Representative failed to conduct business with utmost good faith and integrity and failed to exercise due care and diligence, in beach of CIB's Code of Conduct and the Minimum Requirements. She is prohibited from being registered as a Technical Representative in respect of any Member of the CIB for a period of 5 years. |
|
| 25/01/2017 - 25/01/2017 |
003486 |
|
| TONG Ye Fung failed to do everything possible to satisfy the insurance requirements of the client and to place the client’s interests before all other considerations, in breach of principle (b) of the CIB Code of Conduct. A warning was issued to him. |
|
| 30/11/2016 - 30/11/2016 |
014379 |
|
| The Technical Representative failed to ensure that clients' monies were not used for purposes other than those for the clients, which was in breach of Membership Regulation 5.3.4. He was fined HK$10,000 and issued a Warning Letter. |
|
| 11/11/2016 - 11/11/2016 |
001956 |
|
| The Technical Representative failed to at all times conduct his business with utmost good faith and integrity, in breach of CIB's Code of Conduct Principle (a), that he be prohibited from being registered as a Technical Representative in respect of any member of the CIB for a period of 3 years. |
|
| 12/10/2016 - 12/10/2016 |
000407 |
|
| The Member, its former Chief Executive and the Technical Representative recognise that, due to the absence of an internal notation by the Technical Representative of the existence of an existing policy on a personal financial analysis form for a second policy, as at 26 August 2010 they did not fully satisfy the Confederation that they had done “everything possible to satisfy the insurance requirements” of the specific client as required under the CIB Code of Conduct principle (b). A letter of disapproval was issued. |
|
| 12/10/2016 - 12/10/2016 |
007616 |
|
| The Member, its former Chief Executive and the Technical Representative recognise that, due to the absence of an internal notation by the Technical Representative of the existence of an existing policy on a personal financial analysis form for a second policy, as at 26 August 2010 they did not fully satisfy the Confederation that they had done “everything possible to satisfy the insurance requirements” of the specific client as required under the CIB Code of Conduct principle (b). A letter of disapproval was issued. |
|
| 29/09/2016 - 29/09/2016 |
000489 |
|
| The Technical Representative provided to a client a screenshot captured from the servicing site of the insurer which showed the policy details of the client’s policy, whilst the said servicing site is available to and intended for brokers only. It is in breach of Principle (b) of CIB’s Code of Conduct that she failed to to do everything possible to satisfy the insurance requirements of her client and it is in breach of Regulation 5.4.1 of CIB’s Regulations for Insurance Brokers engaged in Advising on Linked Long Term Insurance or Arranging Negotiating Policies of Linked Long Term Insurance that she failed to exercise due skill, care and diligence in ensuring that any representations made and information provided to the client are accurate and up-to-date. |
|
| 12/09/2016 - 12/09/2016 |
002773 |
|
| He failed to ensure completion of the Customer Protection Declaration form, contrary to CIB Membership Regulation 14.7.7. A reprimand was issued to him. |
|
| 07/09/2016 - 07/09/2016 |
001990 |
|
| He had failed to comply with the CPD requirements in the year of 2013, which was in breach of Membership Regulation 10.1.7. It was found by the Disciplinary Committee that the breach was inadvertent and technical in nature and that it was immediately remedied. He was fined at HK$1,000 and a reprimand was issued to him. |
|
| 05/09/2016 - 05/09/2016 |
012065 |
|
| He failed to earn the required CPD Hours when applying for his registration renewal for 2016 which was in breach of Membership Regulation 10.1.7. He was fined at HK$4,250. |
|
| 20/07/2016 - 20/07/2016 |
010057 |
|
| He failed to earn the required CPD Hours when applying for his registration renewal for 2016 which was in breach of Membership Regulation 10.1.7. He was fined at HK$1,500. |
|
| 28/06/2016 - 27/06/2031 |
007343 |
|
| The Technical Representative misrepresented to the client the level of bonus for topping up to an investment-linked long term insurance policy, that he be prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of, any member of the CIB for a period of 15 years. |
|
| 17/06/2016 - 17/06/2016 |
002773 |
|
| The Chief Executive (1) failed to exercise due care and diligence and/or put in place a proper system and control to follow up and follow through client’s optional management authority application, (2) failed to exercise due care and diligence in understanding and satisfying the insurance needs and requirements of client and/or failed to place the interests of client before all other considerations; in breach specifically and primarily of Principle (b) of the CIB Code of Conduct and Regulation 5.4.5 of the Regulations for Insurance Brokers Engaged in Advising Linked Long Term Insurance or Arranging Negotiating Policies of Linked Long Term Insurance. A warning was issued to the Chief Executive. |
|
| 17/06/2016 - 17/06/2016 |
005977 |
|
| She failed to consider, or duly consider the investment requirement and financial situation of her clients in her recommendation and therefore was in contravention of principle (a) and (b) of the CIB Code Of Conduct. She was fined at HK$20,000. |
|
| 17/06/2016 - 17/06/2016 |
008861 |
|
| The Technical Representative (1) failed to exercise due care and diligence and/or put in place a proper system and control to follow up and follow through client’s optional management authority application; (2) failed to exercise due care and diligence in understanding and satisfying the insurance needs and requirements of client and/or failed to place the interests of client before all other considerations; in breach specifically and primarily of Principle (b) of the CIB Code of Conduct and Regulation 5.4.5 of the Regulations for Insurance Brokers Engaged in Advising Linked Long Term Insurance or Arranging Negotiating Policies of Linked Long Term Insurance. A warning was issued to the Technical Representative. |
|
| 17/06/2016 - 17/06/2016 |
014577 |
|
| He failed to earn the required CPD Hours when applying for his registration renewal for 2016 which was in breach of Membership Regulation 10.1.7. He was fined at HK$1,400. |
|
| 28/04/2016 - 28/04/2016 |
001850 |
|
| The Chief Executive failed to conduct his business with the utmost good faith and integrity and had deliberately made numerous false statements He exercised no due care or diligence in understanding and satisfying the insurance needs of his clients and had placed his own interests above theirs. It was therefore concluded that the Chief Executive had not complied with the requirement that he is a fit and proper person. The Member failed to keep and maintain proper books and accounts, contrary to CIB Membership Regulation 5.4.1. The Member was suspended from membership for a period of one year. The Chief Executive was suspended from being registered as a Technical Representative and as a Chief Executive of any Member of the CIB for a period of one year. |
|
| 28/04/2016 - 28/04/2016 |
008725 |
|
| The Technical Representative failed to exercise due care and diligence in understanding and satisfying the insurance needs and requirements of client, in breach of the Insurance Authority's Minimum Requirement (IV)(b)(a); failed to place client’s interests above all other considerations in providing advice to, or arranging a contract of insurance, in breach of the Insurance Authority's Minimum Requirement (IV)(c)(a) and failed to conduct her business with utmost good faith and integrity, in breach of the Insurance Authority's Minimum Requirement (IV)(a)(d). She was prohibited from being registered as a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of any Member of the CIB for a period of 5 years. |
|
| 19/04/2016 - 19/04/2016 |
003562 |
|
| As Chief Executive, he failed to provide information to the CIB in breach of Regulation 3.6. He was reprimanded. |
|
| 11/04/2016 - 11/04/2016 |
003725 |
|
| The conduct of the Technical Representative contravened Principles (a) and (b) of the CIB Code of Conduct requiring that "Members shall at all times conduct their business with utmost good faith and integrity” and “Members shall do everything possible to satisfy the insurance requirements of their clients and shall place the interests of those clients before all other considerations”. He contravened Membership Regulations 4.1, 10.1.5 and 10.2 in that he is not a fit and proper person to remain registered with the CIB as a technical representative of a member. SZE Chun Wai be prohibited from employment in the insurance broking industry in Hong Kong for life. |
|
| 24/02/2016 - 24/02/2016 |
005977 |
|
| She had been late to deliver life insurance policy document to the client, as the policy was issued on 30 April 2009 but it was not received by the client until 5 June 2009 which was 17 days after the expiry of the cooling off period, that contrary to Membership Regulation 14.7.8 which requires that Technical Representative shall deliver any new long term insurance policy issued by the insurer to the client without delay. She was fined at HK$6,000. |
|
| 11/02/2016 - 10/02/2021 |
002527 |
|
| CHOW Alfred Wing Hon is prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of any member of the CIB for a period of not less than 5 years. |
|
| 01/02/2016 - 01/02/2016 |
010005 |
|
| CHAN Hing Yu knowingly made a false declaration in an Application Form for TR Registration (Year 2014) dated 8 August 2014, contrary to Principle (a) of the CIB Code of Conduct. He was fined at HK$10,000. |
|
| 22/01/2016 - 22/01/2016 |
011833 |
|
| He as the Chief Executive failed to set up appropriate procedures to ensure compliance with Regulations, contrary to CIB Membership Regulation 3.2. He was fined at HK$50,000. |
|
| 18/01/2016 - 17/01/2019 |
001838 |
| ADAMS-PAPE Robert Michael |
|
|
| ADAMS-PAPE Robert Michael is prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of, any member of the CIB for a period of 3 years. |
|
| 18/01/2016 - 17/01/2018 |
010005 |
|
| CHAN Hing Yu is prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of, any member of the CIB for a period of 2 years. |
|
| 21/12/2015 - 21/12/2015 |
006765 |
|
| He prepared himself erroneous illustrations of investment-linked assurance policies to two clients with inflated policy values, hence failed to conduct business in good faith and integrity and/or to act in the best interest of clients. With mitigation taken into account, he was fined HK$10,000. |
|
| 17/12/2015 - 17/12/2015 |
003486 |
|
| TONG Ye Fung failed to conduct business with utmost good faith and integrity and/or to do everything possible to satisfy the insurance requirements of clients and to place the interests of those clients before all other considerations constituting breaches of principles of the CIB Code of Conduct. She was fined at HK$10,000. |
|
| 02/12/2015 - 01/12/2030 |
000748 |
|
| Tam Wai Leung is prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of, any member of the CIB for a period of 15 years. |
|
| 02/12/2015 - 01/12/2016 |
000748 |
|
| Tam Wai Leung is prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of any member of the CIB for a period of 1 year, the period of this prohibition is to run concurrently with the period of suspension already ordered in respect of case DC14/054. |
|
| 02/12/2015 - 01/12/2016 |
000748 |
|
| Tam Wai Leung is prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of, any member of the CIB for a period of 1 year. The period of this prohibition is to run concurrently with the period of suspension ordered in respect of cases DC14/054 and DC14/044. |
|
| 02/12/2015 - 01/12/2016 |
000748 |
|
| Tam Wai Leung is prohibited from being a director or shareholder of, or assoicated in any manner with, or registered as a Chief Executive or Technical Representative in respect of, any member of hte CIB for a period of 1 year. The period of this prohibition is to run concurrently with the periods ordered in respect of cases DC14/054 and DC15/020. |
|
| 02/12/2015 - 02/12/2015 |
009864 |
|
| Ms. Wong Suk Ying breached Principle (a) of the CIB's Code of Conduct and Membership Regulations 4, 9.1.4 and 10.1.5 when she abetted another Technical Representative to sign a false declaration. A formal reprimand was issued. |
|
| 07/10/2015 - 07/10/2015 |
001705 |
|
| Being a Director of the Member, he failed to ensure the Member to nominate a Chief Executive within 30 days hence breaching the CIB Membership Regulation 7.5. A fine of HK$10,000 was imposed. |
|
| 07/10/2015 - 07/10/2015 |
001894 |
|
| Being a Director of the Member, he failed to ensure the Member to nominate a Chief Executive within 30 days hence breaching the CIB Membership Regulation 7.5. A fine of HK$10,000 was imposed. |
|
| 29/09/2015 - 28/09/2020 |
001800 |
|
| In his capacity as the Director and Controller of Richmond Asset Management Limited, he failed to ensure the company's due compliance with Membership Regulations 13.1, 2.6, 3.6, 7,5 and 5.4.1, and he himself also failed to cooperate with the CIB. He was prohibited from being registered as a Chief Executive or Technical Representative in respect of any member of the CIB for a period of 5 years. |
|
| 07/07/2015 - 07/07/2015 |
007271 |
|
| Given her responsibilities as the Chief Executive of AEGON Direct Marketing Services Insurance Broker (HK) Limited ("AEGON") that there has been breach by AEGON in relation to the use of personal data for direct marketing purposes without the target customers’ prescribed consent, Ms. Chiu is found to be in contravention of Regulations 9.2 and/or 10.2 of the CIB Membership Regulations which address the requirement of fitness and properness of a person who is registered as a Chief Executive, but only in relation to Ms. Chiu’s reliability and capability to comply with laws and regulations. A Letter of Reprimand was issued to Ms. Chiu and a fine of HK$10,000 was imposed. |
|
| 30/06/2015 - 30/06/2015 |
010074 |
|
| LEUNG Ho Yin had been late to deliver life insurance policy document to the client, as the policy was issued on 6 October 2013 but it was not received by the client until 28 October 2013 (a Saturday) which was just two days before expiry of the cooling off period on 30 October 2013 (Monday), that contrary to our Membership Regulation 14.7.8 which requires that Technical Representative shall deliver any new long term insurance policy issued by the insurer to the client without delay. Mr. Leung was fined at HK$3,000. |
|
| 17/06/2015 - 17/06/2015 |
000863 |
|
| Ms. YIP Hing Mi Yvonne failed to earn the required CPD Hours when applying for her registration renewal for 2015 which was in breach of Membership Regulation 10.1.7. YIP was fined at HK$1,000. |
|
| 17/06/2015 - 17/06/2015 |
013863 |
|
| Mr. CHEUNG CHi Yan failed to earn the required CPD Hours when applying for his registration renewal for 2015 which was in breach of Membership Regulation 10.1.7. CHEUNG was fined at HK$350. |
|
| 26/05/2015 - 26/05/2015 |
006913 |
|
| Mr. Lee Chi Tong, together with another Technical Representative, advised the client in August 2012 to make premium payment of HK$900,000 in aggregate in the first two years of an investment-linked assurance policy (“First Policy”), where it was known to him and another Technical Representative that the said policy had a premium payment term of 23 years and the total funds from the income stream and the wealth of the client would not be adequate to allow the client to afford full payment for the full term of the policy; Mr. Lee and another Technical Representative advised the client to cease making contributions to his other existing long term insurance policies in order to take out in October 2012 another investment-linked long term insurance policy (“Second Policy”), ignoring the fact that the client was still liable to pay charges to those policies after he ceased making contribution and failing to advise the client of the financial loss of surrendering a policy; Mr Lee and another Technical Representative advised the client to his disadvantage, to suspend premium payments to the client's various investment-linked long term insurance policies when the client would still be liable to pay all the charges for the remaining term of these policies; Mr. Lee and another Technical Representative advised the client to surrender the one of the existing investment linked insurance policies to make available funds to pay into the First Policy and that Mr. Lee's change in reply to the Confederation's enquiry in July 2013 was a deliberate attempt to cover his wrongdoing and disregard; and Mr. Lee and another Technical Representative were late in delivering the Second Policy to the client and therefore depriving the client of the chance to exercise his cooling-off right. Mr. Lee was imposed a fine of HK$10,000. |
|
| 26/05/2015 - 26/05/2015 |
007387 |
|
| Mark Lee WOODWARD, as the then registered Chief Executive of Acuma Hong Kong Limited (formerly known as GWM (Hong Kong) Ltd) at the material point of time, had failed to duly deposit or transfer company monies from its bank account, resulting in client monies kept in the Client Account being debited by the bank to settle the charges. Mr. WOODWARD was imposed a fine of HK$25,000 |
|
| 26/05/2015 - 26/05/2015 |
007553 |
|
| Chan Suen Yee Smitty, as the Chief Executive of GET Wealth Management Limited at the relevant times, had failed to have sufficient resources and appropriate procedures in place to ensure that Technical Representatives provided advice to the client with due care and diligence; to recognise and draw to the client's attention the issue of whether it was affordable or suitable for him to purchase investment-linked assurance policies; and to put in place appropriate procedures to vet the client's applications. Chan Suen Yee Smitty was imposed a fine of HK$10,000. |
|
| 26/05/2015 - 26/05/2015 |
012096 |
|
| Ms. Tong Wing Yan, together with another Technical Representative, advised the client in August 2012 to make premium payments of HK$900,000 in aggregate in the first two years of an investment-linked assurance policy (“First Policy”), where it was known to her and another Technical Representative that the said policy had a premium payment term of 23 years and the total funds from the income stream and the wealth of the client would not be adequate to allow the client to afford full payment for the full term of the policy. Ms. Tong and another Technical Representative advised the client to cease making contributions to his other existing long term insurance policies in order to take out in October 2012 another investment-linked long term insurance policy (“Second Policy”), ignoring the fact that the client was still liable to pay charges to those policies after he ceased making contribution and failing to advise the client of the financial loss of surrendering a policy. Ms Tong and another Technical Representative advised the client to his disadvantage, to suspend premium payments to his various investment-linked long term insurance policies when he would still be liable to pay all the charges for the remaining term of these policies. Ms. Tong and another Technical Representative advised the client to surrender one of the existing investment linked insurance policies to make available funds to pay into the First Policy. Ms. Tong and another Technical Representative were late in delivering the Second Policy to the client and therefore depriving the client of the chance to exercise his cooling-off right. Ms. Tong was imposed a fine of HK$10,000. |
|
| 22/04/2015 - 22/04/2015 |
001121 |
|
| Ms Wong Suk Yi failed to disclose her bankruptcy and her Insurance Agents Registration Board (“IARB”) disciplinary sanction when she then applied for the Technical Representative registration with the Confederation. The Disciplinary Committee ordered that a letter of reprimand be issued against Ms. Wong. |
|
| 22/04/2015 - 22/04/2015 |
002549 |
|
| Ms. Chim Yau Man failed to conduct her business with integrity of using forged address proof of a client in an application for life insurance, contrary to principle (a) of the Code of Conduct of The Hong Kong Confederation of Insurance Brokers. This also affects the fit and proper status of Ms. Chim as per CIB Membership Regulation 4.1.1 (her character and reputation) and 4.1.2 (her integrity and reliability).Ms. Chim is prohibited from being a Technical Representative of a Member of the Confederation for her life time, effective from 22 April 2015. |
|
| 22/04/2015 - 22/04/2015 |
007655 |
|
| Mr Tong Wai Fung misrepresented to the policyholder that an administration fee of 0.33% would be charged on the policy for the duration of 18 months only, where in fact it would apply for the whole policy term of 25 years.This is in breach of principles (a) and (b) of the CIB Code of Conduct. The Committee ordered that a fine of HK$25,000 be imposed on Mr. Tong. |
|
| 13/04/2015 - 13/04/2015 |
001850 |
|
| Failure to advise the clients to serve formal instruction to the trustee in withholding the redemption instruction of an insurance policy when having been given specifically that instructions, but to rely on the trustee having been copied in the email correspondence. A warning letter was issued. |
|
| 25/02/2015 - 24/02/2020 |
002035 |
|
| The Committee found that Mr. BOYD-GREY Ian Andrew (“Mr. Boyd-Grey”) had initially advised the client that the Establishment Fee of the policy in dispute would be 1.75%. The Committee was of the view that such advice may have been a matter of negligence or deliberate misrepresentation but when it became clear beyond doubt that the Establishment Fee was 2.5%, Mr. Boyd-Grey had a clear obligation to inform the client of that in order for him to decide whether to proceed with the product at that stage. In not informing him of the correct charges, Mr. Boyd-Grey was putting his own interests and those of MLI Limited, given that he was its alter ego, above the interests of the client. To that extent, the Committee reached the conclusion that both Mr. Boyd-Grey and MLI Limited failed to conduct their business with utmost good faith and integrity. With regards to the penalty, the Disciplinary Committee directed that Mr. Boyd-Grey be prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representative in respect of, any Member of the CIB for a period of five years. The Disciplinary Committee also further direct that no Broker of which Mr. Boyd-Grey is a director or shareholder or with which Mr. Boyd-Grey is associated in any manner shall be admitted to membership of the CIB for five years. They take effect as on 25 February 2015. |
|
| 25/02/2015 - 25/02/2015 |
010446 |
|
| The Disciplinary Committee found that she breached Principle (a) of the CIB’s Code of Conduct and Membership Regulation 14.7.1 when she signed the declaration of an insurance application form without having met the client thereby making a false declaration. The Committee decided to serve a formal reprimand. |
|
| 25/02/2015 - 25/02/2015 |
011832 |
|
| The Committee found that she failed to comply with the Continuing Professional Development (“CPD”) Programme in the year of 2012 when she applied for renewal of registration for year 2013. The Disciplinary Committee decided to issue a warning letter to Ms. Tong. |
|
| 16/01/2015 - 16/01/2015 |
006913 |
|
| Lee failed to report to the broker company, hence the insurer, of an alleged incorrect information of the Origin of Wealth of a client as disclosed in the insurer’s application form and also failed to rectify his declaration made in the insurer's application form about the correctness of the information provided therein when it was alleged that he subsequently knew of the incorrectness of that piece of information. A letter of reprimand was issued. |
|
| 24/12/2014 - 24/12/2014 |
005732 |
|
| Mr. Luk failed to submit in a timely manner the application of the client to designate the beneficiary of his insurance policy to the broking firm, hence to the insurer, and he also intentionally put a false date on application form signed by the client, hence in breach of both principles (a) and (b) of the CIB Code of Conduct. He was imposed a fine in the sum of HK$50,000 |
|
| 19/12/2014 - 19/12/2014 |
011856 |
|
| Failure in complying with the CPD requirement fo the year 2013 with a deficiency of 3.5 CPD Hours, fined $1,750. |
|
| 10/12/2014 - 10/12/2014 |
014147 |
|
| Failure to be registered as TR before advising policy holder on insurance matter, hence in breach of MR 7.6. Fined: $5000 |
|
| 28/11/2014 - 28/11/2014 |
010886 |
|
| Mr. HAWRANKE Peter failed to conduct business with utmost good faith and integrity and that he was not a fit and proper person in terms of his character, integrity and reliability. He is prohibited from applying for registration as either a Chief Executive or Technical Representative for his life time. |
|
| 24/11/2014 - 24/11/2014 |
001462 |
|
| Failure to ensure RS Insurance Brokers Limited submit Auditor's Financial Statement and Auditor's Compliance Report when due, Mr. Storfer's name is removed from the sub-register and that he be prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or Technical Representtive in respect of, any company which is a member of the Confederation for a period of not less than 2 years. |
|
| 22/10/2014 - 22/10/2014 |
010268 |
|
| She misrepresented to a client that she did not receive any commission arising from the policy sold when in fact she received the sum of HK$813.60. The Disciplinary Committee considered all of the documentary evidence and, in particular her mitigation letter, the Disciplinary Committee directed that a letter be sent to her to acknowledge her admission of the breach set out in the Complaint. She is further reminded of the need to disclose this disciplinary case to the relevant regulatory bodies in the future in the event that she wishes to re-apply for registration and admission to the profession. |
|
| 10/09/2014 - 10/09/2014 |
013519 |
| LITTLEJOHN Ken Iain Mcfarlane |
|
|
| Ken Iain McFarlane Littlejohn engeged himself in activity of a Technical Representative without being registered as such. Fined HK$5,000. |
|
| 27/08/2014 - 27/08/2014 |
013101 |
|
| Lee Yi Chia failed to comply with the the IA’s CPD requirement in year 2013 resulting in a CPD deficiency of 3 hours at time of registration renewal, that was in breach of the Membership Regulations 7.8. She was fined at HK$1500. |
|
| 14/07/2014 - 14/07/2014 |
001794 |
|
| He being then the registered Chief Executive of Grosvenor International Holding Ltd failed to submit the Annual Certification for Adequate Professional Indemnity Insurance, the Annual Certification for Prevention for Money Laundering & Terrorist Financing and the supporting documents for the CPD compliance audit of himself for year 2012, contrary to Membership Regulation 3.6. He is prohibited from registration as both a Chief Executive or Technical Representative of any CIB member for a period of one year and suspended for two years, that is the penalty will not take effect if there is no further breach by him of any disciplinary offences during the two years, but if he will commit any disciplinary offence then the penalty will take effect together with whatever penalty that may be imposed on the new disciplinary offence. |
|
| 11/07/2014 - 11/07/2014 |
009859 |
| LEE Mui Siang Jennifer |
| 李美嬋 |
|
| Ms. LEE studied 3 CPD activities in year 2013 believing she had earned in aggregate 10 CPD Hours but only when she received in January 2014 the attendance certificates, there was an hour short, that it was in breach of the Membership Regulations 10.1.7 that “she is in compliance with the CPD Programme.” In view of her self-reporting of the matter, she was fined at HK$350. |
|
| 09/07/2014 - 09/07/2014 |
010847 |
|
| Mr. LO studied in year 2013 non-accredited activities which were not admissible for fulfilling the IA’s CPD requirement hence that was in breach of the Membership Regulations10.1.7 that “he is in compliance with the CPD Programme.” He was fined HK$1,500. |
|
| 23/04/2014 - 22/04/2015 |
007553 |
|
| CHAN had (i) failed to have sufficient resources and procedures in place to ensure the Technical Representative provided advice to the client with due care and diligence in compliance with the Code of Conduct; (ii) failed to recognize and draw to the client’s attention the issue of whether it was affordable or suitable for him to purchase the policies; (iii) failed to notice the irregularities and inconsistencies in the client’s applications for the polices; and (iv) failed to put in place appropriate procedures to vet the client’s applications.Prohibition from registration as a Technical Representative or Chief Executive of the CIB for one year i.e. from 23 April 2014 to 22 April 2015. |
|
| 23/04/2014 - 22/04/2016 |
008684 |
|
| Mr. Lam had failed to exercise due care and diligence in assessing the suitability and affordability of two insurance policies that were sold to the client. Specifically Mr. Lam (i) failed to ensure the policy documents were completed accurately and consistently; (ii) failed to record in the application forms of the second policy that the client had liabilities under the first policy that he had purchased through Mr. Lam; (iii) failed to consider whether the client could afford to make annual contributions to the first policy; (iv) failed to consider whether it was appropriate for the client to be sold the policies as the client was a retiree with no regular source of income; (v) failed to properly advise the client and/or recklessly misled the client on the policy terms relating to the maturity of the policies; and (vi) failed to properly advise the client and /or recklessly misled the client on the policy terms relating to fees and charges and the financial implication of stopping premium payments in the early years of the policy. Prohibition from registration as a Technical Representative of the CIB for 2 years, i.e. from 23 April 2014 to 22 April 2016. |
|
| 16/04/2014 - 16/04/2014 |
000913 |
|
| LAI, then the Chief Executive of Heng Yep International Wealth Management Limited, having failed to (1) recognize and draw to the Client's attention the issue of whether it was affordable or suitable for her to purchase the policies; (2) notice the irregularities in the Client's application for the policies; (3) put in place appropriate procedures to vet the Client's applications, he was found to be in breach of Membership Regulation 3.2 and was fined HK$20,000. |
|
| 09/04/2014 - 09/04/2014 |
000748 |
|
| Tam Wai Leung failed to cooperate with the CIB in its enquiry into a matter of a qualified opinion by the auditor of Pan Nation Insurance Brokers Ltd, contrary to Membership Regulations. Tam Wai Leung was fined $75,000.00. |
|
| 09/04/2014 - 09/04/2014 |
000748 |
|
| In view of the lack of proper control and procedures of Pan Nation Insurance Brokers Ltd, reflecting adversely on the fit and proper status of Tam Wai Leung, the Chief Executive of Pan Nation Insurance Brokers Limited, to comply with regulations. Tam Wai Leung was fined $75,000.00. |
|
| 25/02/2014 - 25/02/2014 |
001985 |
| PRATT Simon Edward Quentin |
|
|
| DeVere Group Hong Kong Limited (“DeVere”) failed to nominate a replacement Chief Executive within 30 days after a vacancy occurred, contrary to Membership Regulation 7.5. Mr. Pratt, a director of DeVere, was fined in the sum of HK$40,000. |
|
| 14/02/2014 - 14/02/2014 |
003575 |
|
| Ms. Lau was aware that the Technical Representative (“TR”) had never met with the client. Despite this, Ms. Lau instructed that TR to sign on the insurance application documents and submitted to the insurer. Ms. Lau was found to have failed to conduct business with utmost good faith and /or integrity hence was in breach of Principle (a) of the CIB Code of Conduct. Ms. Lau is prohibited from registration as a Chief Executive or Technical Representative in respect of any member of the CIB for a period of 5 years (from 14 February 2014 to 13 February 2019) and fined $5,000. |
|
| 06/02/2014 - 06/02/2014 |
000518 |
|
| Kwok Nga Wai, by advising a client to take out 4 different investment-linked assurance policies within a period of 2 years with the aggregate regular premium payment far exceeding the client’s financial means, in terms of both income and wealth, failed to (1) do everything possible to ensure the insurance requirement of the Client; (2) place the interests of the Client before all other considerations contrary to the Code of Conduct principles (a) and (b); (3) conduct business with utmost faith and integrity contrary to the Code of Conduct principles (a) and (b); and (4) such misconduct affects the fitness and propriety of the Client to remain registered as a technical representative in accordance with Membership Regulations 4 and 10.1.5. (Kwok Nga Wai’s name be removed from the Sub-register of Chief Executives and Technical Representatives; that she be prohibited from being a director or shareholder of, or associated in any manner with, or registered as a Chief Executive or a Technical Representative in respect of, any Member for a period of 5 years (from 6 February 2014 to 5 February 2019); fined HK$200,000) |
|
| 17/01/2014 - 17/01/2014 |
005831 |
|
| Tsang Pui Ling signed the Declaration in a life insurance application form of a client when that should only have been signed if the signatory had personally met and discussed the policy with the client. Tsang admitted to the breach of Principle (a) of the CIB Code of Conduct in this regard. Tsang was issued with a letter of reprimand and was fined HK$1,000 |
|
| 17/12/2013 - 17/12/2013 |
001793 |
|
| Mr. LIU studied in year 2012 non-structured activities which were not admissible to fulfill the IA’s CPD requirement compliance that was in breach of the Membership Regulations 10.1.7 that “he is in compliance with the CPD Programme.” He was fined HK$2,500. |
|
| 02/12/2013 - 02/12/2013 |
001800 |
|
| He failed to conduct business with the utmost good faith and integrity and failed to place the interests of the client before all other considerations, contrary to the Code of Conduct principles (a) and (b), when he as the Chief Executive of Richmond Asset Management Ltd failed to have proper procedures in place to ensure that the client’s application was properly reviewed. (Fined: $25,000) |
|
| 02/12/2013 - 02/12/2013 |
001913 |
|
| - He failed to conduct business with the utmost good faith and integrity and failed to place the interest of the client before all other considerations, contrary to the Code of Conduct principles (a) and (b), when he entered in year 2000 a false residential address and a false country of residence of the clients in the application form for a life insurance policy. - He was in breach of Membership Regulation 3.6 when he failed to reply to the CIB’s enquiry into a complaint, thereby failing to cooperate with the CIB. (Fined: $50,000 and $5,000 respectively) |
|
| 10/06/2013 - 09/06/2016 |
008885 |
|
| SHEK failed to conduct business at all times with utmost good faith and integrity, and failed to put the client's interests above all other considerations, contrary to the Code of Conduct principles (a) and (b), when he kept to himself the application documents and a sum of HK$6,000 being the first two-month premium for that life insurance application from a client, without submitting that application to the broking firm for processing, that he is prohibited from being a director of or registered a CE or TR in respect of any company which is a member of the Confederation for a 3 years. |
|