Owing to the constraints of the Articles of Association, this record is not able to provide full disciplinary record of members before 21 November 2013.
因章則所限,本名冊未能提供於2013年11月21日前有關會員公司的的紀律行動的所有記錄。
Date
日期
(DD/MM/YYYY)
Member Number
會員號碼
Name of Member
會員公司名稱
Case Narrative
個案描述
(In English Only)
05/12/2018 - 05/12/2018 0351
FTL Insurance Brokers (HK) Limited
富保顧問(香港)有限公司
The Member failed to keep client monies separate from its own monies, in breach of CIB Membership Regulation 5.3.1. A letter of disapproval was issued.
22/11/2018 - 22/11/2018 0454
Swiss Insurance Partners (Hong Kong) Limited
The Member failed to maintain a client account from February to July 2018, in breach of CIB Membership Regulation 5.3.2. A fine of HK$5,000 was imposed.
19/11/2018 - 19/11/2018 0029
Nacora Insurance Brokers Ltd
德安保險經紀有限公司
The Member failed to take all reasonable steps to ensure compliance by its Technical Representatives with the CPD requirement in the year of 2017 which was in breach of Membership Regulation 7.8. A fine of HKD5,000 is imposed.
16/11/2018 - 16/11/2018 0285
Jimei Wealth Management Limited
集美財富管理有限公司
The Member failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, contrary to Membership Regulation 7.5. The Member was expelled from membership of the CIB.
15/11/2018 - 15/11/2018 0465
Sino Insurance Brokers Limited
賽諾保險經紀有限公司
The Member failed to maintain a client account from October 2017 to April 2018, in breach of CIB Membership Regulation 5.3.2. A fine of HK$5,000 was imposed
13/11/2018 - 13/11/2018 0094
CBH Asia Limited
瑞金亞洲有限公司
The Member failed to maintain professional indemnity insurance at the required limit of indemnity for the period from 13 November 2017 to 25 June 2018, which was in breach of Membership Regulation No. 5.2. A fine of HK$9,000 was imposed.
05/10/2018 - 05/10/2018 0365
TBO Investments (Asia) Limited
The Member failed to pay the annual membership subscription fee by 1 April 2017, in breach of CIB Article 16, Membership Regulations 7.9 and 7.10; failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, in breach of CIB Membership Regulation 7.5; and failed to submit audited financial statement and compliance report for the financial year ended 31 March 2017 within six months from the end of its financial year, in breach of CIB Membership Regulation 13.1. The Member was expelled from membership of the CIB.
24/09/2018 - 24/09/2018 0043
Shorewell Insurance Brokers Ltd
凱安保險顧問有限公司
The Member failed to take all reasonable steps to ensure compliance by its Technical Representatives with the CPD requirement in the year of 2017 which was in breach of Membership Regulation 7.8. A fine of HKD2,000 is imposed.
24/09/2018 - 24/09/2018 0492
Anderson Wealth Management Consultant Limited
德龍資產管理顧問有限公司
The Member failed to take all reasonable steps to ensure compliance by its Technical Representatives with the CPD requirement in the year of 2017 which was in breach of Membership Regulation 7.8. A fine of HKD5,600 is imposed.
24/09/2018 - 24/09/2018 0533
ProSolution Insurance Consultants Limited
專匯保險顧問有限公司
The Member failed to maintain a minimum net assets value of HK$100,000 at all times, in breach of CIB Membership Regulation No. 5.1.1. It was fined at HK$5,000.
11/09/2018 - 11/09/2018 0060
Andrew Liu & Co Ltd
The Member failed to ensure persons who provide insurance advice to and negotiate contracts with its clients to be properly registered, which was in breach of Membership Regulations 7.6 and 7.11. The Member also failed to allocate adequate resources or to set up appropriate procedures to ensure compliance with the Membership Regulations, which was in breach of Membership Regulations 3.2 and 3.3. It was fined at HK$100,000.
15/08/2018 - 15/08/2018 0285
Jimei Wealth Management Limited
集美財富管理有限公司
The Member failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, contrary to Membership Regulation 7.5. It was suspended from membership of the CIB for a period of 3 months
27/07/2018 - 27/07/2018 0349
Phillip Financial Advisors (HK) Limited
輝立理財顧問(香港)有限公司
The Member failed to properly implement the transfer of servicing broker of the client’s policy or properly communicate the same to the client, which also indicated the lack of an appropriate system to maintain proper client’s record, in breach of Principle (b) of CIB Code of Conduct and Membership Regulation 3.2. A warning was issued to the Member.
17/07/2018 - 17/07/2018 0492
Anderson Wealth Management Consultant Limited
德龍資產管理顧問有限公司
Despite by a Change of Servicing Intermediary Instruction signed by a client on 25 July 2014 appointing the Member as her servicing broker, and the Member being in receipt of monthly renewal commission from the insurer since August 2014, the Member’s record did not contain that of the client, which was in breach of CIB’s Principle (b) of CIB Code of Conduct, Membership Regulation 3.2 and Regulations 5.2.3 and 5.3 of Regulations for Insurance Brokers Engaged in Advising on Linked Long Term Insurance or Arranging or Negotiating Policies of Linked Long Term Insurance. A warning was issued to the Member
13/06/2018 - 13/06/2018 0197
HFS Asset Management Limited
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. It was fined at $10,000.
13/06/2018 - 13/06/2018 0410
Maltag International Limited
龍傑國際有限公司
The Member failed to submit audited financial statement and compliance report for the financial year ended 31 March 2016 within six months from the end of its financial year, in breach of CIB Membership Regulation 13.1. It was fined at $100,000.
23/05/2018 - 23/05/2018 0439
Genuine Oriental Wealth Management Limited
智億東方財富管理有限公司
The Member failed to maintain professional indemnity insurance at the required limit of indemnity for the periods from 18 August 2011 to 17 August 2012, 18 August 2012 to 17 August 2013 and 18 August 2015 to 17 August 2016, which was in breach of Membership Regulation No. 5.2. A fine of HK$200,000 was imposed.
15/05/2018 - 15/05/2018 0416
Brilliant Financial Services Limited
倬見金融服務有限公司
The Member failed to put the proper system in place to vet client information, it had failed to allocate adequate resources to execute such a system properly and as such they were in breach of Membership Regulation 3.2. The Member is suspended from membership of the CIB for a period of 6 months and to pay a fine of HKD500,000.
28/03/2018 - 28/03/2018 0066
Winson Insurance Consultants Ltd
永信保險顧問有限公司
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. It was fined at HK$50,000.
26/03/2018 - 26/03/2018 0285
Jimei Wealth Management Limited
集美財富管理有限公司
The Member failed to maintain a separate client account for the period from March 2017 to June 2017, in breach of CIB Membership Regulations 5.3.2. A fine of HK$5,000 was imposed.
13/03/2018 - 13/03/2018 0328
Karl Thomson Investment Consultants Limited
高信投資顧問有限公司
The Member 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 CIB’s Membership Regulations 3.2 and 3.3, also Regulations for Insurance Brokers Engaged in Advising on Linked Long Term Insurance or Arranging or Negotiating Policies of Linked Long Term Insurance 5.1 and 5.4.1. A warning was issued to the Member.
12/03/2018 - 12/03/2018 0066
Winson Insurance Consultants Ltd
永信保險顧問有限公司
The Member failed to maintain professional indemnity insurance at the required limit of indemnity for the period from1 August 2015 to 31 July 2016, which was in breach of Membership Regulation No. 5.2. A fine of HK$3,200 was imposed.
12/03/2018 - 12/03/2018 0497
Just Service HK Ltd
The Member was late in submission of audited Financial Statement for FYE 31 March 2017 which was in breach of Membership Regulation 13.1.  It was fined at HK$23,400.
06/12/2017 - 06/12/2017 0263
HWL International Holdings Ltd
裕銘環球集團有限公司
The Member failed to maintain professional indemnity insurance at the required limit of indemnity for the period from 26 September 2013 to 25 September 2014, which was in breach of Membership Regulation No. 5.2.1. A fine of HK$11,949.95 was imposed.
27/11/2017 - 27/11/2017 0528
AMTD Risk Consulting Limited
The Member failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, contrary to Membership Regulation 7.5. It was fined at $2,000.00.
15/11/2017 - 15/11/2017 0285
Jimei Wealth Management Limited
集美財富管理有限公司
The Member failed to take all reasonable steps to ensure compliance by its Technical Representatives with the CPD requirement in the year of 2015 which was in breach of Membership Regulation 7.8, also made an incorrect statement in respect of its Technical Representative's CPD compliance in the registration renewal form. A fine of HKD10,000 is imposed.
06/11/2017 - 06/11/2017 0451
Noble Apex Wealth Limited
御峰創富有限公司
The Member 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 the Member.
02/11/2017 - 02/11/2017 0243
Noble Apex Advisors Limited
御峰理財有限公司
The Member failed to ensure due registration of a Technical Representative who was servicing the Member’s client, which was in breach of Membership Regulation 7.6. A fine of HKD10,000 is imposed.
18/10/2017 - 18/10/2017 0076
Lombard International Brokers Limited
The Member was late in submission of audited Financial Statement for FYE 31 December 2016 which was in breach of Membership Regulation 13.1.  It was fined at HK$18,600.
10/10/2017 - 10/10/2017 0327
Absolute Consulting Financial Ltd
The Member was late in submission of audited Financial Statement for FYE 31 December 2016 which was in breach of Membership Regulation 13.1.  It was fined at HK$19,200.
28/09/2017 - 28/09/2017 0299
Altruist Financial Group Limited
進邦滙理有限公司
The Member 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 Member.
25/09/2017 - 25/09/2017 0256
Sparkle Insurance Brokers Limited
The Member failed to maintain professional indemnity insurance at the required limit of indemnity for the period from 1 July 2016 to 30 June 2017, which was in breach of Membership Regulation No. 5.2. A fine of HK$3,000 was imposed.
21/09/2017 - 21/09/2017 0469
Guardian Life Management Ltd
The Member failed to nominate a Chief Executive within 30 days, in breach of CIB Membership Regulation 7.5. The Member was expelled from membership of the CIB.
12/09/2017 - 12/09/2017 0526
Kaiser Wealth Management Limited
嘉信財富管理有限公司
The Member failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, contrary to Membership Regulation 7.5. It was fined at $1,500.00.
20/07/2017 - 20/07/2017 0038
Howden Insurance Brokers (HK) Limited
豪敦保險顧問有限公司
The Member failed to take all reasonable steps to ensure compliance by its Technical Representatives with the CPD requirement in the year of 2016 which was in breach of Membership Regulation 7.8, also made an incorrect statement in respect of its Technical Representative's CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 5,500 is imposed.
20/07/2017 - 20/07/2017 0038
Howden Insurance Brokers (HK) Limited
豪敦保險顧問有限公司
The Member failed to take all reasonable steps to ensure compliance by its Technical Representatives with the CPD requirement in the year of 2016 which was in breach of Membership Regulation 7.8, also made an incorrect statement in respect of its Technical Representative's CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 6,000 is imposed.
04/07/2017 - 04/07/2017 0110
China Resources Insurance Consultants Ltd
華潤保險顧問有限公司
The Member made an incorrect statement in respect of its Technical Representative's CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 5,000 is imposed.
26/06/2017 - 26/06/2017 0506
MarlinHouse Financial Limited
The Member failed to maintain a minimum net assets value of HK$100,000 at all times for the financial year ended 31 December 2015, in breach of CIB Membership Regulation No. 5.1.1. It was fined at HK$30,000 and a warning was issued to the Member.
16/06/2017 - 16/06/2017 0056
Navigator Insurance Brokers Ltd
領航保險經紀有限公司
The Member made an incorrect statement in respect of its Technical Representative's CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 5,000 is imposed.
16/06/2017 - 16/06/2017 0262
Perfect Asset Management Limited
霸域資產管理有限公司
The Member made an incorrect statement in respect of its Technical Representative's CPD compliance in the registration renewal form, in breach of IIQAS CPD Programme Administrative Framework 5.1. A fine of HKD 5,000 is imposed.
08/06/2017 - 08/06/2017 0432
Channel 8 Wealth Management Limited
富道財富管理有限公司
After having identified a potential replacement issue, the Member failed to allocate adequate resources and set up appropriate procedures to ensure compliance with CIB Membership Regulations and the Code of Conduct, in breach of CIB Membership Regulation 3.2. A fine of HKD 20,000 is imposed.
12/04/2017 - 12/04/2017 0459
Marco Mac Wealth Management Limited
臻略財富管理有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 28 December 2015 to 31 March 2016, which was in breach of the Membership Regulation No. 5.2.
29/03/2017 - 29/03/2017 0066
Winson Insurance Consultants Ltd
永信保險顧問有限公司
The Member 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 0066
Winson Insurance Consultants Ltd
永信保險顧問有限公司
The Member failed to co-operate with CIB in answering enquiries relating to potentially misleading claims made on its website. A fine of HKD 10,000 is imposed.
24/03/2017 - 24/03/2017 0410
Maltag International Limited
龍傑國際有限公司
The Member failed to submit audited financial statement and compliance report for the financial year ended 31 March 2015 within six months from the end of its financial year, in breach of CIB Membership Regulation 13.1. It was fined at $26,000.
24/03/2017 - 24/03/2017 0410
Maltag International Limited
龍傑國際有限公司
The Member failed to nominate a Chief Executive within 30 days, contrary to Membership Regulation 7.5. It was fined at $25,000.
24/03/2017 - 24/03/2017 0410
Maltag International Limited
龍傑國際有限公司
The Member failed to respond to enquiries arising from its audited Financial Statement and Compliance Report for FYE 31 March 2015. A reprimand was issued to the Member.
24/03/2017 - 24/03/2017 0410
Maltag International Limited
龍傑國際有限公司
The Member failed to pay the annual membership subscription fee by 1 April 2016, in breach of CIB Article 16, Membership Regulations 7.9 and 7.10. It was fined at $10,000.
17/02/2017 - 17/02/2017 0005
CIS Insurance Brokers Ltd
合作保險顧問有限公司
The Member failed to keep client monies in a Client Account separate from its own monies and to keep and maintain proper books and accounts, in breach of CIB Membership Regulations 5.3.1 and 5.4.1. A Reprimand was issued to the Member.
14/02/2017 - 14/02/2017 0361
Clearwater International Limited
The Member failed to nominate a Chief Executive within 30 days, in breach of CIB Membership Regulation 7.5. The Member was expelled from membership of the CIB.
14/02/2017 - 14/02/2017 0385
Guangrich Prime Consulting Limited
廣裕尊尚顧問有限公司
The Member failed to submit audited financial statement and compliance report for the financial year ended 31 July 2015 within six months from the end of its financial year, in breach of CIB Membership Regulation 13.1; failed to nominate a Chief Executive within 30 days, in breach of CIB Membership Regulation 7.5; also failed to pay the annual membership subscription fee by 1 April 2016 and the renewal fee, in breach of CIB Article 16, Membership Regulations 7.9 and 7.10. The Member was expelled from membership of the CIB.
14/02/2017 - 14/02/2017 0498
Coast Insurance Brokers (HK) Company Limited
近洋保險經紀(香港)有限公司
The Member failed to nominate a Chief Executive within 30 days, in breach of CIB Membership Regulation 7.5. The Member was expelled from membership of the CIB.
14/02/2017 - 14/02/2017 0504
Dryden Holding Limited
戴登集團有限公司
The Member failed to nominate a Chief Executive within 30 days, in breach of CIB Membership Regulation 7.5. The Member was expelled from membership of the CIB
26/01/2017 - 26/01/2017 0504
Dryden Holding Limited
戴登集團有限公司
The Member was late in submission of audited Financial Statement for FYE 31 March 2016 which was in breach of Membership Regulation 13.1.  It was fined at HK$2,100.
25/01/2017 - 25/01/2017 0382
Midland Financial Planning Limited
美聯財務策劃有限公司
The Member 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 the Member.
04/01/2017 - 04/01/2017 0470
T&Z Insurance Consultants (Hong Kong) Limited
天澤保險顧問(香港)有限公司
The Member failed to comply with the minimum requirement in relation to net asset value of HK$100,000 and failed to allocate adequate resources and set up appropriate procedures to ensure compliance with CIB Regulations and the Code of Conduct, contrary to Membership Regulations 5.1.1 and 3.2. A fine of HK$20,000 was imposed, and a Reprimand was issued to the Member.
01/12/2016 - 01/12/2016 0468
UC Wealth Insurance Management Limited
優思理財保險顧問有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the periods from 1 November 2015 to 17 August 2016, which was in breach of the Membership Regulation No. 5.2. A fine of HK$7,000 was imposed.
16/11/2016 - 16/11/2016 0465
Sino Insurance Brokers Limited
賽諾保險經紀有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 1 August 2015 to 26 May 2016, which was in breach of Membership Regulation 5.2. A fine of HK$49,500 was imposed, and a warning was issued to the Member.
14/11/2016 - 14/11/2016 0504
Dryden Holding Limited
戴登集團有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 15 September 2015 to 20 June 2016, which was in breach of Membership Regulation 5.2. A fine of HK$27,000 was imposed.
14/11/2016 - 14/11/2016 0506
MarlinHouse Financial Limited
The Member 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. The Member was fined HK$40,000 and issued a Warning Letter.
12/10/2016 - 12/10/2016 0320
Sun Hung Kai Wealth Management Limited
新鴻基優越理財有限公司
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.
27/09/2016 - 27/09/2016 0343
Champus Asset Management Limited
雋達理財策略有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the periods from 29 July 2013 to 28 July 2014 and 29 July 2014 to 28 July 2015, which was in breach of the Membership Regulation No. 5.2. A fine of HK$4,000 was imposed.
27/09/2016 - 27/09/2016 0512
HENNER HONG KONG LIMITED
The Member was late in submission of audited Financial Statement and Compliance Report for FYE 31 December 2015 which was in breach of Membership Regulation 13.1. It was fined at HK$900.
12/09/2016 - 12/09/2016 0150
COSCO SHIPPING (Hong Kong) Insurance Brokers Limited
中遠海運(香港)保險顧問有限公司
The Member was late in submission of audited Financial Statement and Compliance Report for FYE 31 December 2015 which was in breach of Membership Regulation 13.1. It was fined at HK$600.
12/09/2016 - 12/09/2016 0356
AMTD Global Markets Limited
尚乘環球市場有限公司
The Member failed to allocate adequate resources and set up appropriate procedures to ensure its Technical Representative's compliance, failed to procure that its Technical Representative complied with all laws and regulations in Hong Kong and the Minimum Requirements specified by the IA, contrary to CIB Membership Regulations 3.1, 3.2 and 3.7. A fine of HK$50,000 was imposed.
12/09/2016 - 12/09/2016 0470
T&Z Insurance Consultants (Hong Kong) Limited
天澤保險顧問(香港)有限公司
The Member was late in submission of audited Financial Statement and Compliance Report for FYE 31 December 2015 which was in breach of Membership Regulation 13.1. It was fined at HK$1,800.
07/09/2016 - 07/09/2016 0457
Indigo Global Limited
The Member failed to ensure compliance by its Technical Representative with the CPD requirement. It was found by the Disciplinary Committee that the breach was inadvertent and technical in nature and that it was immediately remedied. It was fined at HK$2,000 and a reprimand was issued to the Member.
02/09/2016 - 02/09/2016 0471
Pyrmont Wealth Management Limited
本盟財富管理有限公司
The Member was late in responding to enquiries arising from its audited Financial Statement and Compliance Report for FYE 31 December 2014 and failed to maintain a minimum net assets value of HK$100,000 at all times, in breach of CIB Membership Regulation No. 3.6 and No. 5.1.1. A warning was issued to the Member.
31/08/2016 - 31/08/2016 0489
Hong Kong Wisefund Wealth Management Limited
億方財富管理有限公司
The Member failed to comply with the minimum requirement in relation to net asset, contrary to Membership Regulation 5.1, and it also failed to maintain proper books and accounts so as to allow it to take the earliest rectification measure of the non-compliance with the net asset requirement, contrary to Membership Regulation 5.4.1. A warning was issued to the Member.
15/08/2016 - 15/08/2016 0235
Anson Investment Management Ltd
The Member failed to pay on time the annual Membership Subscription. It was fined HK$1,000.
01/08/2016 - 01/08/2016 0470
T&Z Insurance Consultants (Hong Kong) Limited
天澤保險顧問(香港)有限公司
The member failed to provide the necessary supporting documents regarding the withdrawals from its client accounts during the course of an inspection visit. The member was in breach of Membership Regulation 5.4.1 that it failed to keep proper books and accounts. A warning was issued to the member.
11/07/2016 - 11/07/2016 0365
TBO Investments (Asia) Limited
The Member failed to pay on time the annual Membership Subscription. It was fined HK$1,000.
11/07/2016 - 11/07/2016 0377
SinoPac Insurance Brokers Limited
永豐(香港)保險經紀有限公司
The Member failed to take all reasonable steps to ensure its Technical Representatives is being competent, hence fit and proper, by complying with the CPD requirement in the year of 2015 which was in breach of Membership Regulation 7.8. It was fined at HK$3,000.
11/07/2016 - 11/07/2016 0471
Pyrmont Wealth Management Limited
本盟財富管理有限公司
The Member failed to take all reasonable steps to ensure its Technical Representatives is being competent, hence fit and proper, by complying with the CPD requirement in the year of 2015 which was in breach of Membership Regulation 7.8. It was fined at HK$8,500.
11/07/2016 - 11/07/2016 0478
Guotai Junan Securities (Hong Kong) Limited
國泰君安證券(香港)有限公司
The Member failed to take all reasonable steps to ensure its Technical Representatives is being competent, hence fit and proper, by complying with the CPD requirement in the year of 2015 which was in breach of Membership Regulation 7.8. It was fined at HK$2,100.
11/07/2016 - 11/07/2016 0504
Dryden Holding Limited
戴登集團有限公司
The Member failed to pay on time the annual Membership Subscription. It was fined HK$1,000.
20/06/2016 - 20/06/2016 0285
Jimei Wealth Management Limited
集美財富管理有限公司
The Member failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, contrary to Membership Regulation 7.5. It was fined at $5,000.00.
17/06/2016 - 17/06/2016 0070
Cathay Insurance Services Ltd
國泰保險業務有限公司
The Member failed to take all reasonable steps to ensure that are of its Technical Representatives is being competent, hence fit and proper, by complying with the CPD requirement in the year of 2016 which was in breach of Membership Regulation 7.8. It was fined at HK$2,800.
17/06/2016 - 17/06/2016 0356
AMTD Global Markets Limited
尚乘環球市場有限公司
The Member (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; (3) failed to set up appropriate procedures to ensure compliance with CIB Membership Regulations and/or the CIB Code of Conduct and/or relevant guidelines and codes of practice and (4) failed to allocate adequate resources and ensure that those procedures were duly executed; in breach specifically and primarily of Principle (b) of the CIB Code of Conduct, Membership Regulations 3.1, 3.2 and 3.7 of CIB Membership Regulations and Regulations 5.1.1, 5.1.2 and 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 Member.
17/06/2016 - 17/06/2016 0409
Southwest Securities (HK) Wealth Management Limited
西證(香港)財富管理有限公司
The Member failed at all times to allocate adequate resources and set up appropriate procedures to ensure compliance with the Regulations and Code of Conduct contrary to Regulation 3.2., failed to procure that its Chief Executive and technical representatives complied with the Minimum Requirements specified by the Insurance Authority contrary to Regulation 3.7., failed to conduct its business with utmost good faith and integrity contrary to Minimum Requirement (IV)(A)(b), and failed to exercise due care and diligence in understanding and satisfying the insurance needs and requirements of its client contrary to Minimum Requirement (IV)(B)(a). A fine of HK$250,000 was imposed.
15/06/2016 - 15/06/2016 0222
Simmonds (International) Financial Associates Ltd
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 11 July 2015 to 20 December 2015, which was in breach of the Membership Regulation No. 5.2. A fine of HK$3,000 was imposed.
10/06/2016 - 10/06/2016 0492
Anderson Wealth Management Consultant Limited
德龍資產管理顧問有限公司
It failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, contrary to Membership Regulation 7.5. It was fined at $2,000.00.
06/06/2016 - 06/06/2016 0365
TBO Investments (Asia) Limited
It was in breach of Membership Regulation 7.10 for being late in payment of Renewal Fee for 2016. A Letter of Disapproval was issued.
27/05/2016 - 27/05/2016 0471
Pyrmont Wealth Management Limited
本盟財富管理有限公司
The Member was late in submission of various forms and late in responding to CIB’s enquiries, in breach of CIB Membership Regulation No. 3.6. A warning was issued to the Member.
12/05/2016 - 12/05/2016 0263
HWL International Holdings Ltd
裕銘環球集團有限公司
The Member failed to keep proper accounts, in breach of Membership Regulation 3.2 and 5.4.1(a), it was fined HK$5,000.
28/04/2016 - 28/04/2016 0356
AMTD Global Markets Limited
尚乘環球市場有限公司
The Member failed to do everything possible to satisfy the insurance requirements of client and to place the interests of client before all other considerations in breach of principle (b) of the CIB Code of Conduct; and failed to ensure that its Technical Representative is a fit and proper person in breach of CIB Membership Regulation 7.2. A fine of HK$150,000 was imposed.
28/04/2016 - 28/04/2016 0361
Clearwater International Limited
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.
19/04/2016 - 19/04/2016 0304
DeVere Group Hong Kong Limited
The Member failed to provide information to the CIB and failed to keep and maintain records to sufficiently explain its business in breach of Regulations 5.4.1 and 3.6. A fine of HK$500,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member failed to provide information to the CIB in breach of CIB Regulations 3.1 and 3.6. A fine of HK$300,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member failed to provide information to the CIB in breach of CIB Regulations 3.1 and 3.6. A fine of HK$300,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member failed to provide information to the CIB in breach of CIB Regulations 3.1 and 3.6. A fine of HK$300,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member failed to provide information to the CIB and failed to provide an audited financial statement showing a true and fair view of its financial position in breach of CIB Regulations 3.1, 3.6 and 13.1. A fine of HK$300,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member failed to provide information to the CIB in breach of CIB Regulations 3.6. A fine of HK$300,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member allowed a person who was not registered as a Technical Representative or Chief Executive to arrange the surrender of, and advise upon or arrange a variation of, an insurance policy, failed to take all reasonable steps to establish the true and full identity of a client, and failed to bring relevant matters to the attention of a client, in breach of Regulation 7.6, Regulation 14.7.1, Regulation 14.7.4, ILAS Regulation 5.3.1, ILAS Regulation 5.4.2, ILAS Regulation 5.4.4, IA's Minimum Requirement (IV)(E)(a), Regulation 3.7, Regulation 4.1.4, IA's Minimum Requirement (IV)(F)(d), IA Minimum Requirements (IV)(A)(b), (IV)(B)(a) and (IV)(C)(a), Article 22, Regulation 3.2, Regulation 3.3, ILAS Regulation 5.3.2, ILAS Regulation 5.1.1, and Article 23. A fine of HK$500,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member allowed a person who was not registered as a Technical Representative or Chief Executive to provide advice on, and arrange a variation of, an insurance policy, and failed to advise or gave incorrect advice on such policy variation, in breach of Regulation 7.6, Regulation 14.7.2, Regulation 14.7.4, ILAS Regulation 5.3.2, ILAS Regulation 5.3.3, ILAS Regulation 5.4.2, ILAS Regulation 5.4.4, IA's Minimum Requirement (IV)(E)(a), Regulation 3.7, IA's Minimum Requirements (IV)(F)(d), Regulation 3.1, Regulation 3.6, Article 22, IA's Minimum Requirements (IV)(A)(b), (IV)(B)(a) and (IV)(C)(a), Regulation 3.2, Regulation 3.3, ILAS Regulation 5.1.1, and Article 23. A fine of HK$500,000 was imposed.
11/04/2016 - 11/04/2016 0304
DeVere Group Hong Kong Limited
The Member failed to nominate a Chief Executive within 30 days, in breach of the CIB Membership Regulation 7.5. A fine of HK$100,000 was imposed.
31/03/2016 - 31/03/2016 0384
Global Wealth Services Limited
寰宇財富管理服務有限公司
The member failed to notice promptly the wrong surrender date used by the insurer for the client and failed to follow up with the insurer on some possible over-charging incidents as recorded in a number of the policy statements issued by the insurer. Those are matters in breach of section (IV)(B)(a) of the Minimum Requirements specified for insurance brokers that “An insurance broker shall exercise due care and diligence in understanding and satisfying the insurance needs and requirements of his client.” A letter of Disapproval was issued to Global Wealth Services Limited.
31/03/2016 - 31/03/2016 0417
Platinum Financial Services Limited
The member failed to maintain the professional indemnity insurance at the required limit of indemnity for the full policy year commenced on 30 March 2013 and part of the policy year commenced on 30 March 2014, contrary to Membership Regulation 5.2. A fine of HK$20,508 was imposed.
21/03/2016 - 21/03/2016 0361
Clearwater International Limited
It was late in submission of audited Financial Statement and Compliance Report for FYE 30 April 2015 which was in breach of Membership Regulation 13.1. It was fined at HK$600.00.
07/03/2016 - 07/03/2016 0305
CASH Wealth Management Limited
時富財富管理有限公司
The member 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 Members shall deliver any new long term insurance policy issued by the insurer to the client without delay. A fine of HK$24,000 was imposed.
15/02/2016 - 15/02/2016 0312
Triplus Insurance Brokers Limited
三聯顧問有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 1 April 2015 to 31 October 2015, which was in breach of the Membership Regulation No. 5.2. A fine of HK$1,234 was imposed.
11/02/2016 - 11/02/2016 0338
Smart Financial and Insurance Services Ltd
智盈金融保險服務有限公司
The Member failed to pay the annual membership subscription fee by 1 April 2015 and the renewal fee for CHOW Alfred Wing Hon, contrary to the CIB Article 16, Membership Regulations 7.9 and 7.10. The Member was expelled from membership of the CIB.
01/02/2016 - 01/02/2016 0489
Hong Kong Wisefund Wealth Management Limited
億方財富管理有限公司
The Member failed to allocate adequate resources and set up appropriate procedures to ensure compliance with the Code of Conduct, contrary to CIB Membership Regulation 3.2. It was fined at HK$20,000.
22/01/2016 - 22/01/2016 0469
Guardian Life Management Ltd
The Member was late to submit the audited financial statement and compliance report for the financial year ended 31 December 2013, contrary to CIB Membership Regulation 13.1, and failed to allocate adequate resources and/or set up appropriate procedures to ensure compliance with these Regulations, contrary to CIB Membership Regulation 3.2. It was fined at HK$123,750 for the late submission (13.1) and fined at HK$125,000 for failure to allocate resources and set up appropriate procedures (3.2).
18/01/2016 - 18/01/2016 0201
Montpelier Private Clients Limited
Montpelier Private Clients Limited failed to co-operate with CIB in arranging on-site audit for the Compliance Audit 2014, contrary to Membership Regulations 3.6. It was expelled from CIB membership.
18/01/2016 - 18/01/2016 0201
Montpelier Private Clients Limited
Montpelier Private Clients Limited failed to nominate a new Chief Executive, contrary to Membership Regulations 7.5. It was expelled from CIB membership.
18/01/2016 - 18/01/2016 0201
Montpelier Private Clients Limited
Montpelier Private Clients Limited failed to pay the annual Membership Subscription fee by 1 April 2015, contrary to Membership Regulations 7.9. It was expelled from CIB membership.
17/12/2015 - 17/12/2015 0382
Midland Financial Planning Limited
美聯財務策劃有限公司
The Member 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. It was fined at HK$15,000.
17/12/2015 - 17/12/2015 0426
Acuma Hong Kong Limited
The Member failed to comply with the minimum requirement in relation to net asset, contrary to Membership Regulation 5.1.1 and failed to comply with the minimum requirement in relation to keeping proper books and accounts in relation to the 2013 opening balance for the fianncial statement FYE 31 Dcember 2013, as identified in both the Compliance Report and audited Financial Statement, contrary to Membership Regulation 5.4.1(d). It was fined at HK$30,000.
17/12/2015 - 17/12/2015 0471
Pyrmont Wealth Management Limited
本盟財富管理有限公司
It was late in submission of audited Financial Statement and Compliance Report for FYE 31 December 2014 which was in breach of Membership Regulation 13.1. It was fined at HK$8,100.00.
02/12/2015 - 01/12/2030 0119
Pan Nation Insurance Brokers Ltd
遠邦保險顧問有限公司
Pan Nation Insurance Brokers Limited failed to provide the required accounting records, suupporting documents, information on insurance broking debtors and creditors in respect of clients for inspection and audit, and it failed to ensure that clients' monies were used to make payments to the party to whom such monies were due. The Member was expelled from membership of the CIB and it is prohibited from reapplying for membership of the CIB for a period of 15 years.
02/12/2015 - 01/12/2016 0119
Pan Nation Insurance Brokers Ltd
遠邦保險顧問有限公司
Pan Nation Insurance Brokers Limited failed to submit the audited financial statement and compliance report for the financial year ended 31 December 2013, contrary to CIB Membership Regulation 13.1. It was suspended from membership of the CIB for a period of 1 year, such suspension to run concurrently with the expulsion which had already been ordered in respect of DC14/054.
02/12/2015 - 01/12/2016 0119
Pan Nation Insurance Brokers Ltd
遠邦保險顧問有限公司
Pan Nation Insurance Brokers Limited failed to nominate a Chief Executive within 30 days. It was suspended from memberhip of the CIB for a period of 1 year, such suspension to run concurrently with the expulsion which was ordered in respect of case DC14/054 and the suspension which was ordered in respect of case DC14/044.
02/12/2015 - 01/12/2016 0119
Pan Nation Insurance Brokers Ltd
遠邦保險顧問有限公司
Pan Nation Insurance Brokers Limited failed to pay the annual subscription due 1 April 2015. It was suspended from membership of the CIB for a period of 1 year, such suspension to run concurrently with the expulsion which was ordered in respect of case DC14/054 and the suspensions which were ordered in respect of cases DC14/044 and DC15/020.
02/12/2015 - 01/12/2016 0119
Pan Nation Insurance Brokers Ltd
遠邦保險顧問有限公司
Pan Nation Insurance Brokers Limited failed to submit the audited financial statement and compliance report for the financial year ended 31 December 2014, in breach of CIB Membership Regulation 13.1. It is suspended from membership of the CIB for a period of 1 year, such suspension to run concurrently with the previous expulsion which was ordered in respect of case DC14/054 and the suspensions which were ordered in respect of cases DC14/044, DC15/020 and DC15/029.
26/11/2015 - 26/11/2015 0492
Anderson Wealth Management Consultant Limited
德龍資產管理顧問有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 10 January 2015 to 28 April 2015, which was in breach of the Membership Regulation No. 5.2. A fine of HK$11,336 was imposed.
07/10/2015 - 07/10/2015 0206
Grosvenor International Holdings Ltd
The Member failed to nominate a Chief Executive within 30 days, in breach of the CIB Membership Regulation 7.5. A fine of HK$50,000 was imposed.
30/09/2015 - 30/09/2015 0304
DeVere Group Hong Kong Limited
It failed to pay on time the annual Membership Subscription and the Renewal Fee. It was fined HK$7,650.
29/09/2015 - 29/09/2015 0139
Richmond Asset Management Ltd
It failed to submit the audited Financial Statement and Complieance Report for the Financial Year ended 31 December 2013, failed to co-operate with CIB in arranging on-site audit in 2014 and in answering enquiries on due compliance with the Minimum Requirements, in particular, the maintenance of professional indemnity insurance and of a separate client account, failed to keep proper books and accounts, and failed to nominate a new Chief Executive, contrary to Membership Regulations 13.1, 2.6, 3.6, 5.4.1 and 7.5. It was expelled from CIB membership.
17/09/2015 - 17/09/2015 0205
The Kyoritsu Insurance Brokers (HK) Co. Ltd
共立保險顧問(香港)有限公司
The Kyoritsu Insurance Brokers (HK) Co. Ltd was late in submission of audited Financial Statement and Compliance Report for FYE 31 December 2014 which was in breach of Membership Regulation 13.1. It was fined at HK$1,200.00.
11/09/2015 - 11/09/2015 0440
Asia Risk Services Limited
Asia Risk Services Limited breached the Membership Regulation 5.3.8 in relation to improper withdrawal from Client Account. A Letter of disapproval was issued.
04/09/2015 - 04/09/2015 0448
Standard Perpetual Asset Management Limited
標準盛豐資產管理有限公司
tandard Perpetual Asset Management Limited failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 23 June 2012 to 29 June 2013. A fine of HK$50,000 was imposed.
25/08/2015 - 25/08/2015 0330
Global Investment Advisors Limited
寰宇投資顧問有限公司
Global Investment Advisors Ltd failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 1 June 2013 to 31 May 2014, which was in breach of the Membership Regulation No. 5.2. A fine of HK$30,694 was imposed.
20/08/2015 - 20/08/2015 0103
FP Marine Risks Limited
領航海上保險顧問有限公司
FP Marine Risks Limited failed to comply with the requirements under Membership Regulation 5.3.4 that, "A member shall not use client monies for any purposes other than for the purposes of the client and shall use the monies to make payments to the party to whom such monies are due. FP Marine Risks Limited was fined at HK$16,000.00
06/08/2015 - 06/08/2015 0304
DeVere Group Hong Kong Limited
DeVere Group Hong Kong Limited failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 8 May 2013 to 7 May 2014. A fine of HK$15,480 was imposed.
07/07/2015 - 07/07/2015 0428
AEGON Direct Marketing Services Insurance Broker (HK) Limited
翔滙保險策劃有限公司
AEGON Direct Marketing Services Insurance Broker (HK) Limited ("AEGON") had contravened Data Protection Principle 3, which relates to use of personal data for direct marketing purposes which was not the same as or directly related to the collection purpose without the target customer’s prescribed consent, thereby was found in contravention of Regulation 3.7 of the CIB Membership Regulations which provides that a Member shall comply with all laws and regulations in Hong Kong. AEGON also failed to take all reasonable steps to ensure that its Chief Executive is a Fit and Proper Person to act in such a capacity and to cease to appoint a person as its Chief Executive when that person is assessed to be not fit and proper which was in breach of Membership Regulations 7.2 and 7.8, but only in relation to the reliability and capability to comply with laws and regulations of its Chief Executive at the material time. A Letter of Reprimand was issued to AEGON and a fine of HK$100,000 was imposed.
25/06/2015 - 25/06/2015 0320
Sun Hung Kai Wealth Management Limited
新鴻基優越理財有限公司
Sun Hung Kai Wealth Management Limited failed to take all reasonable steps to ensure that are of its Technical Representatives is being competent, hence fit and proper, by complying with the CPD requirement in the year of 2014 which was in breach of Membership Regulation 7.8. It was fined at HK$700.
18/06/2015 - 18/06/2015 0416
Brilliant Financial Services Limited
倬見金融服務有限公司
GET Wealth Management Limited had been late to deliver the policy to 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 Members shall deliver any new long term insurance policy issued by the insurer to the client without delay. GET Wealth Management Limited was fined at HK$12,000.
17/06/2015 - 17/06/2015 0023
Jardine Lloyd Thompson Limited
怡和保險顧問有限公司
Jardine Lloyd Thompson Limited failed to take all reasonable steps to ensure that its TR is being competent and fit and proper by complying with the CPD requirement which was in breach of Membership Regulation 7.8. It was fined at HK$2,000.
15/05/2015 - 15/05/2015 0426
Acuma Hong Kong Limited
Acuma Hong Kong Limited (formerly known as GWM (Hong Kong) Ltd) had failed during the financial year ended 31 December 2012 to duly deposit or transfer its own monies into its Client Account to reimburse charges debited from its bank account, resulting in client monies kept in the Client Account being debited by the bank to settle charges, hence such client monies being used for purposes other than for the purposes of the client. The failure of Acuma Hong Kong Limited (then known as GWM (Hong Kong) Ltd) to set up appropriate procedures to ensure compliance with Membership Regulations was in breach of the Membership Regulation 3.2. Acuma Hong Kong Limited was fined HK$25,000 and a letter of reprimand was issued to draw its attention to the need for absolute compliance with all requirements in the future.
14/05/2015 - 14/05/2015 0416
Brilliant Financial Services Limited
倬見金融服務有限公司
GET Wealth Management Limited had failed to have sufficient resources and appropriate procedures in place to ensure 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. GET Wealth Management Limited was imposed a fine of HK$35,000.
16/04/2015 - 16/04/2015 0385
Guangrich Prime Consulting Limited
廣裕尊尚顧問有限公司
Guangrich Prime Consulting Limited was late in submission of audited Financial Statement and Compliance Report for FYE 31 July 2014 which was in breach of Membership Regulation 13.1. It was fined at HK$1,200.00.
15/04/2015 - 15/04/2015 0198
Worldwide Insurance Services Limited
Worldwide Insurance Services Limited failed to nominate a replacement of Chief Executive within 30 days after the vacancy occurred, contrary to Membership Regulation 7.5. Worldwide Insurance Services Limited was fined at $1,000.00.
13/04/2015 - 13/04/2015 0361
Clearwater International Limited
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.
17/03/2015 - 17/03/2015 0302
Oscar Benson Ltd
奧卡信有限公司
Oscar Benson Ltd was late in submission of Compliance Report for FYE 31 March 2014 which was in breach of Membership Regulation 13.1. It was fined at HK$3,150.00.
25/02/2015 - 25/02/2015 0135
MLI Limited
萬駿理財顧問有限公司
The Committee found that Mr. BOYD-GREY Ian Andrew (“Mr. Boyd-Grey”), as a Chief Executive of the material point of time, had initially advised the client that the Establishment Fee o 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, 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 failed to conduct their business with utmost good faith and integrity.With regards to the penalty, the Disciplinary Committee directed that MLI Limited be expelled and its name be removed from the Register of Members.
25/02/2015 - 25/02/2015 0185
Ernest Maude Continental Investments Ltd
Ernest Maude Continental Investment Ltd was late in submission of Financial Statement and Compliance Report for FYE 31 March 2014 which was in breach of Membership Regulation 13.1. It was fined at HK$300.00.
09/02/2015 - 09/02/2015 0462
Infinity Financial Solutions Limited
Infinity Financial Solutions Ltd failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 1 April 2014 to 29 September 2014, which was in breach of the Membership Regulation No. 5.2. Infinity Financial Soluitions Limited was fined HK$4674
05/02/2015 - 05/02/2015 0255
Everbest Insurance Advisers Limited
恒泰保險顧問有限公司
Everbest Insurance Advisers Limited was qualified by their auditor for their having failed to maintain its client accounts in accordance with the minimum requirements specified by the Insurance Authority under section 70(2) of the Insurance Companies Ordinance (Cap 41) and Membership Regulation 5.3, when they paid from client accounts to insurers the premiums due for which they were yet to receive monies from relevant clients. Everbest Insurance Advisers Ltd was imposed a fine in the sum of HK$25,000.
31/12/2014 - 31/12/2014 0416
Brilliant Financial Services Limited
倬見金融服務有限公司
The Member 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. Fined at HK$300,000.
23/12/2014 - 23/12/2014 0448
Standard Perpetual Asset Management Limited
標準盛豐資產管理有限公司
Failure in promptly delivering a client's life insurance application form to insurer and subsequently late in returning it to the client when the insurer rejected the application; a letter of disapproval was issued.
19/12/2014 - 19/12/2014 0444
The Fry Group (H.K.) Limited
Failure to ensure compliance by its TR with the CPD requirement for the year 2013 with a deficiency of 3.5 CPD Hours, fined HK$3,500.
10/12/2014 - 10/12/2014 0392
Jebsen Insurance Brokers Limited
捷成保險顧問有限公司
Failure to ensure that a person is duly registered as Technical Representative before advising a policy holder on insurance matters, hence in breach of Membership Regulation 7.6, fined at HK$5,000.
08/12/2014 - 08/12/2014 0285
Jimei Wealth Management Limited
集美財富管理有限公司
Failure to nominate a person to be registered as Chief Executive within 30 days after its previous Chief Executive resigned, hence breach of Membership Regulation 7.5, fined HK$1,000.
08/12/2014 - 08/12/2014 0285
Jimei Wealth Management Limited
集美財富管理有限公司
Failure to maintain the professional indemnity insurance at the required limit of indemnity during the period from 14 March 2014 to 15 June 2014 & failure to set up appropriate procedures to ensure such compliance, hence in breach of Membership Regulations 5.2 and 3.2 respectively, fined HK$10,088 and issued a warning letter.
28/11/2014 - 28/11/2014 0457
Indigo Global Limited
Failure to maintain the professional indemnity insurance at the required limit of indemnity for the period from 15 Nov 2013 to 14 Nov 2014. It was fined at HK$1,000.
24/11/2014 - 24/11/2014 0251
SSC Mandarin Financial Services Limited
文華新城理財顧問有限公司
Failure to nominate replacement of Chief Executive and failure to submit Auditor's Compliance Report when due, SSC Mandarin Financial Services Limited is expelled from the membership of the Confederation
24/11/2014 - 24/11/2014 0307
RS Insurance Brokers Limited
Failure to submit Auditor's Financial Statement and Auditor's Compliance Report when due, RS Insurance Brokers Limited is expelled from the membership of the Confederation
07/11/2014 - 07/11/2014 0217
Charterstar Insurance (Int'l) Brokers Limited
匯星(國際)保險顧問有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 1 April 2012 to 31 March 2013. It was fined at HK$13,861.
25/09/2014 - 25/09/2014 0320
Sun Hung Kai Wealth Management Limited
新鴻基優越理財有限公司
Sun Hung Kai Wealth Management Limited failed to exercise due care and diligence in understanding the insurance needs and requirements of the client, a requirement under section (IV)(B)(a) of the Minimum Requirements specified for insurance brokers by the Insurance Authority, in particular the failure to verify the client's financial background as recorded in the financial needs analysis and other application document of her having taken out a number of life insurance policies prior to her taking out another life policy via Sun Hung Kai Wealth Management Limited. The Confederation has concluded the aforesaid matter with the impositon of a warning onto Sun Hung Kai Wealth Management Ltd
10/09/2014 - 10/09/2014 0103
FP Marine Risks Limited
領航海上保險顧問有限公司
FP Marine Risks Limited failed to ensure that any person who provides advice to a policy holder or potential policy holder on insurance matters or negotiates or arranges contracts of insurance in or from Hong Kong on its behalf to be registered with the Confederation as its Technical Representative. Fined HK$5,000.
10/09/2014 - 10/09/2014 0320
Sun Hung Kai Wealth Management Limited
新鴻基優越理財有限公司
Sun Hung Kai Wealth Management Limited failed to ensure a Technical Representative to be capable in engaging himself in a line of business by being not so registered for that line of business.
27/08/2014 - 27/08/2014 0483
Future Insurance Advisors Limited
未來保險顧問有限公司
Cong-Wen Insurance Brokers Limited failed to take all reasonable steps to ensure one of its Chief Executive to comply with 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. It was fined at HK$3000.
14/07/2014 - 14/07/2014 0206
Grosvenor International Holdings Ltd
The member failed to submit the Annual Certification for Adequate Professional Indemnity Insurance, the Annual Certification for Prevention for Money Laundering & Terrorist Financing and the supporting document for the CPD compliance audit for year 2012 of its Chief Executive, contrary to Membership Regulation 3.6. It is fined HK$10,000.
11/07/2014 - 11/07/2014 0427
International Planning Group Insurance Brokers, Ltd.
The Member failed to take all reasonable steps to ensure one of its Technical Representatives to comply with the IA’s CPD requirement in year 2013 resulting in a CPD deficiency of 1 hour at time of registration renewal, that was in breach of the Membership Regulations 7.8. In view of their self-reporting of the matter, it was fined at HK$700.
09/07/2014 - 09/07/2014 0031
Marsh (Hong Kong) Limited
達信風險管理及保險服務 (香港)有限公司
The Member failed to take all reasonable steps to ensure its Technical Representative by one of its Technical Representatives to comply with the IA’s CPD requirement in year 2013 resulting in a CPD deficiency of 3 hours at their time of registration renewal, that was in breach of the Membership Regulations 7.8. It was fined at HK$3,000
09/07/2014 - 09/07/2014 0472
Palladian Financial Planning Limited
The Member was late in submitting the audited financial statement and compliance report for the FYE 31 July 2013. It was fined HK$15,950 for this late submission of 29 working days.
10/04/2014 - 10/04/2014 0084
Pakco Insurance Brokers Limited
栢雄行保險顧問有限公司
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 11 April 2012 to 24 October 2012. It was fined at HK$18,795.
09/04/2014 - 09/04/2014 0119
Pan Nation Insurance Brokers Ltd
遠邦保險顧問有限公司
Pan Nation Insurance Brokers Limited was qualified by their auditor for their having failed to maintain its client accounts in accordance with the minimum requirements specified by the Insurance Authority under section 70(2) of the Insurance Companies Ordinance (Cap 41) and Membership Regulation 5.3. Pan Nation also failed to cooperate with the CIB in its enquiry into the matter, contrary to Membership Regulations. Pan Nation Insurance Brokers Ltd was fined $75,000.00
09/04/2014 - 09/04/2014 0119
Pan Nation Insurance Brokers Ltd
遠邦保險顧問有限公司
Pan Nation Insurance Brokers Limited failed to verify if the premium was settled before withdrawing “earned brokerage” from the client account and, as a result, used other client monies as their earned commission, contrary to Membership Regulation 5.3.4. Pan Nation Insurance Brokers Ltd was fined 75,000.00
25/02/2014 - 25/02/2014 0304
DeVere Group Hong Kong Limited
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. DeVere was fined in the sum of HK$40,000.
18/02/2014 - 18/02/2014 0391
Becker & Associates Limited
楠豐顧問有限公司
The Member failed to maintain the professional indemnity insurance at the required limited of indemnity for the period from 1 January 2013 to 9 May 2013. It was fined at HK$10,737.
10/02/2014 - 10/02/2014 0469
Guardian Life Management Ltd
The Member was late in paying the annual membership subscription fee for the period of 1 April 2013 to 31 March 2014. It was fined HK$500 for this late payments of 5 working days.
26/01/2014 - 26/01/2014 0416
Brilliant Financial Services Limited
倬見金融服務有限公司
The Member failed to deliver the long term insurance policy without delay was in breach of Membership Regulation 14.7.8. It was fined HK$12,000.
24/01/2014 - 24/01/2014 0356
AMTD Global Markets Limited
尚乘環球市場有限公司
The Member failed to take all reasonable steps to ensure its Technical Representative to comply with the IA’s CPD requirement in year 2012 resulting in a CPD deficiency of 3 hours at time of the registration renewal, that was in breach of the Membership Regulations 7.8. It was fined at HK3,000.
24/01/2014 - 24/01/2014 0426
Acuma Hong Kong Limited
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 1 March 2012 to 28 February 2013 which was in breach of the Membership Regulation no. 5.2. It was fined at HK$12,100.
09/01/2014 - 09/01/2014 0340
Splendor Financial Services Limited
卓智理財服務有限公司
The Member had failed to maintain the professional indemnity insurance at the required limited of indemnity for the period from 7 February 2013 to 9 June 2013 due to a clerical error in accounting. A Warning Letter has been issued.
07/01/2014 - 07/01/2014 0399
Heng Yep International Wealth Management Limited
恒業國際財富管理有限公司
Heng Yep International Wealth Management Limited 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. In so doing, Heng Yep International Wealth Management Limited was found to be in breach of Code of Conduct principles (a) and (b) (Fined: $20,000)
17/12/2013 - 17/12/2013 0060
Andrew Liu & Co Ltd
The Member failed to take all reasonable steps to ensure its Technical Representative to comply with the IA’s CPD requirement in year 2012, that was in breach of the Membership Regulations 7.8. It was fined HK$5,000.
17/12/2013 - 17/12/2013 0469
Guardian Life Management Ltd
The Member failed to maintain the professional indemnity insurance at the required limit of indemnity for the period from 9 November 2012 to 24 February 2013 which was in breach of the Membership Regulation no. 5.2. It was fined at the minimum rate HK$10,000 of this type of non-compliance.
09/12/2013 - 09/12/2013 0206
Grosvenor International Holdings Ltd
It was late in paying the annual membership subscription fee by 10 days, contrary to Membership Regulation 7.9 (Fined: $1,000)
02/12/2013 - 02/12/2013 0139
Richmond Asset Management Ltd
It 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 it failed to have proper procedures in place to ensure that the client’s application was properly reviewed. (Fined: $25,000)