The Zhitong Finance App learned that the Hong Kong Insurance Regulatory Authority and the Hong Kong Monetary Authority have taken joint enforcement actions and prohibited the former business representative (agent) of an authorized institution, Carrie Lam, from applying for an insurance intermediary license for nine months.
An investigation carried out by the Hong Kong Monetary Authority found that Carrie Lam pressured eight customers through telemarketing and forced them to buy health insurance even though they asked for time to consider it. In both sales, he further encouraged customers to change their height and weight information to meet the relevant underwriting requirements.
Tsui Man-yee, head of the Regulatory Enforcement Department of the Hong Kong Insurance Regulatory Authority, said that this case highlights the importance of ethical sales and fair customer treatment. Thank you to the Hong Kong Monetary Authority for demonstrating shared commitment to ensure that the financial industry focuses on honesty, transparency and integrity to build long-term trust.
Assistant Chief Executive of the Hong Kong Monetary Authority (Regulation and Combating Money Laundering) said that the Hong Kong Monetary Authority continues to strengthen law enforcement through close cooperation with the Hong Kong Insurance Regulatory Authority to protect the interests of bank customers and maintain a high level of conduct in the financial industry. This disciplinary action highlights the importance of maintaining a high level of integrity in the distribution of financial products.