The latest compliance issues in wealth management across Asia-Pacific.

Hong Kong Securities and Futures Commission
The Securities and Futures Commission has reprimanded and fined FWD Life Insurance Company (Bermuda) Limited HK$2.4 million (about $306,000) for failures in complying with the key personnel requirements as set out by local codes.

The regulator said FWD Life “failed to ensure there were at least two key personnel who met the minimum five-year investment experience requirement in managing retirement funds or public funds under the MPF Code at all times”.

From December 2012 to November 2016, FWD Life had only one key person in place who met the minimum investment experience requirement.  FWD Life only discovered that it had insufficient key personnel when the Mandatory Provident Fund Schemes Authority made enquiries in January 2017. The SFC said it also found that FWD Life failed to implement policies and procedures for the designation and monitoring of key personnel, and to communicate to relevant staff members their designation as key personnel.

The regulatory breaches went on for almost four years, the SFC added.