Hong Kong insurance agent suspended for forgery and impersonation
Hong Kong insurance agent suspended for forgery and impersonation | Insurance Business Asia
Insurance News
Hong Kong insurance agent suspended for forgery and impersonation
Agent found to have violated core responsibilities inherent to roles in two sectors
Insurance News
By
Roxanne Libatique
The Hong Kong Insurance Authority (IA) has issued a 10-month suspension of Chiu Kin Fung Jacky’s license as an insurance agent and mandatory provident fund (MPF) intermediary.
This decision comes after findings that Jacky engaged in forgery and impersonation, compromising his suitability for his professional role.
Hong Kong insurance agent engaged in forgery and impersonation
According to the IA, Jacky falsified a client’s signature on five MPF transfer applications over three years and orchestrated the impersonation of the client by his colleagues to unlawfully obtain private account information during his tenure.
The issue surfaced in 2020 when a misused application form alerted the client to the unauthorised activities. The IA, responsible for MPF intermediary oversight, in conjunction with the Mandatory Provident Fund Schemes Authority, undertook an investigation which led to the disciplinary action, as prescribed under the Insurance Ordinance (Cap. 41).
Jacky’s actions not only breached basic ethical guidelines but also violated core responsibilities inherent to his dual roles in the insurance and MPF sectors. The IA said that the deceptive practices he employed to gather client data were particularly egregious, undermining the trust essential to his profession.
In determining the penalty, the IA evaluated all pertinent factors, including the insurance agent’s acknowledgment of his wrongdoing and his prior unblemished disciplinary record. His cooperation with the investigative process and expression of regret were noted; however, the necessity to maintain professional ethics and deter future violations were paramount in the final deliberation, the IA said.
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