Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) Issues 46-Month Ban on ex-Manulife Chan Chiu Kam for Failure to Execute Client Instructions to Transfer MPF Scheme for 8 Months by Misusing Client Personal Information & Forging Signatures on 3 Paper Forms, Chan Chiu Kam Delayed the Transfer to Participate in a Sales Competition Organized by Manulife in 2021 February
19th December 2024 | Hong Kong
Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) has issued a 46-month ban on ex-Manulife Chan Chiu Kam for failure to execute client instructions to transfer MPF scheme for 8 months by misusing client personal information & forging signatures on 3 paper forms. Chan Chiu Kam delayed the transfer to participate in a sales competition organized by Manulife in 2021 February. MPFA: “The MPFA reprimands and disqualifies the registration of CHAN Chiu Kam (CHAN) as an MPF intermediary for 46 months from 10 December 2024 to 9 October 2028 (both dates inclusive). CHAN was a former subsidiary intermediary attached to an MPF principal intermediary Manulife (International) Limited (Manulife). The case was referred to the MPFA in November 2023 for follow-up action after an investigation by the Insurance Authority. The MPFA found that CHAN failed to promptly carry out the instructions of a scheme member (Scheme Member) to transfer his MPF from an MPF scheme to another scheme (Transfer). CHAN only effected the Transfer eight months later by misusing the personal information of the Scheme Member and forging the signatures of the Scheme Member on three electronic forms in relation to the Transfer. Further, CHAN forged the signatures of the Scheme Member on three paper forms and submitted them to Manulife during the latter’s internal investigation of the matter. CHAN has therefore contravened the conduct requirements under the Mandatory Provident Fund Schemes Ordinance that when carrying on a regulated activity, a subsidiary intermediary must act honestly, fairly, in the best interests of the client and with integrity, and exercise a level of care, skill and diligence that may reasonably be expected of a prudent person who is carrying on the regulated activity. CHAN also contravened the Guidelines on Conduct Requirements for Registered Intermediaries. In deciding the disciplinary sanction of the case, the MPFA took into account all relevant circumstances, including (a) the nature, seriousness and impact of CHAN’s breaches; (b) CHAN has no previous disciplinary record with the MPFA; and (c) the need to send a strong deterrent message to the industry that the MPFA will not tolerate such misconduct. A copy of the Statement of Disciplinary Action is available here … … CHAN (MPF Registration No.: 122137) was a subsidiary intermediary attached to Manulife between 9 June 2017 and 4 August 2022. He was later attached to FWD Life Insurance Company (Bermuda) Limited as a subsidiary intermediary between 13 February 2023 and 21 February 2024. CHAN has ceased registration as a subsidiary intermediary since 20 June 2024.”
“ Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) Issues 46-Month Ban on ex-Manulife Chan Chiu Kam for Failure to Execute Client Instructions to Transfer MPF Scheme for 8 Months by Misusing Client Personal Information & Forging Signatures on 3 Paper Forms, Chan Chiu Kam Delayed the Transfer to Participate in a Sales Competition Organized by Manulife in 2021 February “
Notes
- A subsidiary intermediary is a person registered by the MPFA to carry out MPF sales and marketing activities and to give regulated advice on behalf of a principal intermediary to which the person is attached.
- A principal intermediary is a business entity registered by the MPFA to engage in conducting MPF sales and marketing activities and giving regulated advice.
- CHAN (MPF Registration No.: 122137) was a subsidiary intermediary attached to Manulife between 9 June 2017 and 4 August 2022. He was later attached to FWD Life Insurance Company (Bermuda) Limited as a subsidiary intermediary between 13 February 2023 and 21 February 2024. CHAN has ceased registration as a subsidiary intermediary since 20 June 2024.
Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) Issues 46-Month Ban on ex-Manulife Chan Chiu Kam for Failure to Execute Client Instructions to Transfer MPF Scheme for 8 Months by Misusing Client Personal Information & Forging Signatures on 3 Paper Forms, Chan Chiu Kam Delayed the Transfer to Participate in a Sales Competition Organized by Manulife in 2021 February
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