A general circular sent today by the CIB, seen by International Adviser, said the decision to suspend the DeVere Group Hong Kong Ltd was taken by its disciplinary committee.
The decision was made at a disciplinary hearing on 12 May 2015 under article 32 of the Memorandum & Articles of Association of the CIB.
The article states that the confederation has the power to “suspend any member whose conduct is under investigation until it has enquired into such conduct and has come to a decision thereon”.
“This CIB suspension is not linked to the deVere Group,” a spokesman for the deVere Group said.
The Hong Kong CIB is the approved body to implement self-regulation of insurance brokers in Hong Kong.
