DeVere Group Hong Kong Ltd was fined a total of HK$2.5m (£230,000, $320,000) by the Hong Kong Confederation of Insurance Brokers mostly for failing to provide information to the CIB on several occasions, according to a filing on the regulators website.
However, the total included a HK$500,000 fine for allowing a person who was not registered as a technical representative or chief executive to arrange the surrender of, and advise upon or arrange a variation of, an insurance policy. It also failed to take all reasonable steps to establish the true and full identity of a client, and failed to bring relevant matters to the attention of a client.
Another HK$500,000 fine was imposed after the company allowed a person who was not registered as a technical representative or chief executive to provide advice on, and arrange a variation of, an insurance policy, and failed to advise or gave incorrect advice on such policy variation.
DeVere Group Hong Kong Ltd, which was sold by the deVere Group to new owners in 2014, had its licence suspended in May 2015 pending the outcome of the investigation into its conduct.
A spokesman for the deVere Group said: “Whilst the deVere Group has accepted the CIB’s ruling of and the fine for historical administrative failings from nearly 10 years ago, the other rulings, including the failure to appoint a new CEO within the deadline and the failure to reply to the CIB in particular relate to the new owners of the shell company, not the deVere Group.
“Following its thorough and detailed investigation, the CIB is wholly satisfied with the business practices of the deVere Group and its chief executive, Nigel Green.”
“Through its Acuma brand, the deVere Group looks forward to continuing its demand-driven expansion in Hong Kong.”
