Insurance

SFC reprimands and fines FWD Life Insurance Company

FWD Life Insurance Company $2.4 million for failures in complying with the key personnel requirements under the SFC Code on MPF Products and the Fund Manager Code of Conduct.

The SFC in Hong Kong found that 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.

FWD Life only discovered it had insufficient key personnel when the Mandatory Provident Fund Authority made enquiries in January 2017.

The SFC 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 of their designation as key personnel.  FWD Life’s failure in this respect contributed to the duration of its breach of the MPF Code (Notes 5 & 6).