DeVere Group Hong Kong Ltd has been fined a total of HK$2.5m (£230,000) by the Hong Kong Confederation of Insurance Brokers (CIB), mainly for failing to supply information on several instances, according to a statement on the regulator’s website.
HK$500,000 of the fine was for allowing an unauthorized person to arrange the surrender of, and advise upon or arrange a variation of, an insurance policy. The company also failed to give reasonable effort in establishing the true identity of a client, and to notify a client of relevant matters.
DeVere Group Hong Kong was sold in 2014 by UK-based deVere Group, but its licence was suspended in 2015 as regulators investigated conduct concerns. It’s possible the ongoing investigations may look back to when the company was still owned by the UK-based parent company.
A spokesman for the deVere group tried to put some distance between it and the Hong Kong operation: "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."
