The Insurance Authority (IA) has publicly reprimanded Century Investment Planning Limited for failing to keep client monies separate from its own accounts, and fined another broker company $12,000 for not securing adequate professional indemnity insurance. Century Investment Planning misused client funds and failed to settle insurance premiums on time, violating regulatory guidelines. The second broker miscalculated its required professional indemnity insurance, resulting in a significant shortfall of $11.8 million, although no harm came to policyholders. Both companies cooperated fully during the disciplinary process.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20250702.html
