SFC reprimands and fines FWD Life HK$2.4 million for regulatory breaches
The SFC has reprimanded and fined FWD Life HK$2.4 million for failures in complying with the key personnel requirements under the SFC Code on MPF Code and the Fund Manager Code of Conduct.
The SFC 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.
Specifically, from December 2012 to November 2016, FWD Life had only one key personnel in place who met the minimum investment experience requirement. FWD Life only discovered it had insufficient key personnel when the MPFA 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.