FWD Life Insurance Company (Bermuda) Limited 富衛人壽保險(百慕達)有限公司
MPF intermediary and 4 clients charged with conspiracy over early MPF withdrawal
ICAC, 30-Apr-2024
Of course, this wouldn't be a thing if the savings scheme was not compulsory. MPF is Mandatory Payment of Fees to asset managers and removes workers' free choice over what to do with a substantial portion of discretionary income after living costs, in return for a lump sump (after fees) at 65 when the freedom resumes and they can pay off their debts or gamble. If an employer is willing to spend HK$21k per month on an employee, then currently $2k of that goes into the MPF and $19k goes to the employee, on which they and often their family must survive.
ICAC, 30-Apr-2024
Of course, this wouldn't be a thing if the savings scheme was not compulsory. MPF is Mandatory Payment of Fees to asset managers and removes workers' free choice over what to do with a substantial portion of discretionary income after living costs, in return for a lump sump (after fees) at 65 when the freedom resumes and they can pay off their debts or gamble. If an employer is willing to spend HK$21k per month on an employee, then currently $2k of that goes into the MPF and $19k goes to the employee, on which they and often their family must survive.
Ex-Immigration Officer charged by ICAC over outside work and insurance commission fraud
ICAC, 3-Dec-2023
ICAC, 3-Dec-2023
Defendant in FWD-Sun Life dummy insurance agents commissions fraud case faces 19 additional charges
ICAC, 21-Feb-2023
The 18 defendants now face a total of 20 charges, namely 2 of conspiracy to defraud and 18 of conspiracy to launder crime proceeds, involving 478 insurance policies and commissions totalling about HK$50m.
ICAC, 21-Feb-2023
The 18 defendants now face a total of 20 charges, namely 2 of conspiracy to defraud and 18 of conspiracy to launder crime proceeds, involving 478 insurance policies and commissions totalling about HK$50m.
10 ex-FWD Life Insurance agents and 7 ex-Sun Life HK agents charged with HK$43m dummy agents commission fraud
ICAC, 13-Oct-2022
The huge alleged scam involved 478 applications for "high commission rate insurance products".
ICAC, 13-Oct-2022
The huge alleged scam involved 478 applications for "high commission rate insurance products".
Ex-FWD Life Insurance agent charged with HK$250k commissions fraud over bogus policies
ICAC, 30-Aug-2022
ICAC, 30-Aug-2022
Trio charged over HK$220k dummy insurance agent commission fraud against FWD Life Insurance
ICAC, 12-Jul-2022
ICAC, 12-Jul-2022
FWD Life Insurance v Alpha Lam Chi Chuen and Sin Chau Yuk
HK Court of First Instance, 21-Nov-2019
Another case of huge conditional advances made to life insurance agents which underlines just how much the industry takes out of the premiums paid by customers. It is probably the most inefficient form of savings known to mankind, except for fine art. The court orders the advances to be repaid.
HK Court of First Instance, 21-Nov-2019
Another case of huge conditional advances made to life insurance agents which underlines just how much the industry takes out of the premiums paid by customers. It is probably the most inefficient form of savings known to mankind, except for fine art. The court orders the advances to be repaid.
SFC fines FWD Life Insurance HK$2.4m for understaffing
SFC, 8-Jan-2019
Perhaps FWD stands for "Fund Without Drivers".
SFC, 8-Jan-2019
Perhaps FWD stands for "Fund Without Drivers".
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