Financial services risk and regulation - Regulatory News Flash (20 January 2023) – Insurance
January 2023
The Insurance Authority (“IA”), the Mandatory Provident Fund Schemes Authority (“MPFA”) and the Hong Kong Monetary Authority (“HKMA”) (together “the Regulators”) have jointly conducted a mystery shopping programme (MSP) earlier in 2022 to help understand the selling practices of intermediaries in respect of Qualifying Deferred Annuity Policies (“QDAP”) and Mandatory Provident Fund Tax-deductible Voluntary Contributions (“TVC”) in Hong Kong. On 23 December 2022, the Regulators jointly released a circular summarizing the key findings of the MSP.
The circular also reminds the intermediaries to take into account the findings and review their policies and internal controls for ensuring compliance of their selling processes.
Contact us
Follow us
