Hong Kongs insurance industry is fuming over government plans to implement a compensation scheme that would pay policyholders in the event that an insurer were to collapse, the South China Morning Post said today.
Jersey has signed a double tax agreement with Hong Kong, as part of what officials there said is the islands continuing effort to develop business ties with the Far East.
Hong Kongs Securities and Futures Commission has taken action against two men for misconduct in relation to the trading of shares in Metallurgical Corporation of China.
Hong Kong has moved closer to implementing a scheme that would compensate holders of insurance policies in the event that their insurer were to become insolvent.
The Hong Kong Monetary Authority (HKMA) has published a revised version of its rules covering the sale of investment products, which changes the way private banks and so-called authorised institutions acting in a similar capacity are bound to deal with their clients.
The number of full-time agents selling Manulife insurance products in the Hong Kong market touched 5,000 at the end of 2011, a 9% increase over the preceding 12 months, Manulife Hong Kong said yesterday.
Royal Skandia and a local insurance broker have won a High Court case in Hong Kong over commission disclosure that is seen as having potentially significant, and positive, repercussions for the jurisdictions insurance brokerage and advice industries.
Insurance brokers in Hong Kong are expressing frustration over an industry agreement that they inform clients whenever they are due a commission from the sale of insurance products, even though their main rivals in the marketplace insurance agents, which typically represent the major insurance giants do not have to.
An unlicensed adviser was today fined HK$20,000 and given a community service order of 80 hours, for advising on securities via the social networking website Facebook.
Hong Kong has taken the top position on the World Economic Forums Financial Development Index for the first time, moving ahead of both the United States and the United Kingdom.
Hong Kong has tumbled down the list of most expensive locations for expats to live, as a weaker dollar continues to negate the impact of rising prices, according to the annual cost of living survey from ECA International.
BSI, the Lugano, Switzerland-based bank owned by Generali, has been granted a banking licence in Hong Kong by the Hong Kong Monetary Authority.
