The Securities and Futures Commission (SFC) of Hong Kong has banned Mr Jonathan Yan Cheuk Fung from re-entering the industry for life.
While Yan was employed as a relationship manager by the Hongkong and Shanghai Banking Corporation Limited (HSBC), he misled HSBC Life (International) Limited (HSBC Life), a subsidiary of HSBC, in submitting life insurance applications to HSBC Life by naming a friend as the insured person and payer of the premium of the policies when, in fact, that was not the case. Yan received commission for the sale of the policies.
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Yan was subsequently charged and convicted of six counts of using a document with intent to deceive his principal (HSBC Life).
The SFC considers Yan not a fit and proper person as a result of his convictions.
The case was referred to the SFC by the Hong Kong Monetary Authority.
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By GlobalData
