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.
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.