Provident fund, trustee punished for compliance breach

Bank Trust Consortium and its arm Asia Insurance receive reprimands and an executive is suspended in Hong Kong.

Hong Kong's Securities and Futures Commission has reprimanded both Bank Trust Consortium and its affiliate, Asia Insurance Pension Fund, for compliance breaches in a guaranteed fund administered under the Occupational Retirement Schemes Ordinance ORSO. The SFC has also suspended Asia Insurance's responsible officer, Wong Kok-Ho, for four weeks.

BCT is the trustee of the Bank Consortium Pooled Retirement Scheme, an authorized ORSO pooled retirement fund, and Asia Insurance manages this scheme's guaranteed portfolio. BCT is also among the biggest master trustees in terms of members under the Mandatory Provident Fund system, but no MPF funds were cited by the SFC in this case.

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