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Mr Ho, an individual insurance agent, recommends an investment-linked assurance scheme (ILAS) policy to a client. The ILAS has been authorised by the SFC for offer to the public. Which body licenses Mr Ho and regulates his conduct as an insurance intermediary?
Since 23 September 2019 the Insurance Authority has licensed and supervised insurance agents and brokers directly under the Insurance Ordinance (Cap. 41). The self-regulatory route through the Insurance Agents Registration Board of the Hong Kong Federation of Insurers ended then, so that option describes the old regime. SFC authorisation of an ILAS is product regulation under the SFO; it does not make the SFC the conduct regulator of the agent who sells it. The HKMA's role depends on the firm being a bank, not on a product containing an investment element, and Mr Ho is not a bank employee. Source: Insurance Ordinance (Cap. 41); Insurance Authority intermediary licensing (ia.org.hk); SFO (Cap. 571) Part IV (as at October 2026).
Mixing up product authorisation with intermediary regulation. The SFC authorises the ILAS; the IA licenses the person selling it.
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