The Insurance Authority of Hong Kong has disciplined two licensed brokerage companies for failing to separate client funds and purchase adequate professional indemnity insurance.

According to the Wise Finance APP, on July 2, the Insurance Authority of Hong Kong (IA) publicly reprimanded Century Investment Planning Limited for failing to segregate and maintain separate client accounts and imposed a fine of HK$12,000 on the brokerage company for not buying enough professional indemnity insurance.