A source has informed me that the anonymous financial adviser, “Hugh Stevenson”, has once again updated his book, The Great Expat Financial Planning Rip-off.
Six months ago, I wrote a review of the book, titled, “‘A Worldwide Scam of Breathtaking Proportions’: Anonymous Financial Adviser Devotes Entire Book to Exposing ILAS Savings Plans“. At that time, the book had last been updated on July 2011. It has now been updated again, as of September 2014.
The latest revisions to Mr. Stevenson’s book are minor, which sadly indicates that not much has changed since he first wrote it about a decade ago. However, Hong Kong’s Insurance Authority has implemented Mr. Stevenson’s suggestion to ban indemnity commissions, at least for ILAS policies, but not for other insurance-related investment products, such as whole life.
In response to the new ILAS regulations, Hong Kong’s insurance industry has shifted to flogging other investment products which pay massive indemnity commissions and are more poorly regulated than ILAS.
For more info, see my recent blog post, “Insurance Industry Finds New Ways to Rip Off Consumers after Regulators Crack Down on ILAS“.