ILAS Victims Meeting To Be Held On January 13 at the Legislative Council Complex in Admiralty

LegCo Complex 3

Photo was borrowed from the LegCo website.

This is a notice to all ILAS victims, ILAS regulators, the ICAC, and the police. There will be an ILAS victims meeting next Tuesday at the LegCo Complex. Any victims interested in attending can email me (Lindell Lucy) for more details:

The meeting is being hosted by a member of the Legislative Council who has promised to help hold regulators’ feet to the fire. This LegCo member is on the bills committee for the Insurance Companies (Amendment) Bill 2014, a bill which will establish a new insurance regulator and require insurance intermediaries to act in the best interests of clients.

So far, 16 people have confirmed that they will attend the victims meeting. Some of the victims are Chinese. Some are expats. Some were sold 25-year savings plans (aka savings scams). Others were sold unauthorized toxic funds via portfolio bonds (aka portfolio bombs).

These victims were ripped off by insurance companies including Standard Life, Zurich International, Royal Skandia, Friends Provident, Prudential, AIA, and AXA. They were ripped off by insurance brokerages including Convoy Financial Services, Centaline Financial Services, and Financial Partners.

The number of victims attending the meeting may seem small, but the number of victims throughout the city is undoubtedly gargantuan. Consider the following:

Approximately 2.5 million ILAS policies have been sold in Hong Kong over the past 14 years. There are approximately 2.5 million households in Hong Kong. On average, that is one per family.

Since 1997, insurance companies have collected well over half a trillion Hong Kong dollars in ILAS premiums.

One thought on “ILAS Victims Meeting To Be Held On January 13 at the Legislative Council Complex in Admiralty

  1. Manita

    What a great initiative, especially with the Legislative Council attendance and the Police. Should get the SFC to take some action.

    I suspect most people of the 2.5 million you mention, don’t know if they have or not!

    As most people are very poorly informed or aware of financial products that they have put their money into as they are designed to confuse. Would be great to get a media campaign going around ‘ILAS’, just like the massive campaign around PPI insurance claims in the UK.

    There would be many people who would come forward if they knew they had been sold an “ILAS”.


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