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: email@example.com.
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.