IEC promotes public awareness of new regulatory measures for investment-linked assurance schemes
3 July 2013
The Investor Education Centre (IEC) today launched an education campaign aimed at promoting awareness of new regulatory measures relating to the sale and disclosure of investment-linked assurance schemes (ILAS) and assisting consumer understanding of ILAS products.
The new regulatory measures introduced by Hong Kong's financial regulators in 2013 include the enhanced product Key Facts Statement disclosure, a new point-of-sale document - Important Facts Statement and post-sale calls by insurance companies to confirm consumers' understanding about the ILAS policy.
In collaboration with the financial regulators, the IEC has developed education materials to promote understanding about the features and risks of ILAS such as fees and charges, the new regulatory measures, the role of ILAS in an overall financial plan and how to make the best use of product disclosure.
Mr Miles Larbey, General Manager of the IEC, said: "ILAS is a long-term investment-cum-life insurance product. In light of the new regulatory measures introduced by the financial regulators, we hope to provide timely and helpful information to consumers who may be considering to purchase an ILAS."
"It is important that consumers understand the features and risks of any ILAS product they may be considering and that they are aware of the new regulatory measures and know how to make the most of them to protect their interests," said Mr Larbey.
The ILAS education campaign resources include a free booklet for consumers entitled "Understand Investment-linked Assurance Schemes and the New Regulatory Measures" and a supporting video series to be broadcast on TV and online channels from 3 July 2013.
Consumers can download or request a copy of the booklet from the IEC website (www.hkiec.hk) or call 2700 6000 to request a copy.
Full details of the ILAS education campaign including other resources, such as an online quiz and interviews with market experts, can be found on the IEC website.
Photos and captions:
- Image of the cover of the consumer booklet entitled Understand Investment-linked Assurance Schemes and the New Regulatory Measures.
- Video screenshot in a neighbourhood caf as part of an eight 30-second video series which illustrate general issues encountered by consumers when considering to buy an ILAS product.
- Video screenshot at a public park as part of an eight 30-second video series which illustrate general issues encountered by consumers when considering to buy an ILAS product.