The Hong Kong Monetary Authority and the Insurance Authority of Hong Kong jointly launch a cross-industry background check scheme. The first phase will be implemented in July.

On May 13, Arthur YUEN, Deputy Chief Executive of the Hong Kong Monetary Authority, delivered a speech at a industry exchange meeting on the "cross-industry background check arrangement between the banking and insurance sectors," stating that in order to collectively address the phenomenon of practitioners with a history of misconduct moving between the financial sectors, the Hong Kong Monetary Authority and the Hong Kong Insurance Authority are working together to promote the "cross-industry background check arrangement between the banking and insurance sectors." The Hong Kong Monetary Authority and the Insurance Authority will implement this arrangement starting this year. Arthur YUEN mentioned that the first phase will be implemented in July 2026, covering all life insurance practitioners in banks and insurance institutions. Through an agreement mechanism, banks and insurance institutions can share relevant information on the conduct of prospective employees over the past seven years, enabling a cross-industry background check from banking to insurance and vice versa. He urged the industry to prepare well before implementation, strengthen communication with the employees and other stakeholders to be covered, provide employee training, and optimize the recruitment process to ensure a smooth and orderly implementation of the arrangement. The experience and feedback from the first phase of the industry are crucial for optimizing the arrangement. The Hong Kong Monetary Authority and the Insurance Authority will review the effectiveness of the first phase and prepare for the next phase of expansion. Looking ahead, Arthur YUEN stated that the Hong Kong Monetary Authority, the Hong Kong Insurance Authority, and the industry will continue to closely cooperate and explore the feasibility of extending the arrangement to other financial sectors in collaboration with other regulatory authorities. It is hoped that the coverage will be gradually expanded, making good conduct a pass for financial practitioners, promoting the long-term, stable growth and development of the Hong Kong financial industry.