Christchurch-based Hope Group Limited’s licence has been cancelled after regulators found “serious conduct issues” involving its sole director and financial adviser Junpu Wang. 

The advisory was licensed to provide personal risk insurance advice to retail clients, including on life, income protection, and trauma and disability covers.

The Financial Markets Authority says a review of 14 insurance policy applications found several breaches of obligations.

The advisory submitted second policy applications for some retail clients using incorrect information to conceal that they were duplicates. 

“Mr Wang deliberately misled impacted clients to take out second policies after the 24-month clawback period for the sole purpose to obtain commission payments from the insurer,” FMA executive director for response and enforcement Louise Unger said.

The advisory obtained about $NZ37,374 ($32,702) in upfront commissions for the second policies, the authority says.

“HGL and Mr Wang’s actions represent a serious and deliberate departure from the standards expected of a licensed financial advice provider,” Ms Unger said. “Mr Wang has not accepted his conduct, all allegations have been denied and attempts made to blame another financial adviser who was never engaged by HGL at the time the applications were submitted.”

The authority has reported the matter to police.