The city's 50,000 or so insurance agents sell policies worth millions of dollars each year yet they are the subject of lax regulation.
The Insurance Authority does not regulate these salespeople directly but lets the Insurance Agents Registration Board register agents and handle complaints.
This is in sharp contrast to other financial intermediaries such as brokers and fund managers who will quickly tell you how strict regulations are under the Securities and Futures Commission. Bank employees must be regulated by the Hong Kong Monetary Authority before they sell any investment products.
Complaints against insurance agents grew 25 per cent last year - to 1,015 from 806 in 2005, according to the IARB.
Some of the reasons should not be a surprise. Insurance companies are expanding their sales teams and some inexperienced people are joining their ranks. In addition, insurers in recent years have stepped up efforts to sell investment-linked products where a lower than expected return is a common complaint.
One recent case received by White Collar involved a client with a 15-year saving plan who expected to receive the contribution money plus some guaranteed return.