HKMC expands Retire 3 referral network via BOC Life
HKMA announced expansion of the HKMC Retire 3 referral network, authorising BOC Life tied agents to refer products including the Reverse Mortgage Programme.
HKMC extended its referral arrangements for Retire 3 products to BOC Life's tied agency force. This broadens distribution of reverse mortgage and annuity-linked products through insurance channels, raising suitability, disclosure and cross-selling supervision considerations for participating institutions.
Expanded insurance-channel distribution of retirement products elevates mis-selling, suitability and conduct risks in Hong Kong retail markets.
Action Required
Review distribution, suitability and conflict-of-interest controls for tied-agent referrals of reverse mortgage and retirement products.
Signals broader intermediated distribution of reverse mortgage products, a known conduct-risk sensitive area for elderly customers.
Assess suitability, disclosure and vulnerable-customer controls for reverse mortgage referrals via insurance tied agents; update conduct risk monitoring and training standards accordingly.
“The Hong Kong Mortgage Corporation Limited (HKMC) announced today (20 July) a further expansion of its existing referral network for the “HKMC Retire 3”, authorising tied agency force at BOC Group Life Assurance Company Limited (BOC Life) to refer the “HKMC Retire 3”, including the Reverse Mortgage Programme (RMP), the Policy Reverse Mortgage Programme.”
Published: 2026-07-20