FWD Life Insurance Company (Bermuda) Limited 富衛人壽保險(百慕達)有限公司

Of course, this wouldn't be a thing if the savings scheme was not compulsory. MPF is Mandatory Payment of Fees to asset managers and removes workers' free choice over what to do with a substantial portion of discretionary income after living costs, in return for a lump sump (after fees) at 65 when the freedom resumes and they can pay off their debts or gamble. If an employer is willing to spend HK$21k per month on an employee, then currently $2k of that goes into the MPF and $19k goes to the employee, on which they and often their family must survive.

The 18 defendants now face a total of 20 charges, namely 2 of conspiracy to defraud and 18 of conspiracy to launder crime proceeds, involving 478 insurance policies and commissions totalling about HK$50m.

The huge alleged scam involved 478 applications for "high commission rate insurance products".

Another case of huge conditional advances made to life insurance agents which underlines just how much the industry takes out of the premiums paid by customers. It is probably the most inefficient form of savings known to mankind, except for fine art. The court orders the advances to be repaid.

Perhaps FWD stands for "Fund Without Drivers".