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27 August 2025

Les Vela

Background

The Financial Markets Authority (FMA) cancelled Les Vela Limited’s (trading as Wise Insurance) financial advice provider (FAP) licence. It has also directed the Registrar of Financial Service Providers to de-register financial adviser and Les Vela Limited’s sole director and shareholder, Le Zhou (also known as Eric), from the financial services providers register (FSPR), and prevent his re-registration for five years.

Timeline

August 2025

Following notification from the impacted insurer, the FMA investigated 15 insurance policy applications submitted by Mr Zhou on behalf of 27 non-existent individuals, resulting in commissions paid to Mr Zhou totalling $260,937. 

The FMA cancelled Les Vela Limited’s (trading as Wise Insurance) financial advice provider (FAP) licence. It also directed the Registrar of Financial Service Providers to de-register financial adviser and Les Vela Limited’s sole director and shareholder, Mr Le Zhou from the FSPR, and prevent his re-registration for five years. 

In addition to notifying the FMA, financial service providers are able to report concerning financial adviser conduct to the Police given such conduct may constitute a criminal offence. In this case, Police arrested and charged Le Zhou in July 2025.