Prudential, the UK insurer, has been fined by China's insurance market regulator for operating illegal sales offices in Beijing. The company has also been told to replace the head of operations, Choo Sin Fook.

CITIC Prudential Life Insurance, a joint venture between Prudential and China International Trust & Investment Corp, the government's largest investment agency, has been fined Yuan 200,000 ($24,165) for violating China's insurance laws by operating two sales offices in Beijing without regulatory approval.