Jerusalem, 5 October, 2026 (TPS-IL) — Israel’s Capital Market, Insurance and Savings Authority has completed the revocation of the licenses of 12 insurance agents from the Finbert Agency, in a major enforcement action linked to the 2022 Slice affair, when approximately NIS 850 million ($278.33 million) in savers’ funds went missing, Israeli media reported Monday.
The authority said five additional agents had their licenses revoked now, joining seven whose licenses were previously canceled.
According to the authority, the agents were central to a mechanism that transferred more than NIS 280 million ($91.6 million) in savers’ funds to foreign investment funds managed by the agency or affiliated parties. An extensive investigation conducted in 2024 found systematic violations involving customer recruitment, the transfer of pension savings into self-managed Individual Retirement Accounts (IRAs), and investments in foreign funds.
A court rejected petitions challenging the initial seven license revocations, emphasizing insurance agents’ personal and professional duties of trust, care, and disclosure.