News
FINANCIAL SERVICES | Staff Reporter, Singapore
view(s)

Ten financial advisers slapped with hefty fines for coercing iFAST

iFAST was forced to withdraw a life insurance product.

The Competition Commission of Singapore has penalised ten financial advisers for coercing iFAST Financial to withdraw its offer of a 50% commission rebate on competing life insurance products on the Fundsupermart.com website.

The ten financial advisers will suffer fines ranging from $5,000 to $405,114. The companies which suffered the biggest fines are Professional Investment Advisory Services (PIAS) and the IPP Financial Advisers, which will have to pay $405,114 and $239,851 respectively.

The case stemmed from iFAST’s Fundsupermart Offer, which was launched in April 30, 2013 and allowed purchasers of life insurance policies to enjoy cost savings from a 50% commission rebate. A few days later, on 3 May 2013, iFAST withdrew its Fundsupermart Offer. 

The move prevented iFAST from providing a lower-cost offer to consumers restricted and was likely to have an adverse effect on competition in the market. The ten financial advisers have thus infringed the Competition Act.  

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.