159 views
Photo from MAS

MAS bans 4 former insurance advisers for unlawful sub-agency activities

The ban includes one other individual, barring the five insurers for 3 to 5 years.

The Monetary Authority of Singapore (MAS) has prohibited four former advisers from insurers AXA and Aviva, and one other individual for unlawful sub-agency activities with unlicensed individuals for performing advisory services in place of them.

In a statement, MAS said the ban varies between 3 to 5 years, barring the individuals from any financial advisory service, including taking part in management-related activities, acting as directors on their firms, or serving as a shareholder of any financial advisory firm, as part of the Financial Advisers Act.

The investigation found that Tong Hui Zhi sold unauthorised insurance policies; Jeremy Tan Hongxiang and Phua Shu Rong processed Tong’s unsanctioned sales and its corresponding commissions; Tan, Tong and Phua deceived policyholders into believing the policy from AXA as authorised; and AXA was misinformed about the policies sold.

ALSO READ: MAS issues expectations for financial institutions’ net zero transition planning

Additionally, Tan and Wu were involved in a separate case for the recruitment of an individual not authorised to provide financial advisory services, as well as using AFA-issued paraphernalia and documentation.

“MAS’ licensing requirements for financial advisory representatives are put in place to protect members of the public. These requirements aim to ensure that such services are only provided by fit and proper and adequately qualified persons, who are subject to supervision by licensed firms. Unlawful sub-agency arrangements circumvent these requirements, and MAS will take firm action against individuals who engage in them,” Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime) of MAS, said.

 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!