FINANCIAL SERVICES | Staff Reporter, Singapore

MAS bans six persons from financial advisory after misselling products

Their crimes involved forgery and making false financial advice, amongst others.

The Monetary Authority of Singapore (MAS) imposed prohibition orders (POs) against six individuals for the misselling of investment products.

According to an announcement, the banned individuals include: two former representatives of Prudential Assurance Co Singapore David Hiah Xinkai and Nigel Chua Bingquan; three former AIA Singapore representatives Heng Goid Hoon, Koh Mei Ling, and Jane Yeo Hui Rong; and former Citibank Singapore representative.

MAS added that the six have committed one or more of the following types of misconduct: forgery; making false or misleading statements to clients when providing financial advice; making false or misleading representations to the insurer; providing financial advice without due consideration of clients’ financial situation; and improper switching.

"The misconduct committed by David Hiah Xinkai and Heng Goid Hoon involved vulnerable clients," Lee added. "Representatives who mis-sell investment products to vulnerable clients will face stiffer action and this has been reflected in the lengthier durations of the POs issued against Hiah and Heng." 

MAS noted that the POs will prohibit these individuals from providing any financial advisory service and from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm for periods ranging between 2 to 7 years. 

David Hiah Xinkai is also prohibited from performing any regulated activity under the Securities and Futures Act, and from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital market services firm, for a period of 2 years. 

MAS assistant managing director (capital markets) Lee Boon Ngiap commented, “Representatives of financial institutions who give advice on financial products have a duty of care to their customers. MAS will take stern action against representatives who betray the trust placed in them and provide false or misleading information or give irresponsible advice to their customers.

And MAS will publicise these actions to send a clear message that such misconduct will not be tolerated and that, where warranted, we will not hesitate to weed out errant representatives from the industry,” he added.

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