MAS logo

MAS bans three ex-insurance agents for providing false information

The prohibition orders took effect 24 May.

The Monetary Authority of Singapore (MAS) has prohibited three individuals from providing any financial advisory service and from participating in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm for providing officials false information amid an investigation.

According to MAS, the prohibition orders (PO) for Yuen Pui Leng Eunice, and Tan Zhen Zhi, Grace, former insurance agents of Prudential Assurance Company Singapore (Pte) Limited (PACS), and for Lim Hee Loon Benny, former insurance agent of PACS and current insurance agent of Manulife Financial Advisers Pte Ltd, have a duration of five years, three years, and one year, respectively. 

Yeun and Tan were also banned from carrying on business as, and from managing any insurance intermediary.

ALSO READ: MAS imposes 5-year prohibition order on former DBS representative

To recall, Yuen, who was still a PACS agent, was ordered to attend an interview with MAS on 14 September 2018 in connection with an ongoing probe. She was told to produce documentary evidence of coaching conducted by her for representatives within her agency group. This was vital in determining who was supervising the representatives and whether the supervisors were being properly remunerated. 

However, it was discovered that Yuen told Tan to make false entries, which were submitted to MAS. The former also intentionally deleted text messages prior to the interview, knowing these would likely be required by authorities.

Lim was also interviewed in 2018, wherein he made false statements, including that he had signed off on coaching forms on the dates when Yuen purportedly coached him as his supervisor. 

He admitted he had signed the coaching forms only on 15 September 2018, one day after Yuen was notified to attend the interview.

Yuen and Tan both pleaded guilty in 2023 and were both convicted for intentionally providing false information through PACS documents. Yuen also faced another charge for obstruction of justice. 

They were fined $20k and $5k, respectively. 

Meanwhile, Lim only received a PO and “a stern warning in lieu of prosecution.”

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!

Event News

Event News

SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd Cards & Payments
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.
Cards & Payments SBR National Business Awards 2024 Winner: Wiseasy Technology Pte Ltd
Lay Cheng Tan, Co-Founder & Chief Investment Officer, and Mayank Raheja, Managing Director (EMEA & SA) of Wiseasy Technology Pte Ltd, provided insights into preventing fraud and inefficiency with the WiseQ QR Payment Solution.