MAS reprimands HSBC for breaching financial advisers act

Due to two unauthorized representatives.

The Monetary Authority of Singapore yesterday reprimanded the Singapore branch of the Hongkong and Shanghai Banking Corporation (HSBC) for breaching section 23B of the financial advisers act.

This section FAA provides that a principal shall not permit any individual to provide any type of financial advisory service on its behalf unless the individual is an appointed representative or provisional representative in respect of that type of financial advisory service.

HSBC breached the act when two of its representatives carried out financial advisory services for which they were not appointed.

One representative advised others clients regarding life policies arranged contracts of insurance in respect of life policies, other than a contract of reinsurance between 27 January 2012 and 26 February 2013.

Another representative carried out financial advisory service concerning securities other than collective investment schemes between 21 June 2012 and 19 March 2013.

“MAS expects all financial institutions to ensure that they do not permit any individual to provide any financial advisory service under the FAA on their behalf unless the individual is an appointed representative or provisional representative in respect of that type of financial advisory service,” noted the MAS.

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