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.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia