Six financial advisers have been issued with prohibition orders (POs) by the Monetary Authority of Singapore (MAS) for the mis-selling of investment products.
The individuals involved include advisers from AIA, Prudential and Citibank Singapore. The actions taken against the six individuals follow what was a series of “wide-ranging investigations” by MAS.
The individuals concerned have committed one or more of the following types of misconduct including 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.
These individuals concerned are:
- Mr David Hiah Xinkai, a former representative of Prudential Assurance Co Singapore Pte Ltd (Prudential);
- Ms Heng Goid Hoon, a former representative of AIA Singapore Pte Ltd (AIA);
- Ms Koh Mei Ling, a former representative of AIA;
- Ms Jane Yeo Hui Rong, a former representative of AIA;
- Mr Nigel Chua Bingquan, a former representative of Prudential; and
- Ms Zheng Xuemei, a former representative of Citibank Singapore Limited.
MAS said in a statement 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.
One of the individuals 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 said.
Lee Boon Ngiap, assistant managing director (Capital Markets), MAS said “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.”