- The Straits Times
Six former representatives of major financial institutions Prudential Assurance Company Singapore, AIA Singapore, and Citibank Singapore have been issued prohibition orders (PO) from the Monetary Authority of Singapore (MAS).
The representatives in question were found mis-selling investment products, the MAS revealed in its media release.
The individuals’ misconducts include forgery, making false or misleading statements, and providing financial advice without considering their clients’ financial situation and more.
Two of them, David Hiah Xinkai and Heng Goid Hoon who previously represented Prudential and AIA respectively, faced stiffer action in the form of lengthier durations of POs because their misconduct was carried out on vulnerable clients.
A vulnerable client is defined as someone who meets two of the following criteria – aged 62 years or older; is not proficient in written or spoken English; and/or has below GCE ‘O’ level or ‘N’ level qualifications, or equivalent academic qualifications.
The remaining four who were issued POs are AIA’s Koh Mei Ling and Jane Yeo Hui Rong, Prudential’s Nigel Chua Bingquan, and Citibank’s Zheng Xuemei. All of them no longer represent the financial institutions.
Lee Boon Ngiap, assistant managing director at Capital Markets, said that representatives of financial institutions have a duty of care to their customers and should give them sound advice. If they commit dishonest actions, the MAS would take stern action against them, he warned.
“(The) 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”, Mr Lee added.