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MAS reprimands 4 financial institutions, 2 people for breaching risk manageme...

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The Landlord
Post time 2021-6-15 02:51:24 | Show the author posts only Reply Awards |Descending |Read mode
MAS reprimands 4 financial institutions, 2 people for breaching risk management, remuneration rules

The Monetary Authority of Singapore (MAS) has สมัครสมาชิกสล็อต reprimanded four financial institutions for breaching rules related to risk management practices and sales-related remuneration under the Financial Advisers Act, the regulator said on Tuesday (Jun 15).

The four institutions are: AIA Financial Advisers (AIA FA), Prudential Assurance Company Singapore, Aviva and Aviva Financial Advisers (Aviva FA).

MAS also reprimanded two individuals – Mr Peter Tan Shou Yi, a consultant engaged by Aviva, and Aviva FA’s chief executive and director Lionel Chee Boon Chai – in relation to the matter.

MAS’ deputy managing director for financial supervision Ho Hern Shin said the regulator has “dealt firmly” with these financial institutions and individuals “to send a clear message to the industry on the importance of upholding high ethical standards”.

In a media release, MAS said that during the course of its ongoing supervision, there were indications that these financial institutions may have breached regulatory requirements on remuneration practices.

It conducted an investigation and found “numerous instances” where remuneration was paid to supervisors – a person responsible, both directly or indirectly, for the supervision or management of a financial adviser – in contravention of requirements under the Financial Advisers Act.

One is the Balanced Scorecard requirements (BSC) for the sale of investment products.

MAS said Aviva engaged Mr Peter Tan Shou Yi as a consultant from July 2016 to March 2020 to provide strategic advice on Aviva FA’s business.

But Mr Tan “went beyond providing strategic advice and acted as a supervisor” to representatives at Aviva FA during this period by having frequent and direct interactions with these representatives, including discussions on sales and compliance issues.

From July 2016 to April 2019, neither Aviva nor Aviva FA put in place compliance arrangements to monitor Mr Tan’s activities in Aviva FA.


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