News in Brief - Caproasia Online
Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.







Monetary Authority of Singapore Bans 6 Individuals for Mis-selling Investment Products 

The Monetary Authority of Singapore (MAS) has banned 6 former financial advisors from Prudential (2), AIA (3) and Citibank (1) for 2 to 7 years for mis-selling of mis-selling of investment products.

” Monetary Authority of Singapore Bans 6 Individuals for Mis-selling Investment Products “

The prohibition orders (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.


Ads & Announcements



The individuals have committed one or more of the following types of misconduct:

  • 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.

2 of the former financial advisors (Prudential, AIA) received heavier ban of 7 and 4 years as their misconduct involves vulnerable clients, while The remaining 4 ex-advisors received ban of 2 – 3 years.

Visit: Details of Prohibition Order

Vulnerable client is any client who meet two of the following criteria:
(i) aged 62 years or older;
(ii) is not proficient in written or spoken English; 
(iii) has below GCE ‘O’ level or ‘N’ level qualifications, or equivalent academic qualifications.

 

Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS:

“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.”

Source: MAS

 

About Monetary Authority of Singapore

Monetary Authority of Singapore
Monetary Authority of Singapore

Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.

  • Origin : Singapore
  • Assets : USD 385.12 billion
  • Revenue : USD 1.89 billion

Official Website: www.mas.gov.sg

News & Media: Press Release

Updated on 8th August 2016




2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

Register Below
Latest 2022 data & reports, insights & news
Every Saturday & Sunday 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

For Investors | Professionals | Executives




New to Caproasia?
Join 10,000 +
Learn More | Sign Up Today







For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Subscribe / Sign Up / Contact Us


    Mailing ListFree TrialInvestor $680 YearlyProfessional $680 YearlyExecutive $2,000 Yearly


    Private WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights











    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014


    Web links may be disabled on mobile for security.
    Please click on desktop.









    Previous articleMonetary Authority of Singapore Plans Increase of Deposit Insurance from $50,000 to $75,000 in 2019
    Next articlePE/VC Investments in Asia Surpassed Europe in 2017 with Investments Tripling to $23.5 Billion in Southeast Asia
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia