Singapore MAS Issues 5-Year Ban on 2 Individuals from AIA & Professional Investment Advisory Services for Insurance Cheating Offences after Court Conviction & Total Jail of 3 Weeks, Submitted a Claim of S$1,128 to Manulife for Leg Injury Accident Which Took Place Before Applying for Manulife Insurance
19th October 2023 | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a 5-year ban on 2 individuals (Quek Puay Yi, Huang Hsin Tian Silver,) formerly from AIA and Professional Investment Advisory Services (PIAS) for insurance cheating offences after Singapore court conviction and total jail of 3 weeks, submitting a claim of S$1,128 to Manulife for a leg injury accident which took place before applying for Manulife insurance. Singapore MAS: “The Monetary Authority of Singapore (MAS) has issued 5-year prohibition orders (POs) against Ms Quek Puay Yi, Patricia, a former representative of AIA Singapore Private Limited, and Ms Huang Hsin Tian Silver, a former representative of Professional Investment Advisory Services Pte Ltd. The POs were issued following their convictions in the State Courts for cheating offences. In July 2020, Ms Quek purchased an insurance policy from Manulife (Singapore) Pte Ltd (Manulife) with Ms Huang’s assistance, after sustaining a leg injury in an accident. Once the policy came into force, they submitted a claim of $1,128.57 to Manulife for Ms Quek’s leg injury, despite knowing that the accident had taken place before Ms Quek applied for the Manulife policy. Manulife discovered the fraudulent insurance claim before any payout was made. In May 2022, Ms Quek and Ms Huang were each convicted of one count of cheating with abetment under section 417 and section 116(1) of the Penal Code. They were sentenced to two weeks’ and one week imprisonment respectively.” More info below:
“ Singapore MAS Issues 5-Year Ban on 2 Individuals from AIA & Professional Investment Advisory Services for Insurance Cheating Offences after Court Conviction & Total Jail of 3 Weeks, Submitted a Claim of S$1,128 toManulife for Leg Injury Accident Which Took Place Before Applying for Manulife Insurance “
Singapore MAS Issues 5-Year Ban on 2 Individuals from AIA & Professional Investment Advisory Services for Insurance Cheating Offences after Court Conviction & Total Jail of 3 Weeks
16th October 2023 – The Monetary Authority of Singapore (MAS) has issued 5-year prohibition orders (POs) against Ms Quek Puay Yi, Patricia, a former representative of AIA Singapore Private Limited, and Ms Huang Hsin Tian Silver, a former representative of Professional Investment Advisory Services Pte Ltd. The POs were issued following their convictions in the State Courts for cheating offences.
With effect from 16 October 2023, Ms Quek and Ms Huang are prohibited from providing any financial advisory services, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act 2001. They are also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.
- In July 2020, Ms Quek purchased an insurance policy from Manulife (Singapore) Pte Ltd (Manulife) with Ms Huang’s assistance, after sustaining a leg injury in an accident. Once the policy came into force, they submitted a claim of $1,128.57 to Manulife for Ms Quek’s leg injury, despite knowing that the accident had taken place before Ms Quek applied for the Manulife policy. Manulife discovered the fraudulent insurance claim before any payout was made.
- In May 2022, Ms Quek and Ms Huang were each convicted of one count of cheating with abetment under section 417 and section 116(1) of the Penal Code. They were sentenced to two weeks’ and one week imprisonment respectively. Ms Quek and Ms Huang’s convictions have given MAS reason to believe that they have not, and will not, honestly perform the type of financial advisory service for which they were appointed.
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