Singapore MAS Issues 5-Year Ban Against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for Deceiving Client to Transfer AXA Policy to Great Eastern Despite Knowing There is No Transfer Option, Forged Client Signature to Setup New Great Eastern Policy Without Client Knowledge & Instructed Client to Disregard AXA Payment Reminder Notices
11th July | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a 5-year ban against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for deceiving a client to transfer AXA policy to Great Eastern despite knowing there is no transfer option, and forged client signature to setup a new Great Eastern Policy without client knowledge & instructed client to disregard AXA payment reminder notices. Singapore MAS (10/7/25): “The Monetary Authority of Singapore (MAS) has issued a 5-year prohibition order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Mr Jonathan Toh Hong Sen, a former representative of Great Eastern Financial Advisers Private Limited (GEFA) and AXA Insurance Pte Ltd (AXA). Mr Toh had moved from AXA to GEFA. While at GEFA, in order to meet sales targets, he informed his previous client that the client could transfer his existing AXA policy to GEFA, despite knowing that the option for such a transfer did not exist. The client agreed to the transfer. Mr Toh then proceeded to forge the client’s signature to establish a new GEFA policy without the client’s knowledge. This deception came to light later when the client discovered that his AXA policy had lapsed. This lapse occurred after Mr Toh had instructed the client to disregard payment reminder notices from AXA. In view of Mr Toh’s misconduct, MAS is satisfied that Mr Toh is not a fit and proper person to undertake the role of an appointed representative of a financial adviser, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA. Under the terms of the PO, which took effect on 10 July 2025, Mr Toh is prohibited for a period of 5 years from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS, and from taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI) . For the same duration, he is also prohibited from becoming a substantial shareholder of any FI that is a corporation, and if he is already a substantial shareholder of a FI that is a corporation, from acquiring any interest in any voting share in the FI other than a voting share in which he already has an interest.
“ Singapore MAS Issues 5-Year Ban Against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for Deceiving Client to Transfer AXA Policy to Great Eastern Despite Knowing There is No Transfer Option, Forged Client Signature to Setup New Great Eastern Policy Without Client Knowledge & Instructed Client to Disregard AXA Payment Reminder Notices “
Notes
- HSBC Insurance (Asia Pacific) Holdings Limited acquired AXA in February 2023 and is now operating under a combined entity – HSBC Life Singapore
- As defined in section 2 of the FSMA.
Singapore MAS Issues 5-Year Ban Against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for Deceiving Client to Transfer AXA Policy to Great Eastern Despite Knowing There is No Transfer Option, Forged Client Signature to Setup New Great Eastern Policy Without Client Knowledge & Instructed Client to Disregard AXA Payment Reminder Notices
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