Singapore Central Bank MAS Bans Prudential Advisor 1 Year for Masterminding Transfer of Insurance Policies to Non-Eligible Owners
23rd March 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has banned Prudential advisor (Jasmine Lee Ming Xia) 1 year for masterminding the transfer of insurance policies to non-eligible owners. Singapore MAS: “Between June and July 2017, Ms Lee master-minded an arrangement under which she sold PACS policies (Prudential Assurance Company Singapore) to 6 persons, and took up one policy herself, shortly before these policies were assigned to other persons who were not eligible to purchase these policies. Ms Lee submitted false information in the sales documents to PACS in order to circumvent the product eligibility criteria for the policies. As a result of Ms Lee’s acts, PACS was deceived as to the identity of the policyowners and payors, and accepted policies for persons who were not eligible to purchase them. See below for full statement.
“ Singapore Central Bank MAS Bans Prudential Advisor 1 Year for Masterminding Transfer of Insurance Policies to Non-Eligible Owners “
Singapore Central Bank MAS Bans Prudential Advisor 1 Year for Masterminding Transfer of Insurance Policies to Non-Eligible Owners
MAS issues Prohibition Order against Ms Lee Ming Xia Jasmine
23rd March 2023 – The Monetary Authority of Singapore (MAS) has issued a 1-year prohibition order (PO) against Ms Lee Ming Xia Jasmine, an appointed representative of Prudential Assurance Company Singapore (Pte) Limited (PACS). The PO was issued as a result of Ms Lee’s contravention of section 34(1)(a) of the Financial Advisers Act (Cap. 110, 2007 Rev Ed).
Under the PO, which will take effect from 22 March 2023, Ms Lee is prohibited from providing any financial advisory service, and from taking part directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of any licensed or exempt financial adviser under the Financial Advisers Act 2001.
Between June and July 2017, Ms Lee master-minded an arrangement under which she sold PACS policies to six persons, and took up one policy herself, shortly before these policies were assigned to other persons who were not eligible to purchase these policies. Ms Lee submitted false information in the sales documents to PACS in order to circumvent the product eligibility criteria for the policies. As a result of Ms Lee’s acts, PACS was deceived as to the identity of the policyowners and payors, and accepted policies for persons who were not eligible to purchase them.
Section 34(1)(a) of the Financial Advisers Act (Cap. 110, 2007 Rev Ed)
34.—(1) No licensed financial adviser shall, with intent to deceive, in relation to a proposed contract of insurance — (a) write on a form, being a form that is given or sent to an insurer, any matter that is material to the contract and is false or misleading in a material particular.
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