MAS raps HSBC for breaching Financial Advisers Act

Singapore

THE Singapore branch of the Hongkong and Shanghai Banking Corporation (HSBC) has been reprimanded by the Monetary Authority of Singapore (MAS) for breaching Section 23B(3) of the Financial Advisers Act (FAA).

Under the section, a principal cannot allow any individual to provide any type of financial advisory service on its behalf, unless the individual is an appointed representative or provisional representative in respect of that type of financial advisory service.