IPP Financial Advisers fails in appeal for lower CCS penalty

Singapore

THE appeal of one of 10 financial advisory (FA) firms slapped with fines for collectively infringing the competition law has been dismissed.

The Competition Appeal Board (CAB) on Wednesday said that it has thrown out IPP Financial Advisers' appeal to substantially reduce its fine of S$239,851 imposed in March last year by the Competition Commission of Singapore (CCS).

The board also ordered IPP to pay the original financial penalty amount, together with interest and costs of the appeal.

"On 18 July 2017, IPP paid the outstanding financial penalty of S$239,851 together with interest as ordered by the CAB," said CC…