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Six individuals get prohition orders for mis-selling investment products: MAS
THE Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against six individuals for the mis-selling of investment products.
David Hiah Xinkai, a former representative of Prudential Assurance Co Singapore Pte Ltd (Prudential);
Heng Goid Hoon, a former representative of AIA Singapore Pte Ltd (AIA);
Koh Mei Ling, a former representative of AIA;
Jane Yeo Hui Rong, a former representative of AIA;
Nigel Chua Bingquan, a former representative of Prudential; and
Zheng Xuemei, a former representative of Citibank Singapore Limited.
The POs will prohibit these individuals from providing any financial advisory service and from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm for periods ranging between two to seven years.
Following a series of investigations from the MAS, these individuals were found to have committed one or more of the following types of misconduct:
making false or misleading statements to clients when providing financial advice;
making false or misleading representations to the insurer;
providing financial advice without due consideration of clients' financial situation; and
The MAS said that the misconduct committed by Mr Hiah and Ms Heng involved vulnerable clients. Mr Hiah is prohibited for a period of seven years while Ms Heng is prohibited for a period of four years.
"Representatives who mis-sell investment products to vulnerable clients will face stiffer action and this has been reflected in the lengthier durations of the POs issued against Mr Hiah and Ms Heng."