MAS issues 5-year prohibition orders against 2 insurance agents for cheating

THE Monetary Authority of Singapore (MAS) has on Monday (Oct 16) issued five-year prohibition orders against two former insurance agents, following their convictions for cheating offences.

Both Patricia Quek Puay Yi, a former representative of AIA Singapore, and Silver Huang Hsin Tian, a former representative of Professional Investment Advisory Services, are prohibited from taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act.

They are also prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act.

Quek and Huang were convicted of one count of cheating with abetment under the Penal Code in May 2022. They were sentenced to two weeks’ and one week imprisonment, respectively.

In July 2020, Quek purchased an insurance policy from Manulife Singapore, after sustaining a leg injury in an accident. The policy was purchased with Huang’s assistance. Once the policy came into force, they submitted a claim of S$1,128.57 to Manulife for the injury, despite knowing that the accident had taken place before Quek applied for the policy.

Manulife discovered the fraudulent claim before any payout was made.

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MAS said the convictions of the duo have given it reason to believe “that they have not, and will not, honestly perform the type of financial advisory service for which they were appointed”.