SINGAPORE - 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: forgery; 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‚ improper switching.
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."