MAS bans six individuals for mis-selling investment products

A view of the Monetary Authority of Singapore building along Shenton Way.
A view of the Monetary Authority of Singapore building along Shenton Way.PHOTO: REUTERS

SINGAPORE - The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against six individuals for the mis-selling of investment products.

They are:

  •  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."