When financial advisers misbehave

File photo showing workers in Singapore's central business district on Feb 7, 2018.
File photo showing workers in Singapore's central business district on Feb 7, 2018.ST PHOTO: ALVIN HO

They must look after interests of customers, who in turn should assess any advice carefully

Five insurance representatives and one relationship manager caught mis-selling financial products were well and truly stopped in their tracks last month. They were issued prohibition orders, which bar them from working in the financial arena for certain periods.

They are barred from providing any financial advisory service. They also cannot take part in the management, act as a director, or become a substantial shareholder of any financial advisory firm under the Financial Advisers Act for certain periods.

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A version of this article appeared in the print edition of The Sunday Times on June 03, 2018, with the headline 'When financial advisers misbehave'. Print Edition | Subscribe