MAS bans three ex-insurance agents for providing false information

The prohibition orders took effect 24 May.

The Monetary Authority of Singapore (MAS) has prohibited three individuals from providing any financial advisory service and from participating in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm for providing officials false information amid an investigation.

According to MAS, the prohibition orders (PO) for Yuen Pui Leng Eunice, and Tan Zhen Zhi, Grace, former insurance agents of Prudential Assurance Company Singapore (Pte) Limited (PACS), and for Lim Hee Loon Benny, former insurance agent of PACS and current insurance agent of Manulife Financial Advisers Pte Ltd, have a duration of five years, three years, and one year, respectively. 

Yeun and Tan were also banned from carrying on business as, and from managing any insurance intermediary.

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To recall, Yuen, who was still a PACS agent, was ordered to attend an interview with MAS on 14 September 2018 in connection with an ongoing probe. She was told to produce documentary evidence of coaching conducted by her for representatives within her agency group. This was vital in determining who was supervising the representatives and whether the supervisors were being properly remunerated. 

However, it was discovered that Yuen told Tan to make false entries, which were submitted to MAS. The former also intentionally deleted text messages prior to the interview, knowing these would likely be required by authorities.

Lim was also interviewed in 2018, wherein he made false statements, including that he had signed off on coaching forms on the dates when Yuen purportedly coached him as his supervisor. 

He admitted he had signed the coaching forms only on 15 September 2018, one day after Yuen was notified to attend the interview.

Yuen and Tan both pleaded guilty in 2023 and were both convicted for intentionally providing false information through PACS documents. Yuen also faced another charge for obstruction of justice. 

They were fined $20k and $5k, respectively. 

Meanwhile, Lim only received a PO and “a stern warning in lieu of prosecution.”