MAS crackdown exposes dishonesty amongst ex-agents

These agents were representatives of Prudential and Manulife.

The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two former insurance agents of Prudential Assurance Company Singapore (PACS), Eunice Yuen Pui Leng and Grace Tan Zhen Zhi, following their conviction for offences under the Financial Advisers Act (FAA).

A PO and a stern warning were also issued to Benny Lim Hee Loon, a former PACS and Manulife Financial Advisers agent, for furnishing false information to MAS.

Effective immediately, these POs prohibit all three individuals from providing any financial advisory service, managing, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA. 

Additionally, Yuen and Tan are barred from operating or managing any insurance intermediary under the Insurance Act (IA). The durations of the POs are as follows:

• Yuen Pui Leng Eunice: 5 years
• Tan Zhen Zhi, Grace: 3 years
• Lim Hee Loon Benny: 1 year

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On 14 September 2018, Yuen was notified to attend an MAS interview regarding an ongoing investigation. She was required to produce evidence of coaching sessions conducted for her agency group. 

Prior to the interview, Yuen instructed Tan to fabricate coaching forms, which Yuen then submitted to MAS. Additionally, Yuen deleted messages from her phone that were likely relevant to the investigation.

During the investigation in October 2018, Lim falsely claimed to MAS that he had signed coaching forms on the dates Yuen supposedly coached him. He later admitted he signed the forms on 15 September 2018, after Yuen was notified of her interview.

In May 2022, Yuen and Tan were charged under the FAA, with Yuen facing an additional charge under the Penal Code. 

In June 2023, Yuen pleaded guilty to charges under sections 85(1)(a) and 76(2) of the FAA and was fined $20,000. 

In November 2023, Tan pleaded guilty to a charge under section 85(1)(a) of the FAA and was fined $5,000.

MAS emphasises the seriousness of offences involving dishonesty and the importance of integrity in the financial sector. 

The authority will take strong action against professionals who impede investigations by providing false information.