MAS charges insurance agents for breach of Financial Advisers Act

Their offences included falsification and providing false information.

Two insurance agents in Singapore were charged for offences under the Financial Advisers Act by the Monetary Authority of Singapore.

The offences included obstructing of justice, falsification of records, and providing false information to MAS.

The two agents charged were Eunice Yuen Pui Leng and  Grace Tan Zhen Zhi, insurance agents of Prudential Assurance Company Singapore (Pte) Ltd (PACS).

According to MAS, on 14 September 2018, whilst being an insurance agent of PACS, Yuen was notified to attend an interview with MAS to record a statement in connection with an ongoing investigation. 

Yuen was accused of having caused Tan to create false entries in the documents of PACS in the period between such notification and the scheduled interview. These documents were coaching forms that contained particulars of coaching sessions which Yuen was required to perform as a supervisor. 

Yuen then furnished these documents to MAS in the course of investigations. Yuen is also accused of having intentionally deleted messages from her mobile phone ahead of the scheduled interview knowing that the information was likely to be required by MAS as part of its investigation.

Yuen faces six charges, comprising two counts of wilfully causing false entries to be made in documents of PACS under section 85(1)(a) of the FAA, two counts of furnishing the said falsified documents to MAS under section 76(2) of the FAA, one count of providing false or misleading information to an investigating officer of MAS during an interview under section 71I(3) of the FAA, and one count of intentional obstruction of justice under section 204A of the PC for deleting messages from her mobile phone prior to her interview with MAS.

Tan, meanwhile, faces two charges under section 85(1)(a) of the FAA for willfully making false entries in documents of PACS.

MAS said Yuen and Tan face a fine not exceeding S$100k ($72.47k) or imprisonment for a term not exceeding two years, or both. For each charge of sections 76(2) and 71I(3) of the FAA, Yuen and Tan face a fine not exceeding S$50k ($36.23k) or imprisonment for a term not exceeding two years, or both. If convicted of the charge under section 204A of the PC, Yuen faces imprisonment for a term of up to seven years, a fine, or both.

You may also like:

Malaysia has sufficient capacity for flood insurance

India life insurers received $2.17b in COVID-19 claims

Beijing Nova Insurance enters partnership with Towngas Lifestyle