MAS REPRIMANDS GREAT EASTERN FINANCIAL ADVISERS PRIVATE LIMITED FOR CONTRAVENTION OF SECTION 23B(3)(a) OF THE FINANCIAL ADVISERS ACT (CAP. 110) [“FAA”]



1     On 23 November 2011, MAS reprimanded Great Eastern Financial Advisers Private Limited [“GEFA”] for contravention of section 23(B)(3)(a) of the FAA.

2     Section 23B(3)(a) of the FAA stipulates that a principal shall not permit any individual to provide any type of financial advisory service on its behalf unless the individual is an appointed representative or provisional representative in respect of that type of financial advisory service.

3     GEFA has contravened section 23B(3)(a) of the FAA as it had allowed an individual who was not an appointed representative or provisional representative of GEFA, to conduct financial advisory service on its behalf during the period from 4 April 2011 to 7 April 2011.

4     GEFA has confirmed with MAS that they have put in place policies and procedures to prevent future recurrence.

MAS expects all licensed financial advisers to ensure that they do not permit any individual to provide any type of financial advisory service on its behalf unless the individual is an appointed or provisional representative in respect of that type of financial advisory service.

Last Modified on 26/11/2016