MAS Reprimands Aon Consulting (Singapore) Pte Ltd for Contravention of (1) Paragraph 23 of the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ["FAA-N07"]; and (2) Paragraph 14 of the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ["FAA-N13"]

1       On 28 June 2012, MAS reprimanded Aon Consulting (Singapore) Pte Ltd [“Aon Consulting”] for contravention of paragraph 23 of FAA-N07 and paragraph 14 of FAA-N13 issued pursuant to Section 58 of the Financial Advisers Act.

2       Paragraph 23 of FAA-N07 (in effect from 6 January 2004 to 25 November 2010) states that an exempt financial adviser shall ensure that its representatives meet the minimum entry requirements stipulated in paragraph 22 of FAA-N07. Paragraph 14 of FAA-N13 (in effect from 26 November 2010) states that a financial adviser shall certify that its appointed representatives meet the minimum entry requirements stipulated in paragraph 13 of FAA-N13.

3       Aon Consulting has contravened paragraph 23 of FAA-N07 and paragraph 14 of FAA-N13 as it had failed to ensure that its representative meets the minimum entry requirements before commencing the provision of financial advisory service during the period of 1 June 2010 to 20 October 2011.

4       Aon Consulting has confirmed to MAS that they have put in place policies and procedures to prevent future recurrence of similar contraventions.

MAS expects all financial advisers to ensure that their appointed representatives meet the minimum entry and examination requirements.

Last Modified on 26/11/2016