MAS Reprimands Alicia Kang Yee San for Contravention of (1) Paragraph 22(d) of the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers ["FAA-N07"]; and (2) Paragraph 13(c) 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 Ms Alicia Kang Yee San [“Ms Kang”] for contravention of paragraph 22(d) of FAA-N07 and paragraph 13(c) of FAA-N13 issued pursuant to Section 58 of the Financial Advisers Act.

2       Paragraph 22(d) of FAA-N07 (in effect from 6 January 2004 to 25 November 2010) requires any person who acts as or holds himself out to be a representative of an exempt financial adviser to comply with the examination requirements set out in FAA-N07. Paragraph 13(c) of FAA-N13 (in effect from 26 November 2010) requires any person who acts as or holds himself out to be a representative of an exempt financial adviser to comply with the examination requirements set out in FAA-N13.

3       Ms Kang has contravened paragraph 22(d) of FAA-N07 and paragraph 13(c) of FAA-N13 as she acted as a representative of Aon Consulting (Singapore) Pte Ltd [“Aon Consulting”] in respect of arranging of any contract of insurance in respect of life policies without having complied with the examination requirements of FAA-N07 and FAA-N13 during the period of 1 June 2010 to 20 October 2011.

4       Ms Kang has informed MAS that she has taken rectification actions to address the breach by passing Module 5 of the Capital Markets and Financial Advisory Services Examination. MAS has also been informed that Aon Consulting has carried out the necessary remedial actions in respect of the customers that Ms Kang has arranged contracts of insurance in respect of life policies for during the period of the breach.

 MAS expects any person who acts as or holds himself out to be an appointed representative of a financial adviser to comply with the minimum entry and examination requirements.

Last Modified on 26/11/2016