MAS Issues Reprimand to SingCapital Pte Ltd for Misconduct Pursuant to Section 97 of the Financial Advisers Act (CHAPTER 110) (THE "FAA")

 

1     On 2 February 2012, MAS reprimanded SingCapital Pte Ltd [the “Company”], a licensed financial adviser, for misconduct pursuant to section 97 of the FAA.

2     Paragraph 6 of the Notice on Appointment and Use of Introducers by Financial Adviser (“FAA-N02”) requires a financial adviser to ensure that none of its employees or representatives enters into any arrangement with an introducer to carry out introducing activities other than on behalf of the financial adviser.

3     As the Company had allowed its representatives to recruit telemarketers, whose activities fall within the definition of “introducing activities” provided in Regulation 31(12) of the Financial Advisers Regulations and who carried out introducing activities other than on behalf of the Company, the Company has contravened paragraph 6 of FAA-N02.

MAS expects all licensed financial advisers to comply with the provisions of the FAA and its Regulations and all applicable regulatory requirements at all times.

Last Modified on 26/11/2016