MAS Reprimands Mr Tan Hwee Huat Ernest for his Breaches of Sections 21(1) and 22(1) of the Financial Advisers Act (CAP. 110) ["FAA"]



1.     On 20 January 2012, MAS reprimanded Mr. Tan Hwee Huat Ernest, a representative of a licensed financial adviser, for his breaches of sections 21(1) and 22(1) of the FAA.

2.     Section 21(1) of the FAA stipulates that no person shall use the words “financial adviser” in any language or any other word indicating that that person carries on business as a financial adviser unless that person is a licensed financial adviser or exempt financial adviser.  Section 22(1) of the FAA states that no person shall hold himself out to be a financial adviser unless he is a licensed financial adviser, an exempt financial adviser, or a person specified in the First Schedule to the FAA.  

3.     Mr. Tan had consented to the creation of a website, MyFinancialyst, at www.ernestresources.com/MyFinancialyst.net, for his use on a trial basis. Upon expiry of the trial period, Mr. Tan did not review, monitor or otherwise take any step to ensure that the said website was taken down. A third party subsequently edited the said website that led to the publication of words indicating that MyFinancialyst had carried on business as a financial adviser and held itself out to be a financial adviser representative, which has a team of financial advisers, even though MyFinancialyst was not a licensed financial adviser, an exempt financial adviser, nor a person specified in the First Schedule to the FAA.

4.     Mr. Tan has failed to take proper measures to monitor the content of the said website, namely the publication of the words indicating that MyFinancialyst had carried on business as a financial adviser and held itself out to be a financial adviser. Therefore, Mr. Tan has breached sections 21(1) and 22(1) of the FAA.

MAS expects all persons to comply with the provisions of the FAA, Financial Advisers Regulations and all representatives of a licensed financial adviser to comply with the conditions imposed by MAS at all times.

Last Modified on 26/11/2016