MAS Issues Prohibition Orders Against Teo Choon How Terence from Carrying on Business as an Insurance Intermediary and Providing any Financial Advisory Service

1          MAS has issued prohibition orders against Mr Teo Choon How Terence (“Mr Teo”), pursuant to:

            (a)          section 35V(1)(a) of the Insurance Act (Cap. 142); and

            (b)          section 59(1)(d) of the Financial Advisers Act (Cap. 110).

2          On 24 August 2011, Mr Teo, a former representative of The Great Eastern Life Assurance Company Limited (“GEL”), was convicted in the Subordinate Courts on four charges of forgery under section 465 of the Penal Code (Cap. 224) while acting as a representative of GEL. Taking into account the date of Mr Teo’s conviction, the prohibition orders, which take effect on 22 May 2014, remain effective until 23 August 2016 (both dates inclusive).

3          The scope of the prohibition orders are as follows:

            (a)          The prohibition order under section 35V(1)(a) of the Insurance Act, prohibits Mr Teo from carrying on business as an insurance intermediary and from taking part, directly or indirectly, in the management of any insurance intermediary in Singapore; and

            (b)          The prohibition order under section 59(1)(d) of the Financial Advisers Act, prohibits Mr Teo from providing any financial advisory service and from taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of a licensed financial adviser or exempt financial adviser in Singapore.

Last Modified on 26/11/2016