MAS Reprimands finexis advisory Pte Ltd for Contravention of Section 23B(3) of the Financial Advisers Act (CAP.110) ["FAA"]

1          On 6 November 2014, MAS reprimanded finexis advisory Pte Ltd [“finexis”] for contravention of section 23B(3) of the FAA.

2          Section 23B(3) of the FAA stipulates that a principal shall not permit any individual to provide any type of  financial advisory service on its behalf unless the individual is an appointed or provisional representative in respect of that type of financial advisory service.  

3          The Company has contravened section 23B(3) of the FAA as it had allowed one individual who was not an appointed or provisional representative, to provide the financial advisory services of advising others concerning life policies, and arranging contracts of insurance in respect of life policies on its behalf for the period from 26 November 2010 to 9 July 2012.

All financial institutions should have robust systems and controls to ensure that they do not permit any individual to conduct any type of financial advisory service under the FAA on their behalf unless the individual is an appointed or provisional representative in respect of that type of financial advisory service.

Last Modified on 26/11/2016