MAS NOTIFIES JASON YEO CHOON YONG OF DISSATISFACTION WITH HIS PAST PERFORMANCE

1 On 16 July 2010, MAS notified Jason Yeo Choon Yong, formerly a financial adviser’s representative of DBS Bank Ltd (“DBS”), that it was not satisfied as to the record of his past performance in providing financial advisory service as a financial adviser’s representative.

2 DBS is licensed as a bank under the Banking Act (Cap. 32). It is exempted from holding a financial adviser’s licence in Singapore in respect of any financial advisory service pursuant to section 23(1)(a) of the Financial Advisers Act (Cap 110).

3 In April 2007 Mr Yeo recommended to clients structured notes linked to Lehman Brothers that were issued by DBS ("HN5") on the basis that the clients had clearly understood the features of the product. However neither the clients’ education, employment status and investment background supported this conclusion.

4 The clients concerned are:

• A 48 year-old fast-food restaurant service staff who has only received primary school-level, Chinese language-medium education, does not speak or read English and whose prior investment in DBS was limited to products risk-rated as “Conservative; and

• A 70 year-old retiree, who has received only 2 years of formal education, and her son, a 50 year-old deliveryman, who has only received up to secondary 2 Chinese language-medium education. Both do not speak or read English and had not previously invested with DBS in products of similar risk profile or features as HN5.

5 Mr Yeo also incorrectly recommended HN5, a product with a “Growth” risk-rating, to a client assessed to have an overall lower risk profile of “Moderate”.

6 MAS views Mr Yeo’s performance as unsatisfactory. Mr Yeo has since left the financial industry and ceased to provide financial advisory services. MAS has notified Mr Yeo that had he continued to provide financial advisory services as a representative, MAS would have issued an order prohibiting him from providing any financial advisory service and from providing any financial advisory service by taking part, directly or indirectly, in the management of any financial adviser in Singapore for one year.