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 9 February 2010, MAS reprimanded Mr. Tan Hwee Huat Ernest for his breaches of sections 21(1) and 22(1) of the FAA. Mr. Tan had, while as a financial adviser’s representative, on 27 December 2007, set up a sole proprietorship, BeRich Wealth Management [“BeRich”], and had, prior to 25 September 2008, operated the website of BeRich. Words used on the website indicated that BeRich had carried on business as a financial adviser and held itself out to be a financial adviser, even though BeRich and Mr. Tan were not licensed financial advisers, exempt financial advisers or persons specified in the First Schedule to the FAA.

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