MAS REPRIMANDS MS FRANCES LEE CHENG HENG FOR CONTRAVENTION OF SECTION 12(1) OF
THE FINANCIAL ADVISERS ACT (CAP.110)

1 On 16 August 2010, MAS reprimanded Ms Frances Lee Cheng Heng for contravention of section 12(1), read with section 23(5) of the FAA. Under these provisions, a representative of a licensed or exempt financial adviser is not allowed to act for more than one financial adviser at any one time, unless the financial advisers are related corporations. Ms Lee had been acting as an exempt financial adviser representative of both Associated Insurance Brokers Pte Ltd ("AIBP") and NTUC Income Insurance Co-operative Ltd ("NTUCI")  from 1 October 2002 to 5 September 2009. 

2 AIBP, an insurance broker, and NTUCI, an insurer, are registered under the Insurance Act and respectively exempted from holding a Financial Adviser's licence to act as a financial adviser in Singapore pursuant to section 23(1)(c) of the FAA. 

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