Singapore, 3 August 2026… The Monetary Authority of Singapore (MAS) has issued a 6-year Prohibition Order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Ms Lai Mei Lin, a former representative and Unit Manager of Manulife Financial Advisers Pte. Ltd. (Manulife FA), for forgery offences and unauthorised access to computer material.
2. As a unit manager at Manulife FA, Ms Lai supervised a team of sales representatives. Between December 2019 and December 2020, Ms Lai had asked two of her sales representatives to give her their login details in order to access their accounts in Manulife FA’s system. She then forged the signatures of four clients and her sales representatives and submitted four policies in Manulife’s FA system. She subsequently approved these policies in her capacity as the team’s supervisor. Ms Lai did this to gain personal benefit by earning higher commissions and to boost her team’s performance targets, which would in turn entitle her to other benefits and remuneration.
3. In addition, when the two policies’ premiums were due in December 2020, Ms Lai forged the policyholders’ signatures to create false policy surrender forms and submitted them to Manulife FA.
4. On 6 August 2024, Ms Lai was convicted of two counts of unauthorised access to computer materialWith enhanced punishment for unauthorised access to protected computer under the Computer Misuse Act (CMA) and three counts of forgery under the Penal Code (PC)Two counts of forgery for the purpose of cheating and one count of forgery under the PC. Another four chargesOne count of unauthorised access to computer material with enhanced punishment for unauthorised access to protected computer under the CMA, two counts of forgery for the purpose of cheating and one count of forgery under the PC were taken into consideration for the purpose of the sentencing. For her actions, Ms Lai was sentenced to eight months’ imprisonment.
5. In view of Ms Lai’s offences, MAS is satisfied that Ms Lai is not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA.
6. Under the PO, effective 20 July 2026, Ms Lai is prohibited for 6 years from carrying on or providing any MAS regulated or authorised activity or businessAs defined in section 2 of the FSMA, from participating (directly or indirectly) in the management of any financial institution, and from acting as a director, partner or manager of any financial institutionAs defined in section 2 of the FSMA. She is also prohibited from becoming, or increasing her interest as a substantial shareholder of any financial institution that is a corporation, and from performing the function of critical system administrationAs defined in section 6 of the FSMA.
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