Four former insurance representatives received enforcement actions from Singapore's financial regulator, the Monetary Authority of Singapore (MAS), in the third quarter. MAS said the penalties include prohibition orders ranging from five to 10 years, following convictions for cheating, forgery and computer-related offences.
MAS issued a 10-year prohibition order in July against Andrew Tiew Siew Ing, a former representative of AXA Insurance, following his conviction in the State Courts for cheating offences. In August, the regulator issued a six-year prohibition order against Lai Mei Lin, a former representative and unit manager of Manulife Financial Advisers, following her conviction for forgery offences and offences under the Computer Misuse Act.
In September, MAS issued a five-year prohibition order against Goh Hui Bin and a four-year order against Vijendren S/O Tanapal, both former representatives of DBS Bank. The orders followed their separate convictions for forgery offences. MAS said its prohibition orders can prevent individuals from conducting or providing regulated or authorised activities, participating in the management of financial institutions, or acting as directors, partners or managers of financial institutions.
The enforcement actions were among the key public actions taken by MAS from July to September as the regulator sought to deter misconduct and safeguard the integrity of Singapore’s financial centre.