By Ronnie Harui
The Monetary Authority of Singapore has reprimanded AIA Financial Advisers Pte. Ltd., Prudential Assurance Company Singapore Pte. Ltd., Aviva Ltd. and Aviva Financial Advisers Pte. Ltd. for breaching requirements related to risk management and supervisors' remuneration.
The MAS conducted an investigation and found numerous instances where supervisors at these financial institutions were paid in contravention of requirements under the Financial Advisers Act, it said Tuesday. These were related to the sale of investment products and regular premium life policies, the MAS said.
The central bank also reprimanded Peter Tan Shou Yi, a consultant engaged by Aviva in Singapore, for accepting remuneration in breach of regulatory requirements, and Aviva Financial Advisers Chief Executive Chee Boon Chai Lionel for his failure to discharge the duties of his office.
The MAS directed Aviva Financial Advisers to appoint independent external people to conduct a review of the company's internal control processes, and to perform call-backs to all customers before any sales are completed, the central bank said.
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(END) Dow Jones Newswires