Singapore Central Bank Reprimands Four Financial Institutions
15 Junio 2021 - 1:51AM
Noticias Dow Jones
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.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
June 15, 2021 02:41 ET (06:41 GMT)
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