MAS Reprimands IFAs for Representing More than One Firm
The Monetary Authority of Singapore (MAS) has recently reprimanded two IFAs for acting for more than one firm concurrently.
By working for more than one registered firm, the IFAs were in contravention of section 12(1) of the Financial Advisers Act.
The offences took place between Nov 2007 and Jan 2008.
One involved an exempt financial adviser representing registered insurance brokers Target Insurance Brokers and Magnetron Insurance & Financial Services (MIFS).
The other person who was reprimanded worked for MIFS, while also representing financial advisory firm, Jpara Solutions.
Magnetron Insurance & Financial Services previously had their financial advisory licence withdrawn by the MAS back in 2008.
What I find amazing about the whole thing is that the reprimand took place more than three years after the offence. The people involved are probably not in the industry by now. Even if they were, a reprimand does nothing to stop them from continuing their practice.