Bank of Singapore (BOS) fired up to 40 employees following an investigation into the misuse of its medical insurance scheme by staff members, according to an article by eFinancialCareers published on Apr. 24.

BOS is a private banking subsidiary of OCBC. 

CNA reported that the investigation involved hundreds of employees. The article added that the investigation was launched in 2023, looking into medical claims involving one of the company panel clinics.

Disciplinary hearings lasting months

CNA said that staff members were called to "disciplinary hearings" that lasted "a few months".

An employee, not involved in the investigation, told CNA that managers told staff that the incident was "as serious as defrauding the bank".

Some employees were found to have been using their medical benefits to claim "bird’s nest, skincare products, supplements and toothbrushes", products not eligible for claims under the company's medical benefits. 

CNA reported that the company's medical insurance scheme allows employees to claim up to S$10,500 for medical and dental expenses, including "outpatient consultation and medication issued by a general practitioner or specialist, non-aesthetic dental services, vaccinations, X-rays and blood tests."

eFinancialCareers was told by a dismissed staff member that the medical claims "date back over the past two years".

According to the ex-employee, the claims were initially successfully "reimbursed by the insurer". The ex-employee then claimed that involved staff members were only told afterwards "that the claims infringed the bank's medical policy".

According to CNA, BOS did not require itemised receipts for medical claims below S$200.

eFinancialCareers also reported that some of the involved staff members claim to have been "pressured into an admission of liability".

Initially made to repay money

According to eFinancialCareers, staff found to have misused medical benefits were initially made to repay the money in 2023, and apparently "thought that was the end of the issue".

eFinancialCareers added that some of the involved staff also had their 2023 bonuses forfeited. CNA reported that this applied to the "more serious cases". 

CNA also reported that some of the involved staff did not receive the one-off cost-of-living support of S$1,000 that OCBC promised, on Feb. 20, 2024, to 4,600 of its junior employees.

eFinancialCareers then claims that the involved staff were "then, unexpectedly, dismissed" sometime between Apr. 14 and Apr. 20, 2024.

Unclear what prompted investigation

It is unclear what prompted the investigation back in 2023.

According to CNA, BOS asked a clinic called Drs Thompson & Thomson for its "records over the past two years".

Drs Thompson & Thomson is a walk-in clinic located in Raffles Place. It is listed as a panel clinic under Fullerton Health.

CNA was informed that Drs Thompson & Thomson was on BOS' panel of approved clinics.

However, Drs Thompson & Thomson told CNA that it was "not on the panel", and that "claims will have to be made independently by patients".

CNA caught wind of an email dated Nov. 10, 2023, which informed OCBC and BOS staff that "human resources would no longer reimburse invoices from Drs Thompson & Thomson dated from that same day."

Drs Thompson & Thomson, in response to CNA's queries, said that it follows "strict protocols" and adheres to "established guidelines".

OCBC also said that they are investigating into the matter.

Top photo from OCBC.