The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against three former insurance agents for obstructing the course of justice, falsifying records, and providing false information to MAS.

Yuen Pui Leng Eunice, Tan Zhen Zhi Grace, and Lim Hee Loon Benny, all of whom are former Prudential insurance agents, were served POs of five years, three years, and one year respectively.

MAS announced the bans, which came into force on May 24, in a press release on the same day.

While the POs are in effect, they are barred from providing any financial advisory services.

What the three did

In September 2018, MAS asked Yuen for documentary evidence of coaching conducted by her for representatives within her agency group, as part of an investigation.

MAS sought to find out who was supervising the representatives and whether the supervisors were being paid in accordance with MAS requirements.

However, Yuen told Tan to misreport entries on coaching forms and submitted the falsified documents to MAS.

Yuen also intentionally deleted messages from her mobile phone ahead of an interview with MAS, despite knowing that MAS would likely need such information for its investigation.

While MAS was investigating Yuen and Tan in Oct. 2018, Lim made several false statements in an interview with MAS.

He claimed to have signed off on coaching forms on the dates when Yuen was coaching him, when in reality he had signed the coaching forms only one day after Yuen was notified to attend her interview with MAS.

In May 2022, Yuen and Tan were charged for offences under the Financial Advisors Act (FAA). Yuen was further charged for an offence under the Penal Code.

In 2023, they were convicted under the FAA and fined S$20,000 and S$5,000 respectively.

Lim was given a stern warning in lieu of prosecution.

MAS takes 'serious view' of dishonest conduct

In its statement, MAS referred to Yuen and Tan’s convictions for offences involving dishonesty, as well as Lim’s conduct during the course of his interview with MAS.

It said that their conduct has "given MAS reason to believe that they have not and will not carry out regulated activities under the FAA and/or (Insurance Act) honestly".

The POs prohibit the trio from providing any financial advisory service and from "taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the FAA", according to MAS.

Yuen and Tan are additionally banned from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act.

MAS said it takes such misconduct seriously and will take "firm action against financial services professionals who intentionally hinder MAS’ investigations by providing false information".

Top photo via Pexels