Four former representatives from insurers Aviva and AXA, and one other person, have been banned for several years for illegally recruiting unlicensed individuals to perform financial advisory services on their behalf. The Monetary Authority of Singapore (MAS) banned five of...
Four former representatives from insurers Aviva and AXA, and one other person, have been banned for several years for illegally recruiting unlicensed individuals to perform financial advisory services on their behalf.
Mr Tan and Mr Wu received three-year bans that took effect on June 22, 2023, MAS said in a statement on Thursday. Ms Tong’s sales were processed by Ms Phua and her supervisor Mr Jeremy Tan. Ms Phua informed AXA that she had made the sales, and they were reviewed by Mr Jeremy Tan.MAS said: “In this manner, Mr Jeremy Tan, Ms Tong and Ms Phua had deceived the four policyholders into thinking that they were advised by a licensed representative of AXA when they were not.”
Mr Kelvin Tan gave his personal Aviva-issued iPad and login credentials to the person to document client information and submit policy proposals to Aviva in his name.