The Monetary Authority of Singapore (MAS) has reprimanded two companies for failing to ensure their employees met the minimum exam requirements of the Financial Advisers Act.
Great Eastern Life Assurance and Aon Consulting contravened FAA-N07 and FAA-N13, the regulator said, by respectively allowing Ng Chai Ching and Alicia Kang Yee San to arrange life insurance contracts without attaining the correct qualifications.
Ng and Kang, who were reprimanded in separate notices from the MAS, have since addressed the breach by passing Module 5 of the Capital Markets and Financial Advisory Services Examination.
Great Eastern and Aon have carried out remedial actions in respect of customers for whom insurance contracts were arranged during the periods of breach, the regulator added, and both companies have put in place policies designed to prevent similar contraventions.
Read more: International Adviser
