The Monetary Authority of Singapore (MAS) has reprimanded Toh Swee Beng, a financial adviser who acted as a representative of the Credit Suisse AG branch in Singapore.
Toh Swee Beng had contravened section 23B (1) (a) of the Financial Advisers Act(FAA) when giving a financial advisory service of advising others when he was an appointed representative for the regulated activity of dealing in securities.
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This was either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product covering the period from 12 April 2011 to 20 April 2011.
MAS expects that any individual conducting any type of financial advisory service under the FAA or any regulated activity under the SFA, on behalf of the individual’s principal, to be an appointed, provisional or temporary representative in respect of that type of financial advisory service or regulated activity.
Additionally, MAS also issued a Prohibition Order against Hong Chin Peng (Fang Jinping), a former holder of a financial adviser’s licence with the Professional Investment Advisory Services Pte Ltd., for allowing unauthorised persons to meet and provide financial advice to his clients on his behalf without him meeting the clients.
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