MAS reprimands insurers for breaching rules on risk management, commission payments

SINGAPORE – Four financial institutions were reprimanded by the Monetary Authority of Singapore (MAS) for breaching rules over commission payments.

AIA Financial Advisers (AIA FA), Prudential Assurance Company Singapore (Prudential), and Aviva, along with its wholly owned subsidiary Aviva Financial Advisers (Aviva FA), were found to have breached risk management and supervisor remuneration regulations, the central bank said on Tuesday (June 15).

MAS also reprimanded Mr Peter Tan Shou Yi, a consultant engaged by Aviva, for accepting remuneration in breach of regulatory requirements, and Aviva FA’s chief executive and director, Mr Lionel Chee Boon Chai, for his failure to discharge the duties of his office.

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