The Monetary Authority of Singapore has reprimanded AIA Financial Advisers (AIA FA), Prudential Assurance Company Singapore, Aviva and Aviva Financial Advisers (Aviva FA) for breaches of requirements relating to risk management arrangements and the remuneration of supervisors. 

Singapore’s central bank cum financial services industry regulator has also reprimanded Peter Tan Shou Yi, a consultant engaged by Aviva, for accepting remuneration in breach of regulatory requirements, as well as Aviva FA’s CEO and Director, Lionel Chee Boon Chai, for his failure to discharge the duties of his office. 

“MAS expects financial institutions to have robust arrangements to ensure that their representatives place their customers’ interests first,” says MAS’ deputy managing director Ho Hern Shin.

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