On 15 June 2012, MAS reprimanded Mr Ng Chai Ching (Huang Zaiqing) [“Mr Ng”] for contravention of paragraph 22(d) of FAA-N07 issued pursuant to Section 58 of the Financial Advisers Act.
Paragraph 22(d) of FAA-N07 requires any person who acts as or holds himself out to be a representative of an exempt financial adviser to comply with the examination requirements of FAA-N07.
Mr Ng has contravened paragraph 22(d) of FAA-N07 as he acted as a representative of The Great Eastern Life Assurance Company Limited [“GEL”] in respect of arranging of any contract of insurance in respect of life policies during the period of 20 November 2007 to 25 November 2010 without having complied with the examination requirements of FAA-N07 (in effect from 6 January 2004 to 25 November 2010).
Mr Ng has informed MAS that he has taken rectification actions to address the breach by passing Module 5 of the Capital Markets and Financial Advisory Services Examination. MAS has also been informed that GEL has carried out the necessary remedial actions in respect of the customers that Mr Ng has arranged contracts of insurance in respect of life policies for during the period of the breach.
MAS expects any person who acts as or holds himself out to be an appointed representative of a financial adviser to comply with the minimum entry and examination requirements.