Singapore stops 3 insurance brokers from providing services

SINGAPORE, Dec. 22 (Chinese media) -- The Monetary Authority of Singapore (MAS) announced on Monday that three insurance brokers can no longer provide financial advisory services in the country.

According to a statement of the MAS, the three brokers are Acclaim Insurance Brokers Pte Ltd (AIB), Leadenhall Insurance Brokers Pte Ltd (LIB), and Magnetron Insurance Financial Services Pte Ltd (MIFS).

The MAS said that it found contravention of the Financial Advisers Act, which sets minimum entry and examination requirements for financial service providers, during thorough inspections of the three parties.

"They did not have adequate management oversight nor control policies and procedures for their financial advisory operations, including the monitoring of the conduct of their representatives or introducers and complaints investigation and resolution process," the MAS said.

The MAS has directed the three parties to ensure all outstanding order instructions and applications received from clients are forwarded to relevant parties. They were also demanded to inform their clients of the closure of their services and the effects of such cessation.