[Singapore] MAS
Reprimands AIA Financial Advisers, Prudential, and Two Aviva Entities
MAS
Enforcement, 15 June 2021
MAS has reprimanded AIA Financial Advisers
Private Limited, Prudential Assurance Company Singapore (Pte) Limited, Aviva
Ltd and Aviva Financial Advisers Pte Ltd for breaches of requirements relating
to risk management arrangements and the remuneration of supervisors. MAS
conducted an investigation and found numerous instances where remuneration was
paid to supervisors in contravention of requirements under the Financial
Advisers Act. These related to the Balanced Scorecard requirements for the sale
of investment products, and the Spreading and Capping of Commissions
requirements for the sale of regular premium life policies. 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 CEO and
Director, Mr Chee Boon Chai Lionel, for his failure to discharge the duties of
his office.
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[Hong
Kong] Hong Kong pauses plan to exempt bankers from hotel quarantine
Straits Times, 16 June
2021
Senior global bankers hoping to skip Hong
Kong's stringent quarantine regime will need to wait as concerns about imported
Covid cases ratchet up. Bank executives who have applied to take trips in June
are being advised to postpone, without any indication of when requests under
the new plan will be processed, according to a person familiar with the matter.
The spokesman for the Financial Services and Treasury Bureau said that they are
looking into the details of the applications received, and expect to take some
time to process them in the light of latest local and global pandemic
situations to ensure relevant control measures are sufficient to mitigate the
risk of case importation.
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