The Monetary Authority of Singapore said it fined Finexis Advisory S$2,600 (£1300, $2,100) for contravention of section 48(1)(b) of the Financial Advisers Act on 2 November.
The Act stipulates that “a licensed financial adviser shall, in respect of each financial year, (a) prepare a true and fair profit and loss account and a balance sheet made up to the last day of the financial year; and (b) lodge that account and balance sheet with the Authority within five months or such extension thereof permitted by the authority”.
In a statement the watchdog warned financial institutions they must submit reports within a timely manner as it is “necessary for proper supervision”.
