In a statement MAS stipulated that, on 2 July this year RHB Berhad, Singapore had contravened paragraphs 11 and 15 of the country’s Financial Advisers Act, by allowing two unauthorised people to conduct the fact-finding obligations and make client recommendations between March and June 2007.
During the same period MAS also found that the bank contravened Paragraph 23 of the legislation, by failing to ensure that two of its employers met the minimum entry requirements and complied with the CMFAS examination requirements before providing financial advice.
It also found the same bank guilty allowing an employee who was not an appointed representative or provisional representative under the FAA to dispense financial advice between November 2010 and February 2011.
MAS warned that all financial advisers, whether licensed or exempt, should have robust systems and controls in place to ensure compliance with all provisions of the Financial Advisers Act, its regulations and all applicable regulatory requirements at all times.
