Toh Swee Beng contravened section 23B(1)(a) of the Financial Advisers Act when giving a financial advisory service of advising others when he was an appointed representative for the regulated activity of dealing in securities.
This was either directly or through publications or writings, and whether in electronic, print or other form, concerning any investment product covering the period from 12 April 2011 to 20 April 2011.
The MAS also issued a Prohibition Order against Hong Chin Peng (Fang Jinping), a former holder of a financial adviser’s licence with the Professional Investment Advisory Services Pte Ltd.
From November 2009 to July 2010, Hong had allowed unauthorised persons to meet and provide financial advice to his clients on his behalf without him meeting the clients. In this regard, he had failed to meet his clients to conduct proper fact-find and explain the basis of his recommendations in respect of investment products regulated under the FAA, the MAS stated.
As such, he has contravened the Notice on Recommendations on Investment Products which was in force between 1 October 2002 and 31 December 2011.
