According to an enforcement notice published on the website of the Monetary Authority of Singapore (MAS), Affinity failed to make written disclosures to new clients of the new product providers for whom it distributed.
The MAS said Affinity had twice now breached disclosure requirements, the most recent infringement relating to the financial year ending in December 2009. But it also noted the firm had now taken steps to ensure compliance with its disclosure regime.
The regulator said: “In a disclosure-based regime, it is important for financial advisers to provide consumers with all relevant information when making recommendations.
Financial advisers must have adequate systems and procedures to ensure that they make proper disclosure so that consumers can make informed financial decisions.”
An attempt to contact Affinity for comment received no response.
