Friday, July 06, 2012

MAS Imposes Fine on MAA Financial Planners for Breaching Financial Advisers Act

The Monetary Authority of Singapore (MAS) said Thursday it imposed a S$35,000 fine on MAA Financial Planners Pte Ltd for breaching Financial Advisers Act (FAA).
MAA paid a composition amount of S$20,000 for contravention of section 13(1) of the FAA and S$15,000 for contraventions of written directions issued to MAA on 16 October 2008 under section 58(1) of the FAA.
The central bank said MAA contravened a condition of its financial adviser’s licence when it allowed four of its representatives to conduct financial advisory services in Singapore without holding a valid financial adviser’s representative’s licence under the FAA.
The financial advisory firm also failed to maintain the requisite transactions logs, with the firm’s CEO failing to sign on the log of all switching transactions on a weekly basis.
On another violation, MAA also failed to ensure that its compliance function is exercised in an independent manner and not placed in a conflict of interest situation, as required under the written directions issued to MAA on 16 October 2008.
The MAS said that MAA has informed it that it is in process of winding down its financial advisory services.


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