The Monetary Authority of Singapore (MAS) has taken decisive action against two former insurance representatives as a response to their convictions in the State Courts for cheating offences.
Patricia Quek Puay Yi, a former representative of AIA Singapore, and Huang Hsin Tian Silver, a former representative of Professional Investment Advisory Services, are now both restricted from providing any financial advisory services and participating in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act 2001.
A MAS news release also revealed that they are barred from engaging in business activities or managing any insurance intermediary under the Insurance Act 1966.
In July 2020, Quek acquired an insurance policy from Manulife Singapore with the assistance of Huang. This followed a leg injury sustained in an accident. Upon activation of the policy, they submitted a fraudulent claim of £1,128.57 to Manulife for Quek’s leg injury, despite being aware that the accident occurred before she applied for the Manulife policy. Fortunately, Manulife identified the deceptive insurance claim before any payout was processed.
By May 2022, both Quek and Huang were each found guilty of one count of cheating with abetment under the Singapore law. They were sentenced to two weeks’ and one week imprisonment, respectively.
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