Monetary Authority fines Singlife FA S$93,750 for past breaches

MAS has also taken regulatory action against eight individuals connected with the firm.

The Monetary Authority of Singapore (MAS) has issued a composition fine of $72,937 (S$93,750) against Singlife Financial Advisers Pte. Ltd. (formerly Aviva Financial Advisers) for breaches of the Financial Advisers Act.

MAS has also taken regulatory action against eight individuals connected with the firm.

The breaches took place between November 2017 and March 2020. 

They involved supervisors entering into private arrangements to act as supervisors for representatives under other team leaders. 

According to MAS, this weakened proper supervisory oversight, training, and the assessment of commissions under the Balanced Scorecard Framework.

Singlife FA is a wholly owned subsidiary of Singlife. 

The breaches occurred before the merger of Aviva Singapore and Singlife, which was completed on 1 January 2022.

Since the merger, Singlife FA has reorganised its board and management, introduced new controls, implemented annual attestations requiring team leaders to confirm they have no private arrangements, and subjected its processes to independent audits.

MAS said the actions reflect its oversight of legacy issues arising from past conduct.