The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against two former insurance agents of Prudential Assurance Company Singapore (Pte) Limited (PACS), Ms Yuen Pui Leng Eunice and Ms Tan Zhen Zhi, Grace, following their conviction for offences under the Financial Advisers Act (FAA). A prohibition order and a stern warning in lieu of prosecution were also issued against Mr Lim Hee Loon Benny, a former insurance agent of PACS and current insurance agent of Manulife Financial Advisers Pte Ltd for furnishing false information to MAS.
2 The POs, which took effect from today, will prohibit all three individuals from providing any financial advisory service and from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the FAA. Ms Yuen and Ms Tan are additionally prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act (IA). The duration of the respective POs are as follows:
| Name | Duration of POs |
| Ms Yuen Pui Leng Eunice | 5 years |
| Ms Tan Zhen Zhi, Grace | 3 years |
| Mr Lim Hee Loon Benny | 1 year |
Yuen Pui Leng Eunice and Tan Zhen Zhi, Grace
3 On 14 September 2018, Ms Yuen, an insurance agent of PACS at the time, was notified to attend an interview with MAS in connection with an ongoing investigation. MAS informed Ms Yuen that she would be required to produce documentary evidence of coaching conducted by her for representatives within her agency group. Such evidence was relevant to ascertain who was conducting supervision of these representatives and whether such supervisors were being remunerated in accordance with MAS’ Balanced Scorecard and Spreading and Capping of Commission requirements. However, prior to the interview, Ms Yuen told Ms Tan to make up false entries on purported coaching forms, which Ms Yuen then submitted to MAS. Ms Yuen also intentionally deleted messages from her mobile phone ahead of the scheduled interview, knowing that the information would likely be required by MAS as part of its investigation.
Lim Hee Loon Benny
4 In the course of MAS’ investigation into Ms Yuen and Ms Tan in October 2018, Mr Lim attended an interview with MAS where he made several false statements, including that he had signed off on coaching forms on the dates when Ms Yuen purportedly coached him as his supervisor. In fact, as subsequently admitted by Mr Lim, he had signed the coaching forms only on 15 September 2018, one day after Ms Yuen was notified to attend the interview.
5 In May 2022
6 In June 2023, Ms Yuen pleaded guilty and was convicted of one charge under section 85(1)(a) of the FAA for wilfully causing false entries to be made in documents of PACS and one charge under section 76(2) of the FAA for furnishing the said falsified documents to MAS. Separate charges under section 85(1)(a) and section 76(2) of the FAA and another charge for intentional obstruction of justice under section 204A of the Penal Code for deleting messages from her mobile phone prior to her interview with MAS were taken into consideration in the sentencing. She was fined $20,000.
7 In November 2023, Ms Tan pleaded guilty and was convicted of one charge under section 85(1)(a) of the FAA for wilfully making false entries in documents of PACS. A separate charge under section 85(1)(a) of the FAA was taken into consideration in the sentencing. She was fined $5,000.
MAS takes a serious view of offences involving dishonesty
8 Ms Yuen and Ms Tan’s convictions for offences involving dishonesty, and Mr Lim’s conduct during the course of MAS’ interview, have given MAS reason to believe that they have not and will not carry out regulated activities under the FAA and/or IA honestly. MAS takes such misconduct seriously and will take firm action against financial services professionals who intentionally hinder MAS’ investigations by providing false information.
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[1] Details of their charging can be found here.
