Compliance
Singapore Penalises Mercer Over Advisor Rule Breach
Singapore's financial regulator has fined the firm over a breach of the Financial Advisers Act.
The Monetary
Authority of Singapore has penalised Mercer (Singapore) Pte
for breaches of minimum entry and exam requirements for financial
advisors.
The MAS imposed a S$15,000 ($10,591) fine on the firm for
“contraventions of section 23B(3) of the Financial Advisers Act
(Cap.110) and the Notice on Minimum Entry and Examination
Requirements for Representatives of Licensed Financial Advisers
and Exempt Financial Advisers”.
The regulator said section 23B(3) of the act stipulates that a
principal shall not permit any individual to provide any type of
financial advisory service on its behalf unless the individual is
an appointed representative or provisional representative in
respect of that type of financial advisory service. MSPL breached
that section of the act.
