Standard Chartered Bank has been fined $40,000 by the Monetary Authority of Singapore for failures relating to the provision of financial advice.

Standard Chartered Bank has been fined $40,000 by the Monetary Authority of Singapore for failures relating to how financial advice was provided to clients.

The Monetary Authority of Singapore said that on 4 March 2014, Standard Chartered Bank paid $10,000 fine for allowing 38 of its representatives to provide financial advisory services on its behalf that they were not appointed to do so.

SCB paid a $30,000 fine for allowing 28 of its representatives to deal in securities with one also advising on corporate finance, before the respective names of the representatives were entered into the public register between 26 November 2010 and 18 July 2013.

According to Singapore regulations, all financial institutions should ensure that they do not permit any individual to conduct any type of regulated activity, or provide any financial advisory service on their behalf, unless the individual is an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity or financial advisory service.

This publication is in contact with the bank but had not received a response at the time of going to press.