Singapore Penalises Mercer Over Advisor Rule Breach

Tom Burroughes

3 September 2015

The 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.