AIA, Aviva, Prudential reprimanded by MAS

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According to the regulator, the offences happened between 2017 and 2019, and the firms and individuals have been ordered to correct the breaches immediately. MAS’s investigations uncovered instances where remuneration was given to supervisors in violation of the Financial Advisers Act.

The firms breached the Balanced Scorecard requirements (BSC) for the sale of investment products, as well as the Spreading and Capping of Commissions requirements (SCC) for the sale of regular premium life policies.

These regulations, MAS said, seek to align the incentives of financial advice firms with their customers’ interests and promote a culture of fair dealing. The BSC

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Oscar Health Monetary Performance And Enrollment 2014

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Our SEARCH ENGINE OPTIMIZATION services pricing is completely customizable to suit your business. Sub-headings – Not only do sub-headings make your content simpler for guests to … Read More

UK Finance Payments Market Report

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UK Finance has released its 2021 Payments Market Report, an analysis of all forms of payments over 2020 showing the impact the Covid-19 pandemic and resultant lockdowns had on the nation’s payments behaviour.

UK Finance 2021 Payments Market Report

For the first time in six years, the total number of payments in the UK declined, falling by 11% to 35.6 billion.

While consumers continued to make the vast majority of all payments (86%) the report demonstrates the reduced opportunities for people to spend money during the pandemic, with the number of consumer payments falling by 13% to 30.7 billion.

Meanwhile,

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International remittance defies COVID-19 predictions

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Defying predictions, remittance flows have proved to be resilient during the COVID-19 crisis according the World Bank. In 2020, officially recorded remittance flows to low-and middle-income countries reached $540 billion, only 1.6% below the $548 billion seen in 2019.

Remittances exceeded foreign direct investment flows by a wider margin in 2020.

Excluding China, remittance flows surpassed the sum of foreign direct investment and official development assistance.

Remittances have therefore become an important consumption smoothing mechanism for the recipient households and, as such, they form an increasingly important (private) element of global social protection systems.

Among regions, remittances to Latin

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