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