Uncategorized MAS bans former representative of insurance broker for dishonest conduct

MAS bans former representative of insurance broker for dishonest conduct

Despite not being authorised to advise on or sell general insurance policies, Lau Man Chun met three persons to sell them Liberty PA policies

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The Monetary Authority of Singapore (MAS) has issued four-year prohibition orders against Mr Lau Man Chun, a former representative of an insurance broker, for dishonest conduct relating to the sale of personal accident policies.

Mr Lau was a representative of Financial Alliance Pte Ltd (FAPL) from November 2014 to March 2018. FAPL is an insurance broker which distributes PA policies offered by Liberty Insurance Pte Ltd, on an exclusive basis.

Mr Lau joined Manulife Financial Advisers Pte Ltd (Manulife) in April 2018 and left in July 2019. While at Manulife, Lau was authorised only to advise on and sell life policies.

In December 2018, despite not being authorised to advise on or sell general insurance policies, Mr Lau met three persons to sell them Liberty’s PA policies. Mr Lau obtained their signatures on blank policy proposal forms and collected S$100 cash from each person, as payment for the policy premiums.

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Further, in January 2019, when the clients sought an update on their policy status, Mr Lau sent falsified policy schedules to the clients, to give them the wrong impression that their policies had already been effected by Liberty.

MAS reported that the impact of Mr Lau’s actions on these persons was significant as they would not have succeeded in making a claim if the need arose.

The prohibition orders against Mr Lau took effect from Monday (22 Feb). He is prohibited from providing any financial advisory service, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act.

He is also prohibited from carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act.Follow us on Social Media

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