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Singapore regulator bans 6 for product misselling

The Monetary Authority of Singapore banned six people for misselling investment products.

The regulator said in a May 17 release that it issued prohibition orders on David Hiah Xinkai and Nigel Chua Bingquan, who used to represent Prudential Assurance Co. Singapore (Pte) Ltd., as well as Heng Goid Hoon, Koh Mei Ling and Jane Yeo Hui Rong, formerly of AIA Singapore Pte. Ltd., and Zheng Xuemei, formerly of Citibank Singapore Ltd.

The watchdog said the six were each guilty of one or more instances of misconduct including forgery, making false or misleading statements to clients, making false or misleading representations to the insurer, improper switching of policies and providing financial advice without considering the financial situation of clients.

Under the prohibition order, the individuals are banned from offering financial advice and taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory company for between two and seven years. One was also banned from executing any regulated activity under the Securities and Futures Act for two years, among other things.

Prudential Assurance is a unit of Prudential PLC, AIA Singapore is a unit of AIA Group Ltd. and Citibank Singapore is a unit of Citigroup Inc.