Tong Hui Zhi, who was neither an appointed representative nor authorised to provide financial advisory services, was found to have sold 13 insurance policies to four customers. Her sales were processed by former AXA representatives, Tan Hongxiang Jeremy and Phua Shu Rong. Phua informed AXA that she had made the sales and Jeremy Tan was her supervisor.
The Monetary Authority of Singapore (MAS) has issued prohibition orders (POs) against five individuals for engaging in unlawful sub-agency activities. The activities involved appointed representatives making arrangements with unlicensed individuals to perform financial advisory services on their behalf.
Of the five, four of them were former representatives with AXA Insurance and Aviva Financial Advisers.
