Singapore Insurance Agents Barred

Three former insurance agents from Prudential Assurance Company were on Friday (May 24) issued prohibition orders by the Monetary Authority of Singapore (MAS) for obstructing the course of justice, falsifying records and providing false information to MAS.

These orders, issued under the Financial Advisers Act (FAA), bar them from providing financial advisory services, and from taking part in the management of any financial advisory firm, acting as a director or becoming a substantial shareholder of such firms.

Eunice Yuen Pui Leng received a prohibition order lasting five years, while Grace Tan Zhen Zhi was issued an order for three years. They were convicted of offences under the FAA in 2023. The pair have also been prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act (IA).

The third individual, Benny Lim Hee Loon, was handed a prohibition order for a year. He was also given a stern warning for providing false information to MAS, in lieu of prosecution. Lim was formerly an agent with Prudential. His most recent employer, Manulife Financial Advisers, confirmed on May 27 that Lim was no longer at agent at the financial advisory firm effective May 24.