According to MAS, which is Singapore’s main financial services regulator, Aon Consulting was found to have violated provisions of the Financial Advisers Act because it allowed two of its employees – neither of whom was “an appointed or provisional representative in respect of the financial advisory activity of advising on collective investment schemes” – to advise clients on such schemes “on its behalf”.
The alleged violations occurred between 1 July 2011 and 24 April 2012. The employees were not named.
Aon also contravened a clause in the Financial Advisers Regulations – a related piece of legislation – by failing to lodge with MAS “a notice of commencement” of its financial advisory service, for the purposes of advising on CIS, “not later than 14 days prior to the commencement of that financial advisory service” for a period running from 1 July 2011 to 2 May 2012, MAS said, in a statement.
The regulator added that Aon Consulting had assured it that it has “put in place policies and procedures to prevent future recurrence of similar contraventions.”
David Prosperi, a spokesman for Aon, said the company was "committed to the highest standards of integrity and compliance in all of its business dealings", and added: "We have cooperated fully with the Monetary Authority of Singapore on this matter and have confirmed to them that we have put in place the policies and procedures necessary to meet these standards."
The Financial Advisers Act was first implemented in Singapore in 2001 and regulates the way financial advice is given to Singaporeans.
As reported, a major review of Singapore’s advisory industry is currently under way, in order to improve the standards of this advice on offer and to make it less costly and more "fair", MAS managing director Ravi Menon said, in unveiling the review in March.
