The Monetary Authority of Singapore said between January 2005 and June 2011 NTUC Income Insurance Co-operative failed to ensure that its telesales staff either held the Certificate in General Insurance or were above the age of 45 as at 1 June 2002 and had attended all tutorials for the relevant CGI modules by 31 December 2002.
The telesales staff, despite not being qualified to do so, sold insurance products and gave advice on insurance products.
The MAS fined NTUC Income Insurance Co-operative S$56,250 (£30,000 $45,000) for contravention of paragraph 5 of MAS Notice 211.
The company was also asked to confirm to MAS that it has put in place procedures to prevent “future recurrence of similar contraventions”.
