Section 13(1) of the FAA stipulates that MAS may grant or renew any licence, subject to such conditions or restrictions as it thinks fit.
In this case, two PIAS representatives failed to hold the requisite licence under the FAA to carry out the financial advisory activities of advising others, either directly or through publications or writings and by issuing research reports and analyses on collective investment schemes and marketing these schemes.
The two periods when this happened were from 10 May 2007 to 29 October 2009 and from 17 August 2005 to 21 May 2008.
The statement from MAS also stated that PIAS has confirmed to the regulator that it has put in place policies and procedures to prevent future recurrence of this situation.
In August this year, Aviva Asia announced that it was to acquire around 81% of the holding company which owns Professional Investment Advisory Services Pty (PIAS), one of the largest financial advisory firms in Asia.
The deal, which is expected to be completed by the end of this month, is seen as potentially giving Aviva an instantly-enlarged presence in Singapore – a booming retail insurance market – while enabling Centrepoint to shed a non-core operation.
PIAS is said to employ more than 330 licensed financial advisers in Singapore, and to look after almost 50,000 clients.