The Monetary Authority of Singapore (MAS) has issued prohibition orders against a financial and insurance adviser operating in the city state after he was convicted on charges of forgery.
According to a statement from the MAS, the regulatory body has issued “prohibition orders against Teo Choon How (Terence) from carrying on business as an insurance intermediary and providing any financial advisory service” pursuant to the Insurance Act and Financial Advisers Act.
“On 24 August 2011, Mr Teo, a former representative of The Great Eastern Life Assurance Company Limited (“GEL”), was convicted in the Subordinate Courts on four charges of forgery under section 465 of the Penal Code (Cap. 224) while acting as a representative of GEL,” said the statement.
“Taking into account the date of Mr Teo’s conviction, the prohibition orders, which take effect on 22 May 2014, remain effective until 23 August 2016 (both dates inclusive).”
The order prohibits Mr Teo from acting as an insurance intermediary or as a manager in an insurance intermediary as well as from “taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of a licensed financial adviser or exempt financial adviser in Singapore”.
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