Former financial adviser gets four-year ban in Singapore

Court found her guilty of using client’s money for personal purposes

Former financial adviser gets four-year ban in Singapore

Insurance News

By Gabriel Olano

The Monetary Authority of Singapore (MAS) has issued a four-year prohibition order (PO) against Suzannah Khoo Lee Sun, following her conviction in the State Courts for an offence involving dishonesty, due to misappropriating the money of a client.

The PO, which took effect on July 02, will bar Khoo from providing any financial advisory services, taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. She is also forbidden from working as or managing an insurance intermediary under the Insurance Act.

In September 2012, Khoo, then a representative of Prudential Singapore, was entrusted with SG$3,735.48 by a client as payment for insurance premiums for Prudential. However, Khoo did not deposit the money with the insurer and instead used it for personal purposes.

On November 27, 2020 Khoo pleaded guilty and was convicted of one count of criminal breach of trust. She was made to pay a fine of SG$9,000.

According to MAS, while Khoo is no longer a financial advisory representative in Singapore, the PO was issued to safeguard the integrity of and trust in Singapore’s financial sector.

“Ms Khoo’s conviction gave MAS reason to believe that she had not performed the type of financial advisory services for which she was appointed honestly,” the regulator said.

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