The Monetary Authority of Singapore has issued a five-year prohibition order against Zeng Xuan, a former representative of Oversea-Chinese Banking Corporation, following her conviction in the State Courts for an offence involving fraud and dishonesty.
Zeng is prohibited from providing any financial advisory service, and from taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm licensed or exempt under the Financial Advisers Act.
The order took effect from 23 February 2022.
In December 2017, Zeng's client asked her if additional premiums for his pre-existing medical condition could be waived, as he wanted to buy three policies.
In order to meet her sales target, Zeng lied to her client that additional premiums would not apply to his insurance policies despite knowing that the insurer had not agreed to the waiver.
Zeng also added a clause into the insurance application form to falsely state that her client had consented to the additional premiums. The premiums paid by the client went towards one policy, instead of three policies as the client was led to believe.
Zeng subsequently forged further documents when the client asked for documentation relating to the other two policies that he thought he had bought.
On 5 August 2021, Zeng pleaded guilty and was convicted by the State Courts of one count of forgery under section 465 of the Penal Code. Zeng was sentenced to two weeks' imprisonment.
The prohibition order was issued against her in view of her conviction.
Additionally, Zeng's conviction gave MAS reason to believe that she has not and will not perform financial advisory services honestly.
