1 MAS has issued two prohibition orders against Mr Ho Chee Hui (Mr Ho), a former representative of The Great Eastern Life Assurance Company Limited (GELS), prohibiting him for a period of 2 years from:

(a) carrying on business as an insurance intermediary and from taking part, directly or indirectly, in the management of any insurance intermediary in Singapore; and

(b) providing any financial advisory service and 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.

2 On 29 September 2016, Mr Ho was convicted in the State Courts on one charge of criminal breach of trust under section 406 of the Penal Code (Cap. 224) for misappropriating his client's insurance premium, while acting as a representative of GELS.

3 The prohibition orders against Mr Ho were issued by MAS pursuant to section 35V(1)(a) of the Insurance Act (Cap. 142) and section 59(1)(d) of the Financial Advisers Act (Cap. 110) and took effect from 25 August 2017.

Source: Monetary Authority of Singapore