Insurance agent banned for two years for misleading client

SINGAPORE – An insurance agent, who misled a client about the terms of a policy, has been banned from providing financial advice for two years.

Investigations showed that Mr Lim Chew Keat provided false information to a client about an investment-linked insurance policy, the Monetary Authority of Singapore (MAS) said in a statement on Wednesday (May 5).

He told the client that she could stop paying more premiums and withdraw what she had already paid part of the way through the policy term.

He also told her that the policy provider would match her first annual premium with an equivalent top up to the policy amount, when the actual agreement was for the provider to match only half of it.

Mr Lim has been barred from Tuesday for two years from providing any financial advisory service and from taking part in the management, becoming a director or becoming a substantial shareholder of any financial advisory firm under a prohibition order from MAS.

He was formerly employed by Synergy Financial Advisers (Synergy FA), which has since made a refund to the client and cancelled her policy.