Wong Shi Jun, Rachel (Prohibition Order) - MAS Issues Prohibition Order Against Former AIA Representative for Misselling

Singapore, 9 September 2025… The Monetary Authority of Singapore (MAS) has issued a 3-year Prohibition Order (PO) against Ms Wong Shi Jun, Rachel under the Financial Services and Markets Act 2022 (FSMA), for misselling insurance products to a vulnerable client with intellectual disability.

2. Ms Wong was a former appointed representative of AIA Singapore Private Limited (AIA). In her role, her duties included providing advice about investment products and arranging contracts of insurance in respect of life policies.

3. MAS' investigations revealed that in October 2022, Ms Wong had recommended several insurance policies, including Investment Linked Products with complex features, to a vulnerable client. This was done without due consideration of his financial situation, limited educational qualifications, work and investment experience. MAS found that the client would not be able to afford the premiums payments for the full tenure of the policies.

4. During the sales process of these policies, Ms Wong was also found to have failed to take reasonable steps to collect and document information regarding the client's financial situation, or to document the basis of her recommendations of policies to the client.

5. In view of the above, Ms Wong was found to be in breach of section 36(1) of the Financial Advisers Act 2001 and paragraphs 11 and 35 of the Notice on Recommendations on Investment Products. Consequently, MAS is satisfied that Ms Wong is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA.

6. Under the terms of the PO, which took effect on 9 September 2025, Ms Wong is prohibited from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS, and from taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI)As defined in section 2 of the FSMA. For the same duration, she is also prohibited from becoming a substantial shareholder of any FI that is a corporation, or acquiring any interest in any voting share in the FI other than a voting share in which she already has an interest.

7. MAS requires all FIs and their representatives making recommendations on investment products, to demonstrate that these are suitable for customers, having considered their needs and financial circumstances. When recommending products to vulnerable clients, FIs must implement additional safeguards, and representatives who recommend unsuitable insurance products to vulnerable clients will face stiffer consequences.