Former Great Eastern agent took client's money to settle debts

A former representative of The Great Eastern Life Assurance Company (GE) has been banned from giving financial advice for four years after taking her client's money to settle personal debts.

In a statement yesterday, the Monetary Authority of Singapore (MAS) said Ms Chan Seet Fun was issued the prohibition order, which took effect from yesterday.

MAS said Ms Chan's client gave her $12,900 to pay his premiums and interest charges while she was with GE.

Instead, Ms Chan used the money to settle her debts.

This took place between August and December in 2003.

The client only realised something was wrong after being told of the premiums and interest charges he owed GE in 2015.

He filed a complaint to GE the following year. GE investigated the matter before lodging a police report.

Ms Chan was convicted last November and was also fined $6,000 for criminal breach of trust.

The MAS order prohibits her from providing any financial advice and acting as a director, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act. She also cannot be a part of management in any insurance intermediary under the Insurance Act.

Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: "Where warranted, MAS will not hesitate to bar from the industry representatives who betray the trust of their clients."