By Gabriel Chen
THE Monetary Authority of Singapore (MAS) has ordered three insurance brokers to cease providing financial advisory services for new transactions by today.
The central bank has found that Acclaim Insurance Brokers, Leadenhall Insurance Brokers, and Magnetron Insurance and Financial Services did not have adequate management oversight or control policies and procedures for their financial advisory operations.
The brokers, which are middlemen between clients and insurance firms, were also found to lack adequate monitoring of the conduct of their representatives or introducers as well as complaints investigation and resolution process.
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