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The Monetary Authority of Singapore (MAS) has imposed a five-year prohibition order (PO) on Mr Pan Qi, a former representative of Oversea-Chinese Banking Corporation Ltd (OCBC). This decision follows investigations into Mr Pan’s dishonest conduct, including unauthorised transactions and misrepresentation to clients.
Mr Pan’s misconduct, which led to the issuance of the prohibition order, occurred during his time as a representative of OCBC, where he was responsible for providing financial advisory services. Investigations revealed that Mr Pan had conducted unauthorised transactions in a client’s account and subsequently misrepresented these transactions to the client.
According to MAS, Mr Pan’s actions were deemed to have violated the standards of integrity and honesty required of individuals in the financial services sector. In one instance, Mr Pan was found to have used his client’s funds without authorisation, leading to significant losses for the client. Additionally, Mr Pan was found to have provided misleading information to the client to cover up his unauthorised activities.
MAS emphasised that Mr Pan’s conduct demonstrated a lack of integrity, which is critical in maintaining trust in Singapore’s financial system. The regulatory body concluded that the prohibition order was necessary to protect the public and ensure that individuals who do not meet the requisite standards of conduct are not allowed to continue working in the financial services industry.
The Monetary Authority of Singapore has reiterated its commitment to upholding high standards of conduct within the financial services sector. In its statement, MAS stressed the importance of trust and integrity in ensuring the proper functioning of financial markets and protecting investors. The prohibition order against Mr Pan serves as a reminder of the consequences for individuals who fail to adhere to these standards.
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments and Financial Crime) at MAS, stated, “Financial advisers and representatives are expected to act with honesty and integrity in their dealings with clients. The prohibition order against Mr Pan reflects MAS’s zero-tolerance approach towards dishonest conduct in the financial sector.”
Under the prohibition order, Mr Pan will be unable to conduct any regulated activity under the Financial Advisers Act (FAA) or the Securities and Futures Act (SFA). This includes providing investment advice, dealing in securities, or managing investment portfolios. The order also prevents him from holding any managerial position in a financial institution during the five-year period.