Financial Advisers: FA's Rep held himself out as FA.
The Monetary Authority of Singapore has reprimanded a representative of a financial adviser for holding himself out as a financial adviser.
On 9 February 2010, MAS reprimanded Mr. Tan Hwee Huat Ernest for his breaches of sections 21(1) and 22(1) of the Financial Advisers Act.
Tan was a representative of a financial adviser. However, on 27 December 2007 he set up a sole proprietorship, BeRich Wealth Management “BeRich.”
At some point before 25 September 2008 he launched and operated the website of BeRich.
Words used on the website indicated that BeRich had carried on business as a financial adviser and held itself out to be a financial adviser, even though BeRich and Mr. Tan were not licensed financial advisers, exempt financial advisers or persons specified in the First Schedule to the Financial Advisers Act
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