In forceAmended2020 Revised Edition

Contents

Financial Advisers Act 2001 · 2020 Revised Edition · Part 10 · Miscellaneous

125. Power to reprimand for misconduct

Amended

Last amended by an amending law of 2024. 3 amendments in all.

(1)

Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the public interest or for the protection of investors or policy owners, reprimand the relevant person.

(1A)

The Authority may, under subsection (1), reprimand a person who has ceased to be a relevant person, if the person was a relevant person at the time of the misconduct.

(2)

In this section —

“misconduct” means —

(a)

the contravention of —

(i)

any provision of this Act;

(ii)

any condition or restriction of a financial adviser’s licence or an exemption granted under this Act;

(iii)

any written direction made by the Authority under this Act;

(iv)

any condition or restriction imposed on an appointed or provisional representative under section 31; or

(v)

any code, guideline, policy statement or practice note issued or published under section 74;

(b)

the failure by an officer of a licensed financial adviser or an exempt financial adviser to discharge any duty or function of his or her office; or

(c)

the commission of an offence under section 111 or 112(1);

“officer” —

(a)

in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, and includes a person purporting to act in any such capacity; or

(b)

in relation to an unincorporated association (other than a partnership), means the president, the secretary, or a member of the committee of the association or a person holding a position analogous to that of president, secretary or member of a committee, and includes a person purporting to act in any such capacity;

“partner” includes a person purporting to act as a partner;

“relevant person” means any licensed financial adviser, exempt financial adviser, representative, supervisor of a financial adviser, or officer or partner of a licensed financial adviser or an exempt financial adviser.[97

Terms defined in s 2

Authority
Defined · s 2
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
Open s 2
director
Defined · s 2
“director” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
exempt financial adviser
Defined · s 2
“exempt financial adviser” means a financial adviser who is exempt under section 20(1) from holding a financial adviser’s licence;
Open s 2
financial adviser
Defined · s 2
“financial adviser” means a person who carries on a business of providing any financial advisory service, but does not include any person specified in the First Schedule;
Open s 2
officer
Defined · s 2
“officer” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
provisional representative
Defined · s 2
“provisional representative”, in respect of a type of financial advisory service, has the meaning given to that expression by section 24, and “provisional representative” means a provisional representative in respect of any type of financial advisory service;
Open s 2
representative
Defined · s 2
“representative” means a person, by whatever name called, in the direct employment of, or acting for, or by arrangement with, a financial adviser, who performs on behalf of the financial adviser any financial advisory service, whether or not the person is remunerated, and whether the person’s remuneration (if any) is by way of salary, wages, commission or otherwise, and includes any officer of the financial adviser who performs for the financial adviser any financial advisory service whether or not the officer is remunerated, and whether the officer’s remuneration (if any) is by way of salary, wages, commission or otherwise;
Open s 2
supervisor
Defined · s 2
“supervisor”, in relation to a financial adviser, means any person (by whatever name described) who —(a)is in the direct employment of, is acting for, or has an arrangement with the financial adviser; and(b)is responsible, whether directly or indirectly, for the supervision or management of the conduct and performance of any representative of the financial adviser or another supervisor;
Open s 2
written direction
Defined · s 2
“written direction” means a written direction issued under section 67.
Open s 2

Report

Read on from s 126

Schedules

Read on from Schedules

Details

Financial Advisers Act 2001 · s 125

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Judgments that cite this Act

13 in all

An employer could set an employee's reserve balance against sums he owed it SummaryDabbs, Matthew Edward v AAM Advisory Pte Ltd · [2024] SGHC 260
Lee Siew Eng Helen v Public Prosecutor[2005] SGHC 141
GYC Financial Planning Pte Ltd and Another v Prudential Assurance Company Singapore (Pte) Ltd[2006] SGHC 71

Where this comes from

Singapore Statutes Online · Financial Advisers Act 2001, 2020 Revised Edition. Reader record updated on 7 Oct 2026.

Singapore legislation is Government copyright, used with the permission of the Attorney-General’s Chambers. Check Singapore Statutes Online for the latest version.

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