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Ten financial advisers slapped with hefty fines for coercing iFAST
iFAST was forced to withdraw a life insurance product.
The Competition Commission of Singapore has penalised ten financial advisers for coercing iFAST Financial to withdraw its offer of a 50% commission rebate on competing life insurance products on the Fundsupermart.com website.
The ten financial advisers will suffer fines ranging from $5,000 to $405,114. The companies which suffered the biggest fines are Professional Investment Advisory Services (PIAS) and the IPP Financial Advisers, which will have to pay $405,114 and $239,851 respectively.
The case stemmed from iFAST’s Fundsupermart Offer, which was launched in April 30, 2013 and allowed purchasers of life insurance policies to enjoy cost savings from a 50% commission rebate. A few days later, on 3 May 2013, iFAST withdrew its Fundsupermart Offer.
The move prevented iFAST from providing a lower-cost offer to consumers restricted and was likely to have an adverse effect on competition in the market. The ten financial advisers have thus infringed the Competition Act.
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