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Singapore: Ten financial advisory firms probed for anticompetitive conduct

By  |  May 28, 2015

The Competition Commission of Singapore on Thursday issued a proposed infringement decision against 10 financial advisory firms for being involved in an anti-competitive agreement to pressurise iFAST Financial to withdraw its offer of a 50 per cent commission rebate on life insurance products on Fundsupermart.com.

The firms now have six weeks to make their representations for CCS to consider before it makes its final decision.

The 10 firms are: Cornerstone Planners, Financial Alliance, First Principal Financial, Frontier Wealth Management, IPP Financial Advisers, JPARA Solutions, Professional Investment Advisory Services, Promiseland Independent, Ray Alliance Financial Advisers, and Wynnes Financial Advisers.

 

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