Background

Between March 2018 and June 2019, Mr Andrew Tiew Siew Ing, then a representative of AXA Insurance Pte Ltd (now HSBC Lift Singapore), induced an individual to transfer more than S$570,000 to him under the pretext of fictitious investment plans and a bogus Malaysian property sale. He was convicted of cheating under the Penal Code in December 2024 and sentenced to 32 months’ imprisonment. Following his conviction, MAS determined that Mr Tiew is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the Financial Services and Markets Act 2022 [“FSMA”]. On 6 July 2026, MAS issued a 10-year prohibition order [“PO”] against him under the FSMA, barring him from all MAS-regulated activities and from managing, directing or partnering in any financial institution.

Key Observations

a. Nature of the Misconduct

1. Exploitation of Professional Trust: Mr Tiew leveraged his industry credibility to sell non-existent “investment plans” to the son of a former customer — dishonesty rooted in personal integrity failure rather than technical regulatory breach. 
   
2. Conduct Outside Licensed Activity Still Counts: The offences were not committed in the course of regulated activity yet still destroyed his fit and proper standing. Integrity is assessed on total conduct, not just on-the-job behaviour. 
   
3. Criminal Conviction as Trigger: A Penal Code cheating conviction — not a securities or insurance offence — was sufficient basis for the PO. 
   

b. Regulatory Signals 

1. Industry-Wide Reach of FSMA POs: Unlike the older sectoral regimes, the FSMA PO shuts Mr Tiew out of the entire financial sector for 10 years, closing any lateral re-entry route (e.g. moving from insurance into fund management). 
   
2. Duration Calibrated to Severity: The 10-year term reflects the premeditated nature of the deception and the scale of consumer harm. 

What’s Next?

FIs should routinely obtain PO records from MAS during recruitment and reference checks, as gaps in screening may allow tainted individuals to resurface elsewhere in the sector. FIs must ensure any representative misconduct is investigated and reported to MAS promptly, as MAS tracks the individuals across the industry using its powers from the FSMA.

How Can We Help?

Capital Governance assists stakeholders through:  

1. Fit & Proper Governance Advisory: Ongoing assessment frameworks and training so boards and senior management understand their obligations under the fit and proper regime. 
   
   
2. Misconduct Investigation & Reporting Frameworks: Policies and escalation procedures to ensure representative misconduct is identified, documented and reported to MAS within required timelines. 
   
3. Representative Screening & Onboarding Due Diligence: Structured background and fit-and-proper checks, including verification of MAS prohibition order records before appointment. 

And more…