“The Competition Commission of Singapore (CCS) on Thursday (Mar 17) penalised 10 financial advisers for collectively pressurising a competitor to withdraw an offer from the life insurance market.
On Apr 30, 2013, iFAST Financial had offered a 50 per cent commission rebate on life insurance products on its online platform, Fundsupermart.com. But the offer was withdrawn a few days later, on May 3.
Investigations by the CCS later revealed that on May 2, a group of financial advisory firms had decided to pressure iFAST into withdrawing the offer from its portal.
The Parties’ conduct to collectively pressurise iFAST into withdrawing the Fundsupermart offer prevented the life insurance market from shifting to a more competitive state.”