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Financial Advisers Penalised by CCS for Pressurising a Competitor to Withdraw Offer from the Life Insurance Market
17 March 2016
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Reference: | CCS 500/003/13 |
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Case Title | Financial Advisers Penalised by CCS for Pressurising a Competitor to Withdraw Offer from the Life Insurance Market |
Decision Date | 17 March 2016 |
Case Summary | The Competition Commission of Singapore (“CCS”) has issued an Infringement Decision (“ID”) against ten financial advisers in Singapore (collectively referred to as the “Parties”). The Parties were found to have infringed section 34 of the Competition Act (Cap.50B) (“the Act”) by engaging in an anti-competitive agreement to pressurise iFAST Financial Pte. Ltd. (“iFAST”) to withdraw its offer of a 50% commission rebate on life insurance products on the Fundsupermart.com website (“Fundsupermart Offer”). The Parties are:
Further information on the investigation, analysis of the case and the basis of calculation of the financial penalty imposed on the infringing parties are set out in the Infringement Decision. |
Useful links: | Infringement Decision and Media Release, Notice of Appeal, Competition Appeal Board's Decision on Appeal No. 1 of 2016 and Media Release |