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Notice of Appeal by IPP Financial Advisers Pte Ltd on CCS Infringement Decision in relation to the distribution of individual life insurance products in Singapore
 
Appeal Number:
1/2016
Appellant :
IPP Financial Advisers Pte Ltd
Date Received:
Notice of Appeal received on 16 May 2016
Summary of CCS Decision that Appeal Relates:
 
  1. 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”).

     

  2. The Parties are:

  1. Avallis Financial Pte. Ltd., formerly First Principal Financial Pte Ltd (“Avallis”)

  2. Cornerstone Planners Pte Ltd (“Cornerstone”)

  3. Financial Alliance Pte. Ltd. (“Financial Alliance”)

  4. Frontier Wealth Management Pte. Ltd. (“Frontier”)

  5. IPP Financial Advisers Pte. Ltd. (“IPP”)

  6. JPARA Solutions Pte. Ltd. (“JPARA”)

  7. Professional Investment Advisory Services Pte Ltd (“PIAS”)

  8. Promiseland Independent Pte. Ltd. (“Promiseland”)

  9. RAY Alliance Financial Advisers Pte. Ltd. (“RAY”)

  10. WYNNES Financial Advisers Pte. Ltd. (“WYNNES”)

 
 
 
Relief Sought by Appellant
Reduction of financial penalties.
 
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