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: |
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:
Avallis Financial Pte.
Ltd., formerly First Principal Financial Pte Ltd (“Avallis”) Cornerstone Planners
Pte Ltd (“Cornerstone”) Financial Alliance
Pte. Ltd. (“Financial Alliance”) Frontier Wealth
Management Pte. Ltd. (“Frontier”) IPP Financial Advisers
Pte. Ltd. (“IPP”) JPARA Solutions Pte.
Ltd. (“JPARA”) Professional
Investment Advisory Services Pte Ltd (“PIAS”) Promiseland
Independent Pte. Ltd. (“Promiseland”) RAY Alliance Financial
Advisers Pte. Ltd. (“RAY”) WYNNES Financial
Advisers Pte. Ltd. (“WYNNES”)
|
Relief Sought by Appellant |
Reduction of financial penalties. |
