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Appeals 2016

Appeals received by the Competition Appeal Board (CAB) in 2016.

Last updated 22 October 2025

Appeals 2016

Appeal Number: 1/2016

Appeal Title: Notice of Appeal by IPP Financial Advisers Pte Ltd on CCS Infringement Decision on Infringement of Section 34 Prohibition in relation to the distribution of individual life insurance products in Singapore

Date Received: 16 May 2016

CAB's Decision: Completed [PDF, 1.6 MB]

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”)

Read the full text of the Infringement Decision [PDF, 642 KB]

Relief Sought by Appellant

Reduction of financial penalties.