Singapore’s financial regulator has imposed a S$30,000 ($22,859) fine on Coutts & Co for allowing a person to carry on fund management activity despite not being an appointed representative.

Singapore’s financial regulator has imposed a S$30,000 ($22,859) fine on Coutts & Co for allowing a person to carry on fund management activity despite not being an appointed representative.

Coutts allowed “one of its representatives to carry on business in the regulated activity of fund management from 19 March 2013 to 26 July 2013 when he was not an appointed representative, provisional representative or temporary representative in respect of that type of regulated activity,” the Monetary Authority of Singapore said on its website.

“All financial institutions should ensure that they do not permit any individual to conduct any type of regulated activity under the SFA on their behalf unless the individual is an appointed representative, provisional representative or temporary representative (as the case may be) in respect of that type of regulated activity,” it said.

In an emailed statement to this publication, Coutts said: “We sincerely regret the administrative lapse that has resulted in the SFA breach, as published on the Enforcement Actions page of the MAS website. After discovery, this activity was self reported to the MAS. We have amended our processes to prevent this from happening in the future.”

The non-UK part of Coutts is being put up for sale by UK-listed parent Royal Bank of Scotland. It has been reported that RBS has invited bids from at least 10 wealth management firms for the business, including the likes of DBS. To see more on that story, click here.