A firm that provided fund management services has had its licence taken away by the Singaporean regulator after a number of rule breaches.

Singapore-based V Wealth Capital Pte has had its status as a registered fund management company withdrawn by the Asian jurisdiction for a number of failings.

The Monetary Authority of Singapore removed the status from the firm with effect from 20 May, which means V Wealth can longer work as a fund management business in the Asian city state.

V Wealth failed to inform the MAS of changes such as to its principal place of business, the resignation of its director and alterations to the personal particulars of its director. It also did not submit an auditor’s report and accompanying financial statements and failed to give MAS information as requested.