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Bank of Singapore uncovers misuse of medical benefits; fires some employees

SINGAPORE — The Bank of Singapore (BOS) has conducted a wide-ranging investigation into the misuse of medical benefits by staff who made claims for ineligible items such as bird's nest, sources have told CNA.

A woman walks past a Bank of Singapore office in Singapore on March 31, 2022.

A woman walks past a Bank of Singapore office in Singapore on March 31, 2022.

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SINGAPORE — The Bank of Singapore (BOS) has conducted a wide-ranging investigation into the misuse of medical benefits by staff who made claims for ineligible items such as bird's nest, sources have told CNA.

“Hundreds” of employees were involved in the investigation which ultimately led to some people being sacked, according to three OCBC Group employees who spoke to CNA on condition of anonymity on Thursday (Apr 25).

BOS, the private banking arm of OCBC Group, launched an investigation last year into employee medical claims involving one of its company panel clinics, the sources said. 

Those involved were found to have submitted claims for bird’s nest, skincare products, supplements and toothbrushes – items that are excluded under the company’s medical benefits.

They were told to pay back the money for these claims.

The “more serious cases” also had disciplinary outcomes that affected people's bonuses. They also did not receive a one-off cost-of-living support of S$1,000 (US$735) for junior staff across OCBC Group, CNA was told.

News of the dismissals and irregularities in staff medical claims at BOS was first reported by financial services careers website eFinancialCareers on Wednesday.

The article by eFinancialCareers said that BOS had sacked up to 40 employees last week after an investigation of past medical claims. A source with knowledge of the matter corroborated that number to CNA and confirmed that the dismissals occurred over two days last week.

CNA was told that OCBC is also conducting its own investigation, and has contacted the bank with separate questions.

In response to CNA’s queries, BOS said staff matters are “confidential”.

“Where wrongdoing is alleged, the matter will be investigated and reviewed according to the bank’s investigative and disciplinary framework ensuring a fair and robust process. Staff involved will be given the time and opportunity to be heard,” the spokesperson said.

“Should any wrongdoing be found after the conclusion of investigation and necessary disciplinary inquiry, the appropriate disciplinary actions will be undertaken.”

'AS SERIOUS AS DEFRAUDING THE BANK'

According to those who spoke to CNA, the matter had been brewing within BOS for some time, with those involved being called to disciplinary hearings which lasted “a few months”.

One employee, who was not involved in the investigation, said staff were told by managers that the incident was “as serious as defrauding the bank” and goes against the company’s key value of integrity.

The claims were made under the company’s medical insurance scheme, which allows employees to claim up to S$10,500 for medical and dental expenses.

The list of claimable items, which CNA has seen, includes outpatient consultation and medication issued by a general practitioner or specialist, non-aesthetic dental services, vaccinations, X-rays and blood tests.

Expenses that are not allowed to be claimed largely cover those that are not medically needed, such as cosmetic surgery, items such as toothbrushes and toothpaste, as well as care devices like wheelchairs.

CNA understands that BOS did not require itemised receipts for medical claims below S$200.

It is unclear what triggered the investigations, but sources said BOS had asked a clinic, which they said was on its panel of approved clinics, for its records over the past two years.

CNA understands the clinic to be Drs Thompson & Thomson, which is located in Raffles Place.

In an email dated Nov 10, 2023, seen by CNA, OCBC and BOS staff were informed that human resources would no longer reimburse invoices from Drs Thompson & Thomson dated from that same day.

“The restriction on the reimbursement of claims from Drs Thompson & Thomson applies to all employees and their dependants of OCBC Bank Limited, OCBC Management Services Private Limited, e2Power Private Limited, OCBC Securities Private Limited, OCBC Property Services Private Limited, Bank of Singapore Limited, BOS Trustee Limited and OCBC Overseas Investments Private Limited,” the email stated.

In response to queries, a spokesperson for Drs Thompson & Thomson said it was never on BOS' list of panel clinics.

"Since DTT (Drs Thompson & Thomson) is not on the panel, claims will have to be made independently by patients," said the spokesperson.

The clinic follows "strict protocols" to ensure "full compliance with all applicable regulations by the Ministry of Health", the spokesperson told CNA, adding that "detailed documentation of services rendered are in accordance with established guidelines". CNA

For more reports like this, visit cna.asia.

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