IMAS iLearn
For Investment Management

Decision-Making Biases and Heuristics Which Contribute to Unethical BehaviorNEW

For MAS Core CPD requirements.

This course enables appointed representatives of capital market service licensees who serve retail investors to meet the MAS’ requirement that they must complete 6 hours of relevant continuing professional development (CPD) training in ethics or rules and regulations, which are accredited by the Institute of Banking and Finance, by the end of every calendar year.


This course is designed to meet the MAS’ requirement under SFA04-N09 where an appointed representative of a holder of a capital markets services licence is required to complete 6 hours of Core CPD training in ethics, rules or regulations or both, that is relevant to the type of regulated activity he conducts.

With effect from 1 January 2019, under the MAS’ Notice on Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions (“SFA04-N09”), an appointed representative of a holder of a capital markets services (CMS) licence must complete by the end of every calendar year: 
1. Core CPD hours: 6 hours in ethics or rules and regulations or both, which is relevant to the type or types of regulated activity he carries out; and

2. Supplementary CPD hours: 3 hours of relevant training courses.

Only training hours of courses in ethics or rules and regulations, or both, as the case may be, which are accredited by IBF as a Core CPD course will be counted towards the Core CPD hours.


This module is interactive, in video format, which showcases the cautionary tale of Tipper X, or Tom Hardin.

Course instructor Tom Hardin was previously a young investment analyst working in the hedge fund industry in the United States. In 2008, as part of a cooperation agreement with the U.S. Department of Justice, Hardin assisted the U.S. government in understanding how insider trading occurred in the investment management industry. Known as “Tipper X,” Hardin became one of the most prolific informants in securities fraud history, helping to build over 20 of the 80+ individual criminal cases in “Operation Perfect Hedge,” a Wall Street house cleaning campaign that morphed into the largest insider trading investigation of a generation. With his tipoffs, the FBI was able to crack the largest insider trading ring on Wall Street, leading to the arrest of Raj Rajaratnam, the founder of, and subsequent closure of Galleon Group, then one of the largest hedge funds in the world.

Through vivid storytelling, Hardin shares his journey down the slippery slope into unethical and illegal activity, highlighting the psychological traps which pulled him into a spiral of rationalization. Throughout the course, Hardin introduces the behavioral ethics biases which impacted his decision-making, including cognitive errors, organizational pressures and situational factors. Hardin will also provide organizational solutions for preventing unethical behavior and a framework for recognizing its warning signs.


E-Learning, Interactive Video Format


IMAS Member & Non-Member Promotional Rate: $488.00

This course is recognised under the Financial Training Scheme (FTS) and is eligible for FTS claims subject to all eligibility criteria being met. Please note that in no way does this represent an endorsement of the quality of the training provider and course.  Participants are advised to assess the suitability of the programme and its relevance to participants’ business activities or job roles. 

The FTS is available to eligible entities based on the prevalent funding eligibility, quantum and caps. FTS claims may only be made for recognised programmes with specified validity period. Please refer to for more information. 

Total Duration:
1 hour
Prog. type:
IMAS Secretariat
3 Phillip Street
Royal Group Building #07-01
Singapore 048693
Tel: +65 6223 7213
Fax: +65 6223 9352