Singapore’s financial services regulator has urged the financial advisory industry to put customers first, and has revealed the new Financial Advisory Industry Review.
Date: Mar 30, 2012
Singapore’s financial services regulator has urged the financial advisory industry to put customers first, and has revealed the new Financial Advisory Industry Review (FAIR).
According to a speech by Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), the main objectives of FAIR are to enhance the professional standing and competence of financial advisers; and to create a more competitive and efficient system for the distribution of life insurance and investment products.
The MAS aims to improve the product knowledge of the financial advisory representatives, as well as raising the entry requirements for them. As part of FAIR, MAS will review the minimum level of qualifications for the representatives, to ensure they stay relevant to the needs and expectations of consumers.
To raise the quality of financial advisory firms, MAS will review their management expertise and financial resources.