Prudential Singapore obtains regulatory approval to set up new financial advisory arm

Prudential Singapore has announced that it will be setting up a financial advisory (FA) firm to offer a wider range of products and services to its customers.

The life insurer had received approval from the Monetary Authority of Singapore (MAS) on 27 December 2022. Through the new FA arm, Prudential can now provide customers with more products and services complementary to its life insurance offerings. This includes wealth solutions and general insurance such as travel insurance and motor insurance.

The financial advisory firm adds to Prudential’s existing distribution channels comprising a tied agency of more than 5,000 financial consultants, exclusive bancassurance partners – United Overseas Bank (UOB) and Standard Chartered Bank (SCB) – as well as digital channels such as the Pulse by Prudential app.