The Monetary Authority of Singapore (MAS) has issued a guide on "good practices for licensed and exe...
The Monetary Authority of Singapore (MAS) has issued a guide on "good practices for licensed and exempt financial advisers."
According to MAS, the paper on Good Practices for Licensed and Exempt Financial Advisers is designed to assist IFAs to "enhance their advisory and sales process, complaints handling, compliance function and competency levels of their representatives."
The good practices of some advisers that have been noted by MAS in supervising the sector have been highlighted in the paper. "Some of the good practices highlighted include the controls and safeguards put in place by some advisers when providing financial advisory services to customers with limited knowledge of investment products and at seminars and promotional events to avoid consumers being pressured into making hasty investment decisions.
"The paper recommends that financial advisers adopt a remuneration structure for representatives that reward the building of longer-term relationships with clients, the provision of good advice and compliance with regulatory requirements. In addition, the paper highlights the importance of advisers having a robust compliance function. Financial advisers should continually review and improve their processes and procedures to enable them to meet high standards of business conduct. This will enhance consumer confidence in the financial advisory industry."
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