Singapore, 2 April 2012... The Monetary Authority of Singapore
(MAS) has announced the composition of the Review Panel for the Financial
Advisory Industry Review (FAIR).
2 The Review Panel will be chaired by MAS’ Assistant Managing
Director for Capital Markets, Mr Lee Chuan Teck, and comprise representatives
from industry associations, consumer bodies, the investment community, academia,
media, and other stakeholders. The panel composition is in Annex A.
3 The Review Panel will review and propose recommendations on
the five key thrusts of FAIR, as outlined by MAS Managing Director, Mr Ravi
Menon on 26 March 2012:
(i) raise the competence of financial advisory (FA) representatives;
(ii) raise the quality of FA firms;
(iii) make FA a dedicated service;
(iv) lower distribution costs; and
(v) promote a culture of fair dealing.
4 FAIR will build on the foundations laid by the industry-led
Committee on Efficient Distribution of Life Insurance (CEDLI) which, in 2000,
made far-reaching recommendations for the insurance industry on areas such as
needs-based advisory process, disclosure practices, and training and competency
requirements. FAIR will cover all firms engaged in the financial advisory
business – including banks, insurers, stockbrokers, financial advisory firms –
and their representatives, and all investment products regulated by MAS under
the Financial Advisers Act (CAP. 110).
5 Said Mr Lee Chuan Teck, Assistant Managing Director for
Capital Markets, MAS “Our vision is for financial institutions to put customers
first, and for customers to have access to affordable life insurance and
investments to meet their financial planning and retirement needs. We are not
there yet. Preliminary findings in a recent Mystery Shopping exercise that we
commissioned show that up to one-third of recommendations by FA representatives
were “clearly unsuitable” and representatives were not upfront in disclosing
fees and charges. FAIR is an opportunity for financial institutions and
consumers to build mutual trust, towards sustainable growth in the FA industry,
and a more secure financial future for Singaporeans.”
6 MAS invites consumers and industry practitioners to work
with us to achieve our objectives of financial institutions that consistently
deliver fair dealing outcomes and competent representatives who provide quality
advice. Please refer to Annex B for the questionnaire and feedback channels. The
completed questionnaire should reach MAS by 1 May 2012.
***
Feedback should be provided to MAS through:
Please provide us with the following when submitting your
feedback:
(i) your name;Please note that any submission received may be made public unless confidentiality is specifically requested for the whole or part of the submission. |
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