MAS submits 4 additional proposals on new financial advisory rules

Includes an introducer agreement stipulation.

In a release, the Monetary Authority of Singapore (MAS) said it has released a consultation paper on the recommendations of the Financial Advisory Industry Review (FAIR). The consultation paper seeks feedback on all the recommendations made by the FAIR Panel as well as some additional recommendations from MAS.

The FAIR Panel concluded its review of the financial advisory (FA) industry late last year and released a report on 16 January 2013 with 28 recommendations.

MAS said it has reviewed the report and agrees in principle, to the recommendations made by the FAIR Panel. MAS has also made additional recommendations to facilitate the implementation of the FAIR Panel’s recommendations, including:

1. Providing details of how the Balanced Scorecard Framework for remunerating FA representatives will be operationalised across the
industry;

2. Elaborating on the FAIR Panel’s proposals to strengthen the complaints handling and resolution processes of FA firms and incorporating the enhanced requirements in the Financial Advisers Act;

3. Grandfathering former FA representatives who are on a short careerbreak from the FA industry, should the proposal to raise the minimum
academic entry requirement be adopted; and

4. Allowing FA firms to enter into introducer agreements with corporations only.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia