Regulatory Alerts2022-06-01
Added
Financial Advisers (Complaints Handling and Resolution) Regulations 2021
The Monetary Authority of Singapore issued these Regulations to mandate that licensed and exempt financial advisers establish dedicated units and robust processes for handling and resolving complaints from retail clients. The rules require advisers to acknowledge complaints within two business days, provide final responses within twenty business days, maintain detailed records for five years, and submit biannual compliance reports to the Authority. Failure to adhere to these obligations constitutes an offence punishable by fines, while the Authority retains the power to direct specific advisers or classes of advisers to conduct compliance reviews.
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