Regulatory Alerts2018-10-08
Added
Guidelines on Switching of Designated Investment Products [FAA-G10]
The Monetary Authority of Singapore issued these guidelines to regulate licensed and exempt financial advisers regarding the switching of designated investment products. The document mandates specific controls, written disclosures, and monitoring procedures to prevent representatives from advising clients on switches that are detrimental to their interests. It further requires remuneration structures that discourage undesirable switching practices to ensure client protection.
Guidelines
Last Revised Date: 08 October 2018
Guidelines on Switching of Designated Investment Products [FAA-G10]
Guidelines on safeguards to guard against representatives advising clients to switch from one designated investment product to another in a manner detrimental to the client.
Representative-related
Disclosures
Advisory and Sales
Remuneration
Record Keeping
Applies to:
Licensed Financial Adviser
,
Exempt Financial Adviser
View Document
Guidelines on Switching of Designated Investment Products [FAA-G10]
(240.7 KB)
These guidelines apply to all licensed financial advisers and exempt financial advisers.
They set out the controls, processes and procedures that financial advisers should put in place to monitor switching and guard against representatives advising clients to switch from one designated investment product to another in a manner that would be detrimental to the client, including:
General obligations when making recommendations to clients.
Written disclosure requirements.
Monitoring of switching of designated investment products.
Remuneration structure to discourage undesirable switching.
26 Nov 2010 Previous version last revised on 26 November 2010 (125.8 KB) [Cancelled]
Requirements for financial advisers when advising on dual currency investments.
General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives.
Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.
Proposed guidance on safeguards to guard against representatives advising clients to switch from one designated investment product (i.e. a collective investment scheme, a life policy or any other investment product prescribed by MAS) to another, that is detrimental to the client.
Consultation number:
P006 - 2004
Start date:
14 June 2004
Closing date:
14 July 2004
MAS response date:
26 October 2004