Regulatory Alerts2024-02-28
Added
Guidelines on the Online Distribution of Life Policies With No Advice [FAA-G15]
The Monetary Authority of Singapore issued these guidelines to safeguard client interests when licensed and exempt financial advisers distribute life policies online without providing advice. The document mandates specific safeguards including the offer of equivalent Direct Purchase Insurance products, provision of key information and calculators, and robust handling of queries and complaints. These requirements apply to all financial advisers and their representatives to ensure fair dealing and transparency in the digital distribution of life insurance products.