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.
Guidelines
Last Revised Date: 28 February 2024
Guidelines on the Online Distribution of Life Policies With No Advice [FAA-G15]
Guidelines for financial advisers to safeguard the interest of clients when distributing life policies online without the provision of advice.
Technology Risk
Disclosures
Advisory and Sales
Complaints Handling
Applies to:
Licensed Financial Adviser
,
Exempt Financial Adviser
View Document
Guidelines on the Online Distribution of Life Policies With No Advice [FAA-G15]
(121.2 KB)
These guidelines apply to all licensed financial advisers and exempt financial advisers.
They set out the safeguards that financial advisers should put in place when distributing life policies online without advice which include:
Offer of equivalent Direct Purchase Insurance products (DPI).
Provision of key information.
Provision of tools and calculators.
Handling of queries, complaints and claims.
28 Feb 2024 FAA-G15 (Amendment) 2024 takes effect. 29 Jun 2018 FAA-G15 (Amendment) 2018 takes effect. 31 Mar 2017 Previous version issued on 31 Mar 2017 (57.9 KB) [Cancelled]
Informs insurers on the updated Guidelines on the Online Distribution of Life Policies with No Advice [ID 01/17].
Guidelines on safeguards that life insurers should put in place when distributing life policies online without the provision of advice.
Requirements for financial advisers and their representatives with respect to the distribution of direct purchase insurance products.
General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives.
Proposed recommendations aimed at raising the quality of financial advisers (FA) and competency of FA representatives, improving efficiency in the distribution of life insurance and investment products, and promoting a culture of fair dealing in Singapore.
Consultation number:
P004-2013
Start date:
05 March 2013
Closing date:
04 June 2013
MAS response date:
30 September 2013
Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.