MAS Notice FAA-N03 Information to Clients and Product Information Disclosure

Notices

Last Revised Date: 05 October 2018

Notice FAA-N03 Information to Clients and Product Information Disclosure

General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives.

Representative-related

Disclosures

Issued pursuant to:

Financial Advisers Act (Cap. 110) section 58

Applies to:

Licensed Financial Adviser

,

Exempt Financial Adviser

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Notice FAA-N03 Information to Clients and Product Information Disclosure

(491.9 KB)

This notice applies to:

Licensed financial advisers and their representatives.

Exempt financial advisers and their representatives.

Service companies and their representatives who are exempt under regulation 29 of the Financial Advisers Regulations

.

It sets out the information that should be disclosed to clients and the applicable standards of disclosure:

General information, including regulatory status, about the financial adviser and the representative.

Remuneration of the financial adviser.

Conflicts of interest.

Key features, benefits and risks of designated investment products.

Illustration of past and future performance of designated investment products.

Use of marketing materials.

08 Oct 2018

MAS Notice FAA-N03 (Amendment) 2017 (399.2 KB) takes effect.

20 Feb 2013

MAS Notice FAA-N03 (Amendment) 2013 (60.5 KB) takes effect.

26 Nov 2010 MAS Notice FAA-N03 (Amendment) 2010 takes effect.

01 Jul 2005 MAS Notice FAA-N03 (Amendment) 2005 takes effect.

18 Feb 2004 MAS Notice FAA-N03 (Amendment) 2004 takes effect.

22 Dec 2003 MAS Notice FAA-N03 (Amendment 02) 2003 takes effect.

20 Mar 2003 MAS Notice FAA-N03 (Amendment) 2003 takes effect.

Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.

Guidelines for financial advisers to safeguard the interest of clients when distributing life policies online without the provision of advice.

Outlines rules of thumb for individuals to address their savings, insurance, investment, retirement and legacy planning needs at different life stages.

Guidelines on the standards of conduct expected of financial advisers and their representatives when advising on structured deposits.

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.

Guidelines on the standards dealers and their representatives are required to adhere to when providing execution-related advice to clients.

Provides guidance to financial advisers and their representatives on when they must disclose the remuneration they receive for recommending, buying or selling an investment product to clients; and how they should disclose such remuneration.

Requirements and standards for life insurers as product providers.

Sets out that all licensed insurers are not allowed to pay volume or value-based incentives on the sale of any life policy excepted under stipulated conditions.

Proposed legislative amendments to raise the competency of FA representatives and quality of FA firms; lower distribution cost by enhancing market efficiency; and promote a culture of fair dealing.

Consultation number:

P022-2014

Start date:

02 October 2014

Closing date:

03 November 2014

MAS response date:

11 May 2015

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.