Regulatory Alerts2016-01-01
Added · Updated
MAS Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors and Independent Sales Audit Unit
Licensed and exempt financial advisers must implement a balanced scorecard framework to measure specified variable income against non-sales key performance indicators for representatives and supervisors. The framework requires an independent sales audit unit to conduct post-transaction checks and sampling, with specific minimum sample sizes and grading tables determining the percentage of variable income payable. The notice mandates the recovery of specified variable income for infractions, establishes appeal avenues, and imposes record-keeping and reporting obligations on the board and senior management.
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