MAS Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors and Independent Sales Audit Unit

Notices

Last Revised Date: 29 December 2025

Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework") and Independent Sales Audit Unit

Requirements on the balanced scorecard framework for representatives and supervisors of financial advisers, and the independent sales audit unit.

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Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework") and Independent Sales Audit Unit

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This notice applies to all licensed financial advisers and exempt financial advisers. It does not apply to a financial adviser in respect of the activities, recommendations or transactions set out under regulation 34A of the Financial Advisers Regulations

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It sets out the requirements, specifically the design and operation of the balanced scorecard framework, and the roles and responsibilities of the independent sales audit unit, that financial advisers must put in place in the remuneration structures for their representatives and supervisors.

29 December 2025 MAS Notice FAA-N20 (Amendment) 2025 (720.1 KB) takes effect. 5 October 2020 MAS Notice FAA-N20 (Amendment No. 2) 2020 (1.32 MB) takes effect. 16 April 2020 MAS Notice FAA-N20 (Amendment) 2020 (1.01 MB) takes effect.

This Compliance Toolkit is to guide and facilitate financial advisers’ compliance with the various MAS approval and reporting requirements and timelines.

Provides guidance to financial advisers on the scope of the BSC framework, including independence of the Independent Sales Audit Unit, reference checks and computation and recovery of remuneration from representatives and supervisors.

Proposed legislative amendments to enhance pre and post-transaction safeguards for retail clients

Consultation number:

P005-2024

Start date:

31 July 2024

Closing date:

30 August 2024

MAS response date:

28 March 2025

This circular sets out the following: a) definition of ‘supervisor’ and MAS’ policy intent with regard to the remuneration-related requirements under the BSC framework; b) factors to consider when determining whether a person is a ‘supervisor’ and non-exhaustive examples of acts of supervision; and c) clarification on...

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.