Regulatory Alerts2019-08-30
Added
Notice FAA-N19 Distribution of Direct Purchase Insurance Products
The Monetary Authority of Singapore issued Notice FAA-N19 to regulate licensed and exempt financial advisers and their representatives regarding the distribution of direct purchase insurance products. The notice mandates the implementation of specific safeguards, internal policies, and clear role definitions to ensure proper product information disclosure and query resolution. These requirements aim to protect client interests and promote fair dealing practices in the financial advisory sector.
Notices
Published Date: 30 August 2019
Notice FAA-N19 Distribution of Direct Purchase Insurance Products
Requirements for financial advisers and their representatives with respect to the distribution of direct purchase insurance products.
Representative-related
Disclosures
Advisory and Sales
Issued pursuant to:
Financial Advisers Act (Cap. 110) section 58
Applies to:
Licensed Financial Adviser
,
Exempt Financial Adviser
View Notice
Notice FAA-N19 Distribution of Direct Purchase Insurance Products
(342.7 KB)
This notice applies to licensed financial advisers, exempt financial advisers and their representatives.
It covers the following requirements in respect of the distribution of direct purchase insurance products:
Implementation of safeguards.
Provision of product information.
Provision of avenues to address general queries.
Implementation of internal policies and processes.
Roles and responsibilities of a representative or customer service officer.
30 August 2019 FAA-N19 (Amendment) 2019 takes effect (249.2 KB) 30 March 2015 Previous version issued on 30 Mar 2015 (42.4 KB) [Cancelled]
Guidelines for financial advisers to safeguard the interest of clients when distributing life policies online without the provision of advice.
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.