Week 7 Topic 8 Corporate Finance Part 2 The Role of Financial Advisers

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Week 7
Topic 8
Corporate Finance Part 2
The role of financial advisers
Key issues
• This topic follow on from the raising of funds from the public.
• The public need to seek advice from professionals in determining
whether to invest or not.
• Who do they seek advice from in Singapore?
• The role of the financial adviser
• The law relating to a financial adviser in Singapore
Purpose of lecture
• The purpose of this lecture is to give you a background and
understanding of the financial services industry in Singapore
• Whether you are accountants or financial advisers your future clients
will want advice about their retirement goals and investments
• It is important that you have a good understanding of the system in
Singapore.
• You will note that there is a lot of rules and legislation relating to this.
• Do not get booged down in the minute detail but develop an
appreciation of the key issues and what your role will be in the
process as accountants or financial advisers
Key Issues
• Background to the financial services industry in Singapore
• Relevant legislation and professional bodies in Singapore
• Responsibilities of the financial adviser
Background
• Financial scandals around the world and in Singapore lead to rules
imposed by the Government
• See link below for an examples:
• https://www.bloomberg.com/news/features/2022-02-10/singapore-
elites-shaken-by-1-1b-massive-nickel-trading-scandal
• https://www.reuters.com/article/us-financial-singapore-investors-
idUSTRE4A61O320081107
Background
• Financial planning is a regulated activity in Singapore.
• Singapore is one of the first countries to introduce legislation that
requires a person to be licensed before he can practice as a ‘financial
planner’.
• Consumers in the financial market need to feel confident that the
market is one that is well regulated and operates fairly.
• If they feel that they cannot trust the regulatory environment, they
will not participate in the market.
• In Singapore, the financial services industry is controlled mainly by
the Monetary Authority of Singapore.
Background
• We will discuss the financial system of Singapore and the roles and
involvements of the various regulatory bodies in Singapore in relation
to the financial planning profession.
• Given that financial planning is a distinct element within the spectrum
of financial services, it is critical that you understand these areas as
many of you will be accountants and or financial advisers
Background
• In recent years, Singapore has emerged as a centre for the wealth-
management industry catering to high-net-worth individuals.
• This is due to strong growth in emerging Asian financial markets as
well as tightening financial regulations in the western countries after
the global finance crisis.
• The financial system can be broadly divided into two areas:
• the Banking System, and
• the Non-bank Financial Intermediaries.
• The Monetary Authority of Singapore is the regulatory body that
supervises all the activities in the financial market.
Background
• The Banking System includes:
• Commercial Banks
• Investment Banks and Brokerages
• Finance Companies
• The Non-bank Financial Intermediaries include:
• Insurance Companies
• Pension Funds
• Asset Management Firms
• Venture Capital and Private Equity Firms
• Financial Leasing Companies
The Financial Planning Industry in Singapore

• Financial planning is still a relatively young industry in Singapore.
• However, it is an increasingly important area in which Singaporeans seek to maximize the
potential of their hard-earned money.
• In the early days, most individuals had little choice in the way they planned their
finances. Investment options were rather limited and so were the services provided by
financial institutions.
• The stock market was seen as only for those with the financial means, and was not
within reach of most of the population.
• Life insurance policies were often both used and promoted as investment vehicles.
• During periods of high inflation, many of these products fell short of their potential. At
the same time, financial markets were aggressively developing new investment products
to give investors wider choices.
• It was against this backdrop that pressure mounted for greater freedom in the
development of the financial market, thereby providing a greater range of options to
consumers
The Financial Planning Industry in Singapore

• In the meantime, financial services were taking on an increased complexity,
due mainly to:
Economic uncertainties fuelled by inflation, fluctuating interest rates
and
The rapid growth of information technology-driven global investment
strategies.
The 2008 global financial crisis is a good example of the uncertainties to
which people were exposed.
Changing tax laws and the imposition of self-assessment entrusted more
responsibilities upon the shoulders of taxpayers in Singapore.
These events paved the way for financial planners to fill the void created by
growing demands for holistic professional planning advice
Legislation to be aware of
• Monetary Authority Act of Singapore (MAS)
• Financial Advisers Act
• Securities Futures Act
• Personal Data Protection Act (PDPA)
• Singapore has a strict and rigorous Anti-Money Laundering (AML) and
Countering the Financing of Terrorism (CFT) regime to ensure that
Singapore is not a haven for money launderers and terrorist
financiers.
Regulatory Bodies
• As the financial services industry grew, bodies associated with the
financial planning industry grew as well as legislation
• These were groups that looked after the interest of the financial
advisers
• These were groups that looked after the manufacturers of financial
products
• These were the regulators
Financial Planning Association of Singapore

(FPAS)
• Was established on 1st December 1998. It is a non profit professional
association dedicated to developing and promoting an industry
providing unbiased financial advice to the Singaporean public.
• FPAS is a professional organization for the financial planning industry
in Singapore and is the organization which represents AFPCM
practitioners, AWPCM practitioners and CFP® practitioners.
Financial Planning Association of Singapore

(FPAS) aims
• FPAS aims are:
• Educate and inform the public of the need for objective professional advice in
making secure financial decisions;
• Ensure sufficient professional and ethical standards to maintain the
confidence and trust of existing and prospective customers;
• Provide members with education, training, and information to enhance their
provision of objective professional financial advice;
• Develop and maintain high ethical standards for members; and
• Represent the industry and its members to ensure an operating environment
which is conducive to providing high quality financial advice.
Other bodies
• Life Insurance Association
• General Insurance Association
• Investment Management Association of Singapore (IMAS)
• Singapore Insurance Brokers Association (SIBA)
• Association of Financial Advisers in Singapore AFA(S)
• Singapore College of Insurance (SCI)
Role and Purpose Government Bodies

• The Monetary Authority of Singapore (MAS) is the regulatory body of
Singapore’s financial services sector.
• Its supervisory approach is one that is risk focused, stakeholder
reliant, disclosure based and business friendly.
• Having a risk focused approach means being able to allow well-
managed institutions more flexibility while being stricter with the
weaker ones.
• The MAS places the primary responsibility for risk oversight on the
boards and senior management of financial institutions
• Provides an over view of the financial services sector in Singapore
The Financial Advisers Act (FAA)

• On 1 October 2002, a new legislation known as the Financial Advisers Act came
into operation to regulate the sale of investment products in Singapore and the
financial advisers.
• The FAA consolidates the previous regulatory regimes governing the provision of
financial advisory services in respect of securities, futures, and life policies, which
were contained in three different Acts, namely, Securities Industry Act (SIA),
Future Trading Act (FTA), and Insurance Intermediaries Act, into a single piece of
legislation.
• This has provided a consistent set of requirements and regulations of market
intermediaries engaging in similar activities across investment products.
• The FAA governs financial advisory activities in respect of investment products
and the distribution or marketing of specific functionally similar investment
products, namely life insurance policies and collective investment schemes,
including unit trusts.
The Financial Advisers Act

• It also governs the business conduct of persons providing financial advisory
services.
• Key issues under the FAA include the following:
• A financial adviser is required to have only one license to give advice on a range of
financial products. Individuals who act on behalf of the financial advisers, also known
as financial adviser representatives, must also be licensed by the MAS.
• Licensed financial advisers must meet certain prudential requirements such as
minimum paid-up capital and financial resource requirements and must have
professional indemnity insurance.
• Financial Institutions that are already supervised by the MAS under other acts are
exempt from licensing requirements but are required to comply with the same rules
as licensed financial advisers.
• Generally circulated advice in marketing brochures, seminars, and workshops are
exempted from the reasonable basis requirement
The Financial Advisers Act

• Under the FAA, the MAS regulates only certain aspects of financial planning
mainly relating to securities, futures, and insurance.
• Tax and Estate planning activities do not come under MAS’ regulatory ambit.
• Specifically, the FAA regulates the following activities:
• Providing advice on investment products including securities (which includes unit trusts),
futures contracts, foreign exchange and leveraged foreign exchange contracts, and life
insurance policies (which includes investment-linked life insurance products);
• Issuing reports on investment products;
• Marketing collective investment schemes, i.e., unit trusts; and
• Arranging life insurance products
• This is because the goal of the FAA is to regulate products with an investment
element.
• General insurance policies (consumption-based), deposit-taking products (low
risk and well understood), and loans and mortgages (no investment element) are
not covered under the FAA.
Key principles of FAA and Financial Advisers

Regulations (FAR)
• The four key principles underpinning the FAA and the FAR are:
• (1) Customers Interest:
• Financial Advisers must always consider the interests of customers. The provision of financial
advice must be conducted in a fair, professional, and ethical manner. One practical
application of this principle is that financial advisers are required to have reasonable basis for
their recommendations. This is to ensure that due consideration has been given to the
person’s investment objectives, financial situation, and particular needs.
• The first element under this concept is the “Know Your Client” requirement in
respect of his financial objectives, risk tolerance, employment status, financial
situation, current investment portfolio and number of dependents.
• Subsequently, in conducting a Needs Analysis process, a financial adviser
representative should analyse the information provided by the client and identify
appropriate investment products for the client. Proper documentation and record
keeping of client information and recommendations should underpin this process
to meet the objective of providing good advice to the customers.
Key principles of FAA and FAR

• 2) Consistency
• The concept of consistency. The sale of functionally similar products,
such as single premium investment-linked policies and unit trusts,
should be subject to similar rules and standards.

• (3) Accountability
• The principle of accountability is essential to ensure that there is a higher-
level entity or person who would be accountable for the professional and
ethical conduct of a representative of the financial adviser.
• This principle is captured in the “Representative To Act For Only One
Principle” rule under the FAA.
• Each financial adviser representative can represent only one principal.
Hence, if a person is a tied agent, he cannot be a licensed financial adviser
representative at the same time.
• The principle is responsible for developing, supervising, and always
monitoring the conduct of its representatives, including aspects of market
conduct and competence. This is to ensure that there is absolute clarity to
the investors as to the status of the financial adviser representative.

• (4) Independence
• The concept of independence has been considered by many to be an
important condition for customer interest. Therefore, it has been
considered more important that representatives of financial advisers
put customers’ interests at the forefront by giving good objective
advice and be guided by the concept of reasonable basis in providing
advice
Approved Financial Advisers

• Financial advisers are licensed and regulated under the Financial Advisers
Act.
• They may provide the whole range of financial advisory services as
specified in the 2nd schedule of the Financial Advisers Act with the
appropriate Financial Advisers license.
• Currently, these services include advising others on investment products,
issuance of research reports covering investment products, marketing of
any collective investment schemes, as well as arranging life policies for
others.
• Individuals who are employed by the financial advisers to carry out such
services are required to be representatives under the Financial Advisers
Act.
Licensing
• Consumers are currently facing many challenges managing their personal finances.
• Responsibility for retirement planning is shifting from the government and employers to the individual.
• In an environment where job security is no longer guaranteed, where financial products are increasing in
complexity and variety, where business and economic cycles are becoming more volatile and unpredictable,
it is inevitable that consumers will feel overwhelmed and confused.
• The need for professional advice in such an atmosphere is great, but greater still is consumers’ need for
assurance that the professionals they choose for financial advice are qualified and competent.
• As consumer demand for qualified advice grows, the field of financial planning, in which poor performance
on the part of the practitioner can lead to significant harm to the consumer, must embrace professional
certification if it is to be taken seriously as a profession.
• Professional certification connotes competency, occupational experience, and adherence to standards of
practice. For consumers to accept financial planning practitioners as qualified, trustworthy professionals,
they must be provided with an easily identifiable, objective means of measuring the practitioners’
experience, education, professional competence, and ethical standards.
• The CERTIFIED FINANCIAL PLANNER (CFP) certification process serves that purpose by defining what a
financial planning professional is, establishing standards of professional practice and creating a “mark of
quality” that consumers can recognize and to which practitioners can aspire
CFP
• The Certified Financial Planner (CFP)®, Associate Wealth Planner
(AWP) and Associate Financial Planner (AFP). The FPAS will therefore
seek to provide the certification framework for the financial planning
industry in Singapore. FPAS will oversee the administration of the
above and the certification process, and grant to qualified individuals
the right to use the CFP®, AWP and the AFP titles. The individuals who
have demonstrated technical competency, combined significant
practical experience, enabling them to write (to international
standards) a comprehensive and detailed financial plan for an
individual will be granted the above awards.
Regulatory Licensing
• The Financial Adviser’s License is a license Administered under the
Financial Advisers Act (FAA) but MAS will determine if you qualify
• To have a Financial Adviser’s License, MAS will take into account the
following:
• the track record, management expertise and financial soundness of the applicant
and its parent company or major shareholders;
• ability to meet the minimum financial requirements and professional indemnity
insurance requirements prescribed under the FAA;
• strength of internal compliance systems;
• business plans and projections; and
• fitness and propriety. In this respect, the applicant needs to satisfy MAS that
• (i) it is a fit and proper person to be licensed;
• (ii) all its directors and chief executive officer are fit and proper persons to hold the office;
and
• (iii) all its substantial shareholders and representatives are fit and proper persons.
Authorised representatives
• Representative Individuals who wish to provide financial advisory
services on behalf of a licensed financial adviser or an exempt
financial adviser under section 23(1)(a) to (e) of the FAA are required
to be appointed as an appointed or provisional representatives under
the Representative Notification Framework [“RNF”].
• Individuals to be appointed must:
• be at least 21 years old;
• • satisfy the minimum academic qualification and examination requirements
as prescribed in the Notice on Minimum Entry and Examination Requirements
for Representatives of Licensed Financial Advisers and Exempt Financial
Advisers (Notice No. FAA - N13); and
• satisfy the fit and proper criteria set out in the Guidelines on Fit and Proper
Criteria issued by the Authority (Guideline No. FSG-G01)
Obligations of Financial Advisers in Singapore

• Provide advice to meet the financial needs of the consumer
• The term “financial needs” has been codified through legislation.
• The Financial Advisers Act and the associated notices and guidelines
require:
• a reasonable basis of recommendation, and
• a reasonable basis justified through the identification of financial needs of the client.
• Broadly, there are three categories of financial needs that a client has:
• Accumulation,
• Retirement, and
• Protection.
• Thinking within the framework of these needs, a financial advisers role is
to help clients uncover and identify their specific financial goals
Needs of clients
• Accumulation Needs
• Financial goals relating to accumulation include saving for a bigger house, buying a
car, early retirement, and starting a business.
• By far, one of the most cited reasons is saving for children’s education, because most
people perceive the cost of education rising at an alarming rate.
• Retirement Needs
• It is important for both the financial planner and the client to be clear on the
parameters of the goal because everybody understands the term retirement
differently.
• What exact age for retirement?
• Would earned income totally cease?
• Would the spouse be working?
• What is the expected standard of living?
• Within the broad ambit of the retirement goal, there are many sub-goals, such as
expected standing of living, and travelling.
Needs of clients
• Protection Needs
• Protection needs are to ensure that in times of financial stress, financial obligations can be
met.
• Such events of financial stress include death, disability, and major illnesses.
• It also includes other events like personal liability, and theft of vehicle, and damage to
property.
• In case of untimely death, clients would need to have sufficient liquidity to fund funeral costs,
tax bill, accounting, legal and estate costs. If the client is the main breadwinner, enough cash
to last the deceased’s family through for say three months is preferable while the family
makes other arrangements for longer term income.
• If there are children who are yet financially independent, extra living costs and education
provisions would have to be made to sustain them till financial independence.
• Likewise, if there is a spouse who is retired, the retirement needs of the spouse should not
be overlooked.
• In the case of disability, the clients would need to have income replacement so that their
monthly commitments like mortgages can be sustained. In case of major illness, client would
need to consider reducing or paying off debt, and a lump sum payment for peace of mind in
seeking medical treatment
How to quantify the needs of clients

• Difficulties in Identifying Financial Needs
• The main difficulty in identifying Financial Needs is the lack of financial awareness
by clients.
• Often, clients are blind to certain needs until the need surfaces, but that is often
too late. For example, in cases of unexpected critical illness, the nature of
insurance is such that you cannot get it when you need it. The irony is you can
only buy insurance when you do not need it.
• Unless the client has the foresight to plan for such a financial need, there needs
to be a financial planner to educate the client in surfacing their hidden needs.
• Financial goals should all have
• (i) a specific amount and
• (ii) a specific timeframe attached to them.
• The clear identification of the goal is crucial, because only when the goal is made very clear
can proper strategies be developed to meet the goals of clients
Sources of funds to meet Financial Needs

• . Main Sources of Money to Meet Financial Needs
• The main sources of money that your client may use to cover their
financial needs include:
• Central Provident Fund (CPF)
• Supplementary Retirement Scheme (SRS)
• Insurance Policies
• Savings and Investments
• Employee health benefits
• Work or business income(but that does not last)
Prioritizing Needs
• Prioritizing Needs ---
• The Trade-off Concept of having a personal financial plan and being
committed to actively managing it is good for most people and good for their
families.
• Most people have little understanding of the long-term financial
consequences of what they do with their money.
• Few can calculate how long it would take to pay off a $10,000 holiday charged
to their credit card. Many people are habitual spendthrifts: every dollar
earned, and every dollar borrowed is spent on personal consumption, on
things that have little or no lasting value.
• In contrast, a small number may be so conservative and risk-averse that they
put all their money into low-returning bank-assured accounts, which is
effectively “under the bed”.
• Neither behaviour portrays a rational understanding of financial concepts.
Role of the FA
• All people should have access to simple, flexible tools and personal financial guides so that
they can gain insights into the potential financial outcomes of their available financial
choices.
• The underlying premise is that most people will make more rational financial decisions when
they can see the options available and the probable outcomes.
• Clearly, whilst most people, like many of your clients, wish to be better off financially and use
their money more wisely, many cannot see the financial consequences of their behaviour.
• For example, a client may ask, ‘How long will it take me to pay off the $10,000 I borrow on my
credit card for a holiday if I pay the minimum balance and use the credit card for other
purchases?’ Or ‘How long will it take me to save up for a deposit on a home?’
• Without knowing the answers to these types of questions, the client will make emotional
decisions without understanding the trade-offs.
• However, the decision to borrow to fund immediate consumption needs to be weighed
considering the consequences. If a client understands that it will take three years to pay off a
holiday funded by a credit card, and that this could result in delaying his home ownership by
three years, he might consider a cheaper source of funding, a lower cost holiday or a faster
repayment schedule.
• As a financial planner, you can and should advise him of the consequences.
Role of the FA
• A financial plan will help the client identify the goals that are important in their life. They then
need to look at what it costs to maintain or achieve those goals.
• Once the client’s aspirations are clearly defined, factoring cost and time frame, a plan can be
detailed to achieve them.
• The plan needs to take into consideration trade-offs – no set of goals can be achieved all at once
or in full.
• The quality of life for the client, now and in the future, is strongly influenced by how well he can
manage his individual resources.
• Most clients have four resources they can control to some degree:
• Time
• Money
• Willingness to limit personal and property risks (through risk avoidance, management, and transference)
• Willingness to overcome their fear of financial loss for a higher potential of financial gain
• Each of these resources has a monetary dimension that can be measured and about which the client can
make decisions.
Role of the FA
• It must be recognized that most clients have limited resources and so decisions about their usage
have to be prioritized.
• Trade-offs will have to be made and your client will need to ask himself some questions:
• Do I work more/ longer/harder because I need extra money, or can I afford to take more time off, work part-
time or retire to increase my leisure or the time I can give to family and hobbies?
• Can I continue my current lifestyle and limited saving and still be able to fund the retirement lifestyle I want,
or must I cut back on current spending and save more?
• Do I need full insurance protection? And if I do, how much would that be, and can I afford to pay for it given
my current income and saving needs?
• How can I reconcile my position knowing that I need to invest more of my savings in volatile growth assets to
achieve my long-term goals, knowing also that I would get nervous when their value goes down?
• Almost all Singaporeans face these ever-present concerns. Balancing these four sets of resources effectively is
difficult at best and impossible without solid information and a ‘living’ financial plan.
• Every decision closes off alternatives. For example, a decision to invest in shares may mean one cannot take a
vacation. A decision to go to school full-time may mean one cannot work full- time. Opportunity cost is what
one gives up by making a choice over another.
• This cost, commonly referred to as the trade-off of a decision, cannot always be measured in terms of value.
Decision-making is an inescapable part of an individual’s personal and financial life.
• The FA representative gathers information on the client’s overall financial situation and goals, and then
analyses the information to recommend an investment product
Financial Advisers (FA) Obligations in

providing advice
• The following information will be required before a FA representative can
recommend an investment product:
• Assessment of clients:
Financial objectives
Risk tolerance
Employment status
Financial situation
Current investment and insurance portfolio If the FA representative makes a recommendation
for any life policy, they will also need to obtain information on:
• The number of dependants
• The extent of financial support required for each dependant
• Duration of financial support required.
The FA representative is required to document all the above information, and after a thorough
analysis, they will proceed to suggest a product.

providing advice
• The FA representative should explain what the product is and why
they think it is suitable, including:
• The nature and aim of the product;
• The benefits and risks;
• Who the product provider is;
• What the fees and charges associated with the product are, including the
amount of commission received by the financial adviser;
• The free-look or cancellation period available, and the terms and procedures
should you choose to exercise this right;
• Any warnings, exclusions, and disclaimers; and
• Reports the client is entitled to receive.

providing advice
• The FA representative should also provide the following documents if
they are recommending a unit trust or life insurance policy:
• A summary of the information obtained from you on your investment
objectives, financial situation, and personal needs;
• The specific recommendations of the FA representative and the basis for the
recommendation;
• A copy of the prospectus or fund factsheet (for unit trusts only); and
• A copy of the product summary and benefit illustration (for life insurance
policies only). The client will then need to consider the recommendation
carefully and assess whether the products selected meet his or her needs.
Reason for this process

• There is a disadvantage in both knowledge and influence in the
financial market by many consumers
• The regulators have tried to balance things in favour of the consumer
by ensuring that FA provide as much information as possible
• Much like with prospectus discussed two weeks ag,
• FA are required to provide to the consumer all information that a
reasonable consumer would expect to make an informed decision.
Dispute Resolution
• As a FA you provide advice on strategies and also on financial product
investments.
• However not investments perform as expected because of the
market.
• Where the client is not happy there has to be a resolution process.
• All organisations will have an internal dispute resolution process, then
• There is an external dispute resolution process.
Resolving a financial dispute FIDReC
• In May 2004, MAS formed an Integration Steering Committee decided to set up

an independent company, under the name of Financial Industry Disputes
Resolution Centre (FIDReC).
• The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent
and impartial institution specialising in the resolution of disputes between
financial institutions and consumers.
• FIDReC was initiated by the financial sector to make its services more
professional, transparent, customer focused and service oriented.
• It was officially launched on 31 August 2005.
• FIDReC provides an affordable and accessible one-stop avenue for consumers to
resolve their disputes with financial institutions.
• It also streamlines the dispute resolution processes across the entire financial
sector of Singapore.
Dispute Resolution Process

• The dispute resolution process of FIDReC comprises two stages:
• Mediation (1st Stage) and
• Adjudication (2nd Stage)
• Mediation (1st Stage)
• When a complaint is first received, it is case managed by FIDReC’s
Case Manager.
• The consumer and the financial institution are encouraged to resolve
the dispute in an amicable and fair manner. In appropriate cases, the
Case Manager mediates the dispute between the parties.
Dispute Resolution Process

• Adjudication (2nd Stage)
• Where the dispute is not settled by mediation, the case is heard and adjudicated by a FIDReC Adjudicator or
a Panel of Adjudicators.
• At adjudication, parties and their witnesses (if any) attend an adjudication hearing conducted by a FIDReC
Adjudicator.
• The written arguments and documents of both parties are exchanged before the Adjudication hearing.
• Both parties are given time to review the arguments and documents before the adjudication hearing.
• At the hearing, parties present their case and are afforded adequate opportunities to address questions to
the other party. The Adjudicator hears all relevant evidence presented (both written and oral), assesses the
case and comes to a decision based on the facts and merits of each case.
• The Adjudicator will also ask both parties relevant questions to elicit relevant facts so that he or she can
arrive at a fair and impartial decision.
• After the Adjudicator has decided, the grounds of the decision will be read to both parties.
• FIDReC’s adjudicators include retired judges, lawyers including senior counsel and retired industry
professionals. The decision of the Adjudicator is binding on the Financial Institution, but not on the
consumer

Week 7 Topic 8 Corporate Finance Part 2 The Role of Financial Advisers

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Week 7 Topic 8 Corporate Finance Part 2 The Role of Financial Advisers

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RMIT Classification: Trusted

The Financial Planning Industry in Singapore

The Financial Planning Industry in Singapore

Financial Planning Association of Singapore

Financial Planning Association of Singapore

Role and Purpose Government Bodies

The Financial Advisers Act (FAA)

The Financial Advisers Act

The Financial Advisers Act

Key principles of FAA and Financial Advisers

Key principles of FAA and FAR

Key principles of FAA and FAR

Key principles of FAA and FAR

Approved Financial Advisers

Obligations of Financial Advisers in Singapore

How to quantify the needs of clients

Sources of funds to meet Financial Needs

Financial Advisers (FA) Obligations in

Financial Advisers (FA) Obligations in

Financial Advisers (FA) Obligations in

Reason for this process

Resolving a financial dispute FIDReC

• In May 2004, MAS formed an Integration Steering Committee decided to set up

Dispute Resolution Process

Dispute Resolution Process

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