Martin Lee @ Sg
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MAS Consultation Paper on FAIR

Yesterday, MAS released a consultation paper on the recommendations of the Financial Advisory Industry Review (FAIR). The consultation paper seeks feedback on all the recommendations made by the FAIR Panel as well as some additional recommendations from MAS.

The FAIR Panel concluded its review of the financial advisory (FA) industry late last year and released a report earlier this year with 28 recommendations.

MAS has now made additional recommendations to facilitate the implementation of the FAIR Panel’s recommendations, including:

a) Providing details of how the Balanced Scorecard Framework for remunerating FA representatives will be operationalised across the industry;

b) Elaborating on the FAIR Panel’s proposals to strengthen the complaints handling and resolution processes of FA firms and incorporating the enhanced requirements in the Financial Advisers Act;

c) Grandfathering former FA representatives who are on a short career-break from the FA industry, should the proposal to raise the minimum academic entry requirement be adopted; and

d) Allowing FA firms to enter into introducer agreements with corporations only.

The consultation paper can be downloaded below and comments should reach MAS by 4 June 2013. Interested parties may email their comments to [email protected]

FAIR Consultation Paper (pdf)

I will be giving some of my comments on the FAIR consultation paper in a later post.

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