Comments on: No More Licensing For Financial Adviser Representatives

By: FFA

FFA — Thu, 21 Oct 2010 14:37:34 +0000

Licensed also no use.
These so called licensed FA just wanted to be “INTRODUCER”.
It is much worse than an exempted FA.
Many people were misled by these so called licensed FA.

By: lioninvestor

lioninvestor — Wed, 20 Oct 2010 01:05:35 +0000

MAS’s response to the public consultation on this can be found here:

http://www.mas.gov.sg/resource/publications/consult_papers/2009/Response_to_Feedback_final.pdf

By: Nuts

Nuts — Mon, 18 Oct 2010 10:09:05 +0000

Frankly, looking at 99% of RMs, FAs, FCs, agents etc, the authorities might as well throw away the FAA. Go back to the old days and use purely Insurance Act, Securities Act, Futures Act, and the various precedents of tort and contract law. There is no difference — it is still caveat emptor, go in with your eyes big big. Still need to fight hard for your own rights and be ridiculed or treated with contempt in the process, whether in Fidrec or in Court. No govt agency to take up the cases of individual customers, to investigate on their behalf and to take the FIs and their reps to court for jail terms and $100M fines.

The authorities can even simply tell aggrieved customers to “engage your own lawyer and sue in civil court”. When the authorities finally do something after all our competitor countries have punished the wrongdoers, the punishment is laughably ridiculous. E.g. Banning FIs from selling structured products that already nobody is interested in, and the FIs themselves also don’t want to sell anymore. Or to ban 2 or 3 RMs from being financial salesman, even though they have long resigned from the industry.

By: DanielP

DanielP — Mon, 18 Oct 2010 09:33:53 +0000

I think it is a step back for buyers and a step forward for sellers.
It looks like MAS wants to knock it into our heads that is it always Buyers Beware.

By: tattooedbanker

tattooedbanker — Mon, 18 Oct 2010 07:29:59 +0000

Honestly, i dunno if this is a step forward or back, but i am all for the idea of the Register of Representatives, although i think some concerns i may have will probably be in regards to the privacy of these representatives as to how much information is gng to be shared to the public.