MAS yesterday announced their response to their Consultation on Recommendations of Financial Advisory Industry Review (FAIR).
It is quite a lengthy response and I will discuss on some of its contents in a later post.
While there are many positive changes for the consumer, the amount of compliance and paperwork that are required by financial advisers will increase significantly.
It remains an irony that investment advice given to a single individual has tons of regulation protecting the individual, but someone who gives investment advice to a group of people (sometimes numbering in the hundreds) does not need to comply with even a single regulation.
This article that appeared in today’s Business Times makes some very good points one ‘get rich quick’ seminars:
Regulating ’get rich quick’ Seminars (Business Times – 1st Oct 2013)
While we wait (perhaps indefinitely) for some regulation to happen, I would urge everyone to keep their eyes open and be very careful about paying large sums of money for ‘get rich quick’ courses.
The best protection against such seminars is this: Guaranteed full refund of capital within 60 days, if one is not fully satisfied, with no questions asked by a reliable third party, probably a registered bank in S’pore.
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Yes, it’s about time. Those guys have made insane amount of money and it’s time for them to call it a day.
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