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Consultation Paper on Settlement Options in Life Policies
Last week, MAS released a consultation paper to seek feedback on MAS’ proposed treatment of settlement options in life policies. Currently, some life insurers offer settlement options under their life policies. Such options allow the policy owner or beneficiary, upon the surrender, maturity or a valid claim of the policy, to leave the insurance proceeds […]
MAS Public Consultation on Technology Risk Management Guidelines and Notice
In light of some IT glitches in certain financial institutions, MAS consulted with a workgroup of IT security specialists from the major banks and technology experts to come up with some technology risk management guidelines and notices. The enhanced guidelines provide guidance on the oversight of technology risk management and security practices of financial institutions to address […]
MAS Reviews Regulatory Requirements for Unlisted Margined Derivatives
The Monetary Authority of Singapore (MAS) has issued a consultation paper on proposed enhancements to the regulatory requirements for unlisted margined derivatives. The proposals aim to address the specific risks posed by unlisted margined derivatives such as contracts for differences (CFDs) and leveraged foreign exchange products (LFX), which are currently available to retail investors. I […]
Financial Advisory Industry Review Panel
After MAS announced their intention to do a review of the financial advisory industry last week, they have now announced the lineup of the panel who will be involved in doing this review. Panel for the Financial Advisory Industry Review (FAIR) Chairman • Mr Lee Chuan Teck, Assistant Managing Director, Monetary Authority of Singapore Members • Mr […]
MAS to Review Financial Advisory Services
At the Life Insurance Association (LIA) 50th anniversary gala dinner yesterday, Ravi Menon, Managing Director of Monetary Authority of Singapore, made a few observations regarding the state of our financial advisory services. There is currently a large protection gap in the life coverage of the average Singaporean. Typically, they are covered for only a third of what their […]