Thursday, October 21, 2010

More disclosure to come on finance advisers

Bank customers will soon be able to find out professional details about their respective relationship managers or sales representatives on a Monetary Authority of Singapore (MAS) register as part of a move to improve disclosure.

According to MAS, 'This will provide consumers with more info on their reps, and enhance market discipline.' Serial job-hoppers, for instance, will be exposed as customers will be able to see the number of times that the manager of representative has changed employers in the past three years.

Under the new Representative Notification Framework (RNF), all financial representatives who provide financial advisory or capital market services will be listed on a public register. The RNF, which will be launched on Nov 26, replaces the existing licensing system for financial institutions that exempts banks and insurers.

Currently, only representatives of holders of capital market service licences and licensed financial advisers are issued hardcopy licences.

Read the full report in this website after 6 pm:
http://www.businesstimes.com.sg/sub/news/story/0,4574,409300,00.html?
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1 comment:

zhummmeng said...

Not good enough because the certification of fit and proper is left to the company's whims and fancy.
To satisfy the Fit and Proper requirement is very easy.. Pass the tikam tikam exams, no 'lim copi' with MAS, no complaint against you, financially not embarrassed, and the rest to be covered up by the company.
If skills, ethics and competence are the requirements not many fit the F&P.
The register tells nothing much other than what the salesmen can and cannot do and the company he or she represents.Of course he or she is licensed to con you too.

October 22, 2010 10:22 AM

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