Soon there will be many people who will require your service when the direct channel insurance portal is introduced by MAS.Consumers will consult you first before buying direct from the insurance companies wihtout being conned and harassed by insurance agents.You will be having a busy time. But do you need a license to do it?
Let's be fair.There is no free lunch, and it's reasonable for TKL to charge a small consultancy fee, need to pay office rent and staff wages.Beware of MAS Agenda, "We in MAS have already warned you the investment Companies listed on our Investors' Alert List on our site. Should you get caught, dun cow bay cow bu at our doorstep."
Someone pointed out that the activity involving life insurance products may be contravening the financial advisers act. I don't think so. I will let MAS write to me, if they find it to be harmful. Anyway, I will be changing the wordings of the activity to avoid any doubt. However, I shall also be getting registered financial advisers to provide the work that MAS considers fall within the Act. I have one that expressed interest. That should be adequate for the time being.
The entire Financial Advisers Act centers on how insurance/investment products are marketed and sold. But whether does one need to be an Appointed Representative to advice on investment products alone (i.e. but will never sell any products) remains to be seen. Put it this way, there are many people who are clearly advising on leveraged foreign currencies and sometimes even on an one-one coaching basis and yet they are not required to be a registered representative because the FX transactions are done by a third party (sometimes the third parties are outside Singapore). You see that in the newspaper advertisements everyday. I've never heard of MAS taking these seminar trainers to court for infringing on the Financial Advisers Act. I infer that means if one is advising but isn't selling the investment product, MAS do not regulate it. I am not a lawyer but this is what i am observing. Just read the newspaper advertisements and you know what I mean.
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