The 67-page document entitled ‘Response to Public Consultation on Recommendations of the Financial Advisory Industry Review’, was published on 30 September and there appears to be a widespread feeling among the adviser community that the MAS has done a thorough job.
David Belliingham, CEO of Professional Investment Advisory Services, said: “My first impression is it demonstrates collaboration from MAS with the industry and the Singaporean population. The original objectives were to raise the standards of practice in the financial advisory industry and improve the efficiency in the distribution of life insurance and investment products in Singapore."
He added that although there are more details to be uncovered, “it appears they will deliver a pragmatic solution to achieve these objectives”.
Henley Group chairman Antony Michell said that it was very much as expected “and the culmination of a very thorough consultation and implementation process initiated by the MAS over the last eighteen months.
For our part, we started working on our FAIR response strategy almost immediately after the proposals were announced. As such, we feel that we are well positioned to take advantage of the opportunities that FAIR will present to us and the industry.“
Meanwhile, Kelso Beggs, head of distribution of AAM Advisory said the MAS reponse was good to see as it gave more clarity on what is expected and when.
“Adviser’s looking to build longer term businesses/lives for themselves in Singapore will only benefit from the recommendations and the firms that have adequately prepared for FAIR will attract and retain such advisers and thrive. AAM’s business model is aligned to FAIR and we will embrace everything that the changes will bring,” he said.
The MAS stated in the consultation response that that it will undertake a remunerationreview “after a period of time, taking into consideration the effectiveness of the current measures and the experience that other countries have with the fee-based regime”. Click here to read more.
