The Monetary Authority of Singapore (MAS) has announced plans to conduct a comprehensive review of the financial advisory industry in Singapore. MAS intends to review the overall financial planning process being delivered in the market. The regulator wants to modify the nature of its advice so that it not only applies to investment products but also meets the financial needs of the full life cycle of an individual, including planning for retirement.
The MAS formally launched the new initiative under the name of the Financial Advisory Industry Review (FAIR), which focuses on "putting the customer first and building the customer's trust and confidence in life insurance and financial advisory services." Its two main objectives are:
- To enhance the professional standing and competence of financial advisors
- To create a more competitive and efficient system for the distribution of life insurance and investment products