The Financial Advisory Industry Review (FAIR) Panel was established in April 2012, with the aim of conducting a comprehensive review of the Financial Advisory (FA) industry in Singapore. FAIR was conducted with the primary aims of enhancing the standards and professionalism of the FA industry and improving efficiency in the distribution of life insurance and investment products in Singapore.
Following deliberations lasting eight months, 28 recommendations were made by the FAIR Panel, made up of 14 members drawn from industry, consumer bodies, the media, and academia, and chaired by the Monetary Authority of Singapore. The recommendations are primarily aimed at improving the quality of advice, which may increase the public awareness of insurance and what customers are buying. This report summarizes the recommendations under five key headings:
- Raising the competence of financial advisory representatives
- Raising the quality of financial advisory firms
- Making financial advice a dedicated service
- Lowering distribution costs
- Promoting a culture of fair dealing