Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more
2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only.
You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
Singapore MAS Tharman Shanmugaratnam: Performance of Relationship Managers, Recourse for Clients Who are Misled
27th October 2022 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam (Senior Minister & Minister in charge of MAS) reply to questions on performance of Relationship Managers in Bancassurance, and if recourse is available for clients who are misled or had received insufficient guidance. MAS Tharman Shanmugaratnam: “Financial institutions are required to investigate complaints and report to MAS misconduct committed by their representatives. MAS will engage financial institutions to remediate any weaknesses observed in advisory and sales practices. MAS will also investigate and take firm enforcement actions against errant representatives. This includes issuing prohibition orders to bar representatives who commit serious offences, such as mis-selling, from working in the financial industry for a specified period of time … … Customers can seek recourse through their financial institutions and the Financial Industry Disputes Resolution Centre (FIDReC), an independent institution established by MAS.”
“ Customers can seek recourse through their financial institutions and the Financial Industry Disputes Resolution Centre (FIDReC), an independent institution established by MAS “
The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
The 2024 Family Office Summit17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here
2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
MAS Tharman Shanmugaratnam on Performance of Relationship managers in Bancassurance
Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam
Reply to Parliamentary Question on performance of relationship managers in bancassurance
Date: For Parliament Sitting on 20 October 2022
Miss Cheryl Chan Wei Ling, MP, East Coast GRC
To ask the Prime Minister (a) whether the Government monitors the performance of relationship managers in bancassurance; and (b) what recourse is available for clients who have insufficient guidance or are misled by them.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. Financial institutions and their representatives are required under the Financial Advisers Act and the Insurance Act to ensure proper conduct when selling investment and insurance products to customers. For example,
Before representatives are allowed to conduct such activities, they must be assessed by their financial institutions to be fit and proper, and must pass the relevant examinations in product knowledge.
When providing financial advice, a representative is required to make recommendations that suit their customer’s needs and financial circumstances.
They must also clearly communicate to their customers, key information on product features, relevant fees and charges, as well as the associated risks. These include the risk of investment losses and the cost of surrendering an insurance policy early.
2. Financial institutions are required to investigate complaints and report to MAS misconduct committed by their representatives. MAS will engage financial institutions to remediate any weaknesses observed in advisory and sales practices. MAS will also investigate and take firm enforcement actions against errant representatives. This includes issuing prohibition orders to bar representatives who commit serious offences, such as mis-selling, from working in the financial industry for a specified period of time.
3. Customers can seek recourse through their financial institutions and the Financial Industry Disputes Resolution Centre (FIDReC), an independent institution established by MAS.
4. In sum, financial institutions have a duty to safeguard the interests of their customers. MAS has been working with the industry to promote fair dealing and ethical conduct. The banking and insurance industry associations have also established steering groups to strengthen culture and conduct, and improve sales and advisory standards. MAS will continue to work closely with financial institutions, their Board and Senior Management, as well as industry associations, to maintain trust in the financial sector.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
The leading financial platform covering capital market, investments, private wealth & family office in Asia. For top investment professionals, advisors, investors, business leaders. Join 11,000+ top investment professionals, institutional investors, professional investors & advisors. Our users typically manage $20 million to $30 billion of assets, invest $3 million to $300 million, or advise institutions, billionaires, UHNWs & HNWs.
Caproasia.com | Newsletter Daily 2 pm | Caproasia Access | The Financial Centre | Family Office Circle | Family Office Summit | Investment Day | Investment, Risk & Wealth Intelligence | Latest News | Reports | Insights | Subscription | Membership & more
” Intelligence at your fingertips. Find useful info & services. Time lost is never found. Take advantage of big investment opportunities. Avoid fraud, fines, & jail. Manage your risks. “
2025 Upcoming Events
> The 2025 Investment Day Hong Kong – March / July / Sept / Nov
> The 2025 Investment Day Singapore – March / July / Sept / Nov
> The 2025 Investment / Alternatives Summit Hong Kong – April / Oct
> The 2025 Investment / Alternatives Summit Singapore – April / Oct
> The 2025 Family Office Summit Hong Kong – April / Oct
> The 2025 Family Office Summit Singapore – April / Nov
> The 2025 Private Wealth Summit Hong Kong – TBC
> The 2025 Private Wealth Summit Singapore – TBC
2024 June / July Report Release:
> Asset Management Report 2024
> Family Office Report 2024
> UHNW Wealth Report 2024
> Top 50 Southeast Asia Companies Report 2024
> China & Hong Kong IPO Report 2024
> Hong Kong SFC Financial Industry Report 2024
> Private Capital / Equity Fund Managers IRR & Bonuses Report 2024
> Sports Report 2024
