Singapore MAS to Safeguard Transactions for Selected Clients by Financial Advisors Including Audio Recording of Client Call-Backs & Trusted Individual to be Present During Advisory Process & Call-Back, Meets 2 of 3 Criteria – Age 62 & Above, Not Proficient in Spoken or Written English, Below GCE “O” or “N” Level Certifications, Targets Legislative Amendments by 2024 Q4 with 9 Months Transition
4th April 2024 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) is amending legislations to safeguard transactions for Selected Clients by financial advisors including audio recording of client call-backs and trusted individual to be present during advisory process & call-back, targeting the legislative amendments by 2024 Q4 with 9 months transition. Selected Clients is defined as meeting 2 of 3 criteria – 1) Age 62 & above, 2) Not proficient in spoken or written english, 3) Below GCE “O” or “N” Level certifications. Lawrence Wong, Deputy Prime Minister and Minister for Finance, Chairman of MAS: “MAS will publicly consult, by the middle of this year, on legislative amendments to enhance pre- and post-transaction safeguards for clients of financial advisers meeting specified criteria. We aim to issue the revised standards by Q4 2024, for implementation by the industry no later than 2H 2025, after a 9-month transition period. There are existing safeguards for such clients that have already been implemented by the financial advisory industry. These include performing pre-transaction client call-backs to ensure that these clients have understood the features and risks of the products they have been sold. The proposed amendments will further strengthen these safeguards by, among others, requiring a trusted individual to be present during the financial advisory process and audio recording the client call-back. “Selected Client” is one meeting any two of the following criteria: (a) Is 62 years of age or older; (b) Is not proficient in spoken or written English; (c) Has below GCE “O” or “N” level certifications, or equivalent academic qualifications.”
“ Singapore MAS to Safeguard Transactions for Selected Clients by Financial Advisors Including Audio Recording of Client Call-Backs & Trusted Individual to be Present During Advisory Process & Call-Back, Meets 2 of 3 Criteria – Age 62 & Above, Not Proficient in Spoken or Written English, Below GCE “O” or “N” Level Certifications, Targets Legislative Amendments by 2024 Q4 with 9 Months Transition “
Singapore MAS to Safeguard Transactions for Selected Clients by Financial Advisors Including Audio Recording of Client Call-Backs & Trusted Individual to be Present During Advisory Process & Call-Back, Meets 2 of 3 Criteria – Age 62 & Above, Not Proficient in Spoken or Written English, Below GCE “O” or “N” Level Certifications, Targets Legislative Amendments by 2024 Q4 with 9 Months Transition
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