In recent years, MAS has moved towards a thematic approach in the market conduct supervision of financial institutions such as financial advisers and insurance brokers. Our supervisory approach includes offsite reviews, thematic inspections, surveys of financial advisers and consumers, company visits, interviews with senior management and mystery shopping. MAS shares with the industry the findings from its major thematic reviews and makes recommendations on how improvements can be made. We have adopted this approach in our mystery shopping exercise on practices in the financial advisory industry as well as our thematic review of switching of investment products and insurance brokers’ maintenance of their Insurance Broking Premium Accounts. |
