In response to industry feedback, MAS plans to introduce a notification framework and a public register for all representatives in the banking, insurance and capital markets sectors conducting activities under the SFA or FAA. The proposed framework will help achieve the objective of maintaining a consistent, efficient and streamlined process for individuals carrying out regulated activities. It will also provide consumers with information on representatives and reduce the risk of the public dealing with unlicensed individuals. The use of Information Technology for the notification system, which will include a misconduct reporting system, is expected to shorten the processing time for notification by a representative. |
