MAS released the findings of our first mystery shopping survey, covering 100 representatives from 30 financial advisers (FAs) in June 2006. Overall, the survey revealed that most representatives conducted a basic fact-find before making a recommendation. However, there were gaps in the extent of fact-find, quality of disclosure and manner in which the reasons for recommendations were documented. MAS noted that FAs had over the last few years put in place systems and procedures to provide needs-based advice. The challenge for FAs was to improve these processes and monitor their representatives to meet expected standards. MAS recommended that FAs: (i) implement procedures to monitor the extent of fact-find conducted by their representatives and provide training to enable them to conduct more comprehensive fact-finds; and (ii) put in place systems and controls to ensure that their representatives comply with the disclosure requirements and present the basis of their recommendations to clients in writing. We have been working with the industry on these recommendations.