15 April 2012

The Editor
ST Forum

Mr Tommy Wee has raised many good points in his letter “Financial Advisory Industry Review: Association says... Tread carefully – and fairly”, (ST Forum, 6 April 2012). 

The aim of the Financial Advisory Industry Review (FAIR) is to bring about higher quality financial advisory services and better outcomes for consumers. MAS has asked consumers and industry practitioners to work with us to achieve our objectives of financial institutions that consistently deal fairly with customers and competent representatives who provide quality advice.

The FAIR panel includes representatives from both consumer associations like CASE as well as industry bodies like the Association of Financial Advisers.  In addition, we encourage individuals and firms to send their views and suggestions to us.  So far, we have received more than 600 submissions. 

I would like to extend a personal invitation to the Insurance and Financial Practitioners Association of Singapore to write in to us with its comments and suggestions at fairfeedback@mas.gov.sg . I assure IFPAS’ members that their views will be thoroughly considered by the Panel. 

Lee Chuan Teck
Chairman, Panel for the Financial Advisory Industry Review and
Assistant Managing Director (Capital Markets), Monetary Authority of Singapore