Guidelines
Guidelines on the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework"), Reference Checks and Pre-Transaction Checks [FAA-G14]
Guidelines for financial advisers on the requirements in Notice FAA-N20, which sets out measures for the design and operation of the balanced scorecard framework and independent sales audit unit.
These guidelines apply to all licensed financial advisers and exempt financial advisers.
They provide guidance on some of the requirements in Notice FAA-N20 and set out:
- Measures to apply to representatives and supervisors with unsatisfactory gradings under the balanced scorecard framework.
- Measures for information sharing in respect of such representatives and supervisors during reference checks.
- Expectations on financial advisers to conduct pre-transaction checks by supervisors.
Related to this Item
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ConsultationsPublished Date: 31 July 2024
Consultation Paper on Proposed Legislative Amendments to the Requirements for Enhancing Pre and Post- Transaction Safeguards for Retail Clients
Proposed legislative amendments to enhance pre and post-transaction safeguards for retail clients
- Consultation number:
- P005-2024
- Start date:
- 31 July 2024
- Closing date:
- 30 August 2024
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FAQsPublished Date: 28 November 2016
FAQs on the Balanced Scorecard (BSC) Framework
Provides guidance to financial advisers on the scope of the BSC framework, including independence of the Independent Sales Audit Unit, pre-transaction checks, reference checks and computation and recovery of remuneration from representatives and supervisors.
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ConsultationsPublished Date: 02 October 2014
Consultation Paper on (1) Draft Legislation and Proposed Legislative Amendments to Effect the Policy Proposals under the Financial Advisory Industry Review; and (2) Proposed Legislative Amendments to Authorise Inspections by Foreign Regulatory Authorities under the Financial Advisers Act
Proposed legislative amendments to raise the competency of FA representatives and quality of FA firms; lower distribution cost by enhancing market efficiency; and promote a culture of fair dealing.
- Consultation number:
- P022-2014
- Start date:
- 02 October 2014
- Closing date:
- 03 November 2014
- MAS response date:
- 11 May 2015
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ConsultationsPublished Date: 05 March 2013
Consultation Paper on Recommendations of the Financial Advisory Industry Review
Proposed recommendations aimed at raising the quality of financial advisers (FA) and competency of FA representatives, improving efficiency in the distribution of life insurance and investment products, and promoting a culture of fair dealing in Singapore.
- Consultation number:
- P004-2013
- Start date:
- 05 March 2013
- Closing date:
- 04 June 2013
- MAS response date:
- 30 September 2013
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ActsPublished Date: 31 March 2007
Financial Advisers Act 2001
Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.