Notice FAA-N03 Information to Clients and Product Information Disclosure

General principles and requirements that apply to all disclosures to clients by financial advisers and their representatives.

Issued pursuant to:

Financial Advisers Act (Cap. 110) section 58

Applies to: Licensed Financial Adviser , Exempt Financial Adviser

View Notice Notice FAA-N03 Information to Clients and Product Information Disclosure (491.9 KB)

This notice applies to:

Licensed financial advisers and their representatives.
Exempt financial advisers and their representatives.
Service companies and their representatives who are exempt under regulation 29 of the Financial Advisers Regulations .

It sets out the information that should be disclosed to clients and the applicable standards of disclosure:

General information, including regulatory status, about the financial adviser and the representative.
Remuneration of the financial adviser.
Conflicts of interest.
Key features, benefits and risks of designated investment products.
Illustration of past and future performance of designated investment products.
Use of marketing materials.

08 Oct 2018: MAS Notice FAA-N03 (Amendment) 2017 (399.2 KB) takes effect.
20 Feb 2013: MAS Notice FAA-N03 (Amendment) 2013 (60.5 KB) takes effect.
26 Nov 2010: MAS Notice FAA-N03 (Amendment) 2010 takes effect.
01 Jul 2005: MAS Notice FAA-N03 (Amendment) 2005 takes effect.
18 Feb 2004: MAS Notice FAA-N03 (Amendment) 2004 takes effect.
22 Dec 2003: MAS Notice FAA-N03 (Amendment 02) 2003 takes effect.
20 Mar 2003: MAS Notice FAA-N03 (Amendment) 2003 takes effect.

Guidelines

Last Revised Date: 28 June 2021

Guidelines on Structured Deposits [FAA-G09]

Guidelines on the standards of conduct expected of financial advisers and their representatives when advising on structured deposits.

Representative-related Disclosures Advisory and Sales
Notices

Last Revised Date: 19 March 2021

Notice 302 Product Development and Pricing

Requirements for the development and pricing of life insurance products and investment-linked policy sub-funds.

Insurance Products and Business Types Disclosures Notifications
Guidelines

Last Revised Date: 08 October 2018

Guidelines for Conduct of Business for Execution-Related Advice [FAA-G08]

Guidelines on the standards dealers and their representatives are required to adhere to when providing execution-related advice to clients.

Representative-related Disclosures Advisory and Sales Record Keeping
Practice Notes

Last Revised Date: 08 October 2018

Practice Note on the Disclosure of Remuneration by Financial Advisers [FAA PN-01]

Provides guidance to financial advisers and their representatives on when they must disclose the remuneration they receive for recommending, buying or selling an investment product to clients; and how they should disclose such remuneration.

Advisory and Sales Remuneration Disclosures Representative-related
Guidelines

Last Revised Date: 08 October 2018

Guidelines on Switching of Designated Investment Products [FAA-G10]

Guidelines on safeguards to guard against representatives advising clients to switch from one designated investment product to another in a manner detrimental to the client.

Representative-related Disclosures Advisory and Sales Remuneration Record Keeping
Notices

Last Revised Date: 29 June 2018

Notice 318 Market Conduct Standards for Direct Life Insurer as a Product Provider

Requirements and standards for life insurers as product providers.

Financial Returns Disclosures Advisory and Sales Representative-related
Guidelines

Last Revised Date: 29 June 2018

Guidelines on the Online Distribution of Life Policies With No Advice [FAA-G15]

Guidelines for financial advisers to safeguard the interest of clients when distributing life policies online without the provision of advice.

Technology Risk Disclosures Advisory and Sales Complaints Handling
Subsidiary Legislation

Published Date: 09 March 2017

Insurance (Remuneration) Regulations 2015

Sets out that all licensed insurers are not allowed to pay volume or value-based incentives on the sale of any life policy excepted under stipulated conditions.

Remuneration
Consultations

Published 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.

Customer Monies and Assets Segregation Disclosures Representative-related Advisory and Sales Complaints Handling Remuneration Record Keeping Licensing, Authorisation and Registration Exemptions Financial Returns Declarations Corporate Governance Fit and Proper Criteria Key Appointments

Consultation number:

P022-2014

Start date:

02 October 2014

Closing date:

03 November 2014

MAS response date:

11 May 2015

Status:

Responded
Consultations

Published 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.

Customer Monies and Assets Segregation Disclosures Representative-related Advisory and Sales Complaints Handling Remuneration Record Keeping Licensing, Authorisation and Registration Exemptions Financial Returns Declarations Corporate Governance Fit and Proper Criteria Key Appointments

Consultation number:

P004-2013

Start date:

05 March 2013

Closing date:

04 June 2013

MAS response date:

30 September 2013

Status:

Responded
Acts

Published Date: 31 March 2007

Financial Advisers Act 2001

Governs the regulation of financial advisers in Singapore, including their representatives and supervisors.

Licensing, Authorisation and Registration