Notices
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:
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.
Amendment Notes
- 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.
Related to this Notice
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GuidelinesLast 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.
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NoticesLast 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.
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GuidelinesLast 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.
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GuidelinesLast 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.
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Practice NotesLast 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.
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GuidelinesLast 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.
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NoticesLast 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.
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Subsidiary LegislationPublished 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.
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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.