Notices
Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework") and Independent Sales Audit Unit
Requirements on the balanced scorecard framework for representatives and supervisors of financial advisers, and the independent sales audit unit.
Issued pursuant to:
Financial Advisers Act (Cap. 110) section 38 , section 39 and section 58 .
This notice applies to all licensed financial advisers and exempt financial advisers. It does not apply to a financial adviser in respect of the activities, recommendations or transactions set out under regulation 34A of the Financial Advisers Regulations .
It sets out the requirements, specifically the design and operation of the balanced scorecard framework, and the roles and responsibilities of the independent sales audit unit, that financial advisers must put in place in the remuneration structures for their representatives and supervisors.
Amendment Notes
- 5 October 2020
- MAS Notice FAA-N20 (Amendment No. 2) 2020 (1.32 MB) takes effect.
- 16 April 2020
- MAS Notice FAA-N20 (Amendment) 2020 (1.01 MB) takes effect.
Related to this Notice
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GuidanceLast Revised Date: 21 September 2023
Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Financial Advisers
This Compliance Toolkit is to guide and facilitate financial advisers’ compliance with the various MAS approval and reporting requirements and timelines.
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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.