MAS Issues Guidelines on Switching
The Monetary Authority of Singapore (MAS) on 26 Oct 2004 issued Guidelines on Switching of Designated Investment Products ("Guidelines").
The Guidelines aim to provide guidance to financial advisers on the controls, processes and procedures MAS expects them to put in place to monitor and deter undesirable switching activities. They also include disclosure requirements to ensure that consumers are fully informed of the costs and implications of switching.
It is an offence under the Financial Advisers Act ("FAA") for a financial adviser or its representatives to engage in switching activities that are detrimental to the interest of consumers.
The MAS press release with links to the guidelines and explanation paper can be found at the MAS Website.
The Guidelines aim to provide guidance to financial advisers on the controls, processes and procedures MAS expects them to put in place to monitor and deter undesirable switching activities. They also include disclosure requirements to ensure that consumers are fully informed of the costs and implications of switching.
It is an offence under the Financial Advisers Act ("FAA") for a financial adviser or its representatives to engage in switching activities that are detrimental to the interest of consumers.
The MAS press release with links to the guidelines and explanation paper can be found at the MAS Website.
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