As part of the change, which comes into force on 26 Nov, an online register has been created by the financial regulator, the MAS, that will allow members of the public to check the credentials of an adviser.
They will be able to view information on the regulated activities an adviser is allowed to conduct and whether they have any fines or reprimands to their name, among other data.
MAS said there would be no change to the suitability criteria for financial advisers, such as possess-ing the necessary qualifications and meeting fit and proper requirements.
The move, which applies to banks, insurers and capital markets firms, as well as financial advisers, has been welcomed by IFAs, who said they will be able to speed up the time it takes for a new adviser to get in front of clients.
Paul Jeffreys, principal of Jigsaw Wealth Management, said: “It is extremely positive for all concerned – MAS can lighten the load and brokers can become more agile and make quicker decisions.”
