In a three-paragraph story on its website, the newspaper gave few details, beyond nothing that “key recommendations” of the Financial Advisory Industry Review panel “include raising the minimum educational qualifications of advisors, restricting advisory firms in the scope of activity they can undertake, and the imposition of a cap on the total commissions payable to the firm and the advisor in the first year”.
The article makes no mention of a ban on commissions on investment products. Most observers said such a ban had been thought to be unlikely.
Before any recommendations are adopted, the Singaporean regulator, the Monetary Authority of Singapore (MAS), will consult with the industry and the public.
As reported, the MAS stunned Singapore’s advisory and insurance industries last March by announcing the review, which was widely seen as similar in concept and intent to UK’s Retail Distribution Review, conducted by the UK’s Financial Services Authority.
