The Monetary Authority of Singapore has announced the members of the review panel for the Financial Advisory Industry Review (FAIR).
It will be chaired by MAS' Assistant Managing Director for Capital Markets, Mr Lee Chuan Teck, and comprise representatives from industry associations, consumer bodies, the investment community, academia, media, and other stakeholders.
The members are:
- Mr Esmond Choo, President, Securities Association of Singapore
- Ms Genevieve Cua, Wealth Editor, The Business Times
- Mr David Gerald, President, Securities Investors Association (Singapore)
- Mr Lester Gray, Chairman, Investment Management Association of Singapore
- Mr Piyush Gupta, Chairman, The Association of Banks in Singapore
- Ms Aurill Kam, Partner, Rajah & Tann LLP
- Professor Francis Koh, Deputy Dean, Lee Kong Chian School of Business, Singapore Management University
- Mr Kuo How Nam, President, Credit Counselling Singapore
- Mr Augustine Lee, President, Association of Financial Advisers
- Mr Ong Ye Kung, Deputy Secretary-General, National Trades Union Congress
- Mr Seah Seng Choon, Executive Director, Consumers Association of Singapore
- Mr Tan Hak Leh, President, Life Insurance Association Singapore
- Mr Yee Ping Yi, Chief Executive Officer, Central Provident Fund Board
MAS Managing Director Mr Ravi Menon had announced FAIR during the 50th anniversary gala dinner of the Life Insurance Association last March 26.
The panel will review and propose recommendations on the five key thrusts of FAIR, namely, to: raise the competence of financial advisory (FA) representatives; raise the quality of FA firms; make FA a dedicated service; lower distribution costs; and promote a culture of fair dealing.
FAIR will build on the foundations laid by the industry-led Committee on Efficient Distribution of Life Insurance (CEDLI) which, in 2000, made far-reaching recommendations for the insurance industry on areas such as needs-based advisory process, disclosure practices, and training and competency requirements.
It will cover all firms engaged in the financial advisory business - including banks, insurers, stockbrokers, financial advisory firms - and their representatives, and all investment products regulated by MAS under the Financial Advisers Act (CAP. 110).
Said Mr Lee Chuan Teck, Assistant Managing Director for Capital Markets, MAS: "Our vision is for financial institutions to put customers first, and for customers to have access to affordable life insurance and investments to meet their financial planning and retirement needs. We are not there yet."
Consumers and industry practitioners are invited to send feedback and answer the FAIR questionnaire, which can be found at http://www.mas.gov.sg/fair/.