Hong Kong & Singapore to Set New Disclosure Rules for Wealth Managers
Hong Kong Monetary Authority & Monetary Authority of Singapore are set to launch new disclosure rules for wealth managers on what they are paid by funds to sell their products.
“The moves could disrupt the current fee sharing model between the funds industry and wealth managers.”
The moves could disrupt the current fee sharing model between the funds industry and wealth managers as clients may start to scrutinise the products they bought. This is aimed at revealing conflicts of interest and could disrupt a business that generates billions of dollars in fees.
News Source: Reuters
About Monetary Authority of Singapore
Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
- Origin : Singapore
- Assets : USD 385.12 billion
- Revenue : USD 1.89 billion
Official Website: www.mas.gov.sg
News & Media: Press Release
Updated on 8th August 2016