Singapore MAS Chairman Lawrence Wong on Disclosure of Introducer Fees & Commissions to Clients: Introducers Required to Disclose Fee to Clients & to Further Disclose Actual Fee When Asked by Clients, New Legislation to Require Disclosure of Actual Introducer Fee, Financial Institutions & Financial Advisors Required to Disclose Commission at Point of Sale for Investment Products & Distribution Costs for Life Insurance Policies
5th October 2023 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on disclosure of introducer fees & commissions to clients – 1) Introducers required to disclose fee to clients and to further disclose actual fee when asked by clients, 2) New legislation to require disclosure of actual introducer fee, 3) Financial institutions & financial advisors required to disclose commission at point of sale for investment products and distribution costs for life insurance policies. Singapore MAS Chairman Lawrence Wong: “It is mandatory for financial institutions such as licensed financial advisers, banks and insurers who provide financial advisory services (collectively, “financial advisers”) to disclose to customers at the point of sale, the commissions and distribution costs associated with the sales of investment products and life insurance policies respectively … … In the case of introducers, it is also mandatory to state whether they are being remunerated by financial advisers. If asked, they must also disclose the remuneration amount. MAS is working with the Attorney-General’s Chambers to effect legislative amendments to require introducers to disclose the remuneration amount without being asked.” More info below:
“ Introducers Required to Disclose Fee to Clients & to Further Disclose Actual Fee When Asked by Clients, New Legislation to Require Disclosure of Actual Introducer Fee, Financial Institutions & Financial Advisors Required to Disclose Commission at Point of Sale for Investment Products & Distribution Costs for Life Insurance Policies “
Singapore MAS Chairman Lawrence Wong on MAS Access to Reserves Managed by GIC
4 October 2023
Name and Constituency of Member of Parliament
Mr Murali Pillai, MP, Bukit Batok SMC
Question: To ask the Prime Minister whether the Monetary Authority of Singapore is minded to direct the mandatory disclosure of the quanta of commissions paid or earned by regulated financial institutions, financial advisers and introducers for the procurement of business or custom from the clients of the financial institutions and financial advisers, even in the absence of requests for the same information, to promote better transparency.
Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS:
1. It is mandatory for financial institutions such as licensed financial advisers, banks and insurers who provide financial advisory services (collectively, “financial advisers”) to disclose to customers at the point of sale, the commissions and distribution costs associated with the sales of investment products and life insurance policies respectively.
2. In the case of introducers, it is also mandatory to state whether they are being remunerated by financial advisers. If asked, they must also disclose the remuneration amount. MAS is working with the Attorney-General’s Chambers to effect legislative amendments to require introducers to disclose the remuneration amount without being asked.
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