Singapore MAS to Safeguard Transactions for Selected Clients by Financial Advisors Including Audio Recording of Client Call-Backs & Trusted Individual
Deputy Prime Minister, Minister of Finance, Deputy Chairman of the MAS Board Lawrence Wong Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2024 Investment Day | 2024 Family Office Summits | Family Office Circle This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Singapore MAS to Safeguard Transactions for Selected Clients by Financial Advisors Including Audio Recording of Client Call-Backs & Trusted Individual to be Present During Advisory Process & Call-Back, Meets 2 of 3 Criteria – Age 62 & Above, Not Proficient in Spoken or Written English, Below GCE “O” or “N” Level Certifications, Targets Legislative Amendments by 2024 Q4 with 9 Months Transition 4th April 2024 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) is amending legislations to safeguard transactions for Selected Clients by financial advisors including audio recording of client call-backs and trusted individual to be present during advisory process & call-back, targeting the legislative amendments by 2024 Q4 with 9 months transition. Selected Clients is defined as meeting 2 of 3 criteria – 1) Age 62 & above, 2) Not proficient in spoken or written english, 3) Below GCE “O” or “N” Level certifications. Lawrence Wong, Deputy Prime Minister and Minister for Finance, Chairman of MAS: “MAS will publicly consult, by the middle of this year, on legislative amendments to enhance pre- and post-transaction safeguards for clients of financial advisers meeting specified criteria. We aim to issue the revised standards by Q4 2024, for implementation by the industry no later than 2H 2025, after a 9-month transition period. There are existing safeguards for such clients that have already been implemented by the financial advisory industry. These include performing pre-transaction client call-backs to ensure that these clients have understood the features and risks of the products they have been sold. The proposed amendments will further strengthen these safeguards by, among others, requiring a trusted individual to be present during the financial advisory process and audio recording the client call-back. “Selected Client” is one meeting any two of the following criteria: (a) Is 62 years of age or older; (b) Is not proficient in spoken or written English; (c) Has below GCE “O” or “N” level certifications, or equivalent academic qualifications.”
“ Singapore MAS to Safeguard Transactions for Selected Clients by Financial Advisors Including Audio Recording of Client Call-Backs & Trusted Individual to be Present During Advisory Process & Call-Back, Meets 2 of 3 Criteria – Age 62 & Above, Not Proficient in Spoken or Written English, Below GCE “O” or “N” Level Certifications, Targets Legislative Amendments by 2024 Q4 with 9 Months Transition “
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Singapore MAS to Safeguard Transactions for Selected Clients by Financial Advisors Including Audio Recording of Client Call-Backs & Trusted Individual to be Present During Advisory Process & Call-Back, Meets 2 of 3 Criteria – Age 62 & Above, Not Proficient in Spoken or Written English, Below GCE “O” or “N” Level Certifications, Targets Legislative Amendments by 2024 Q4 with 9 Months Transition
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