More disclosure to come on finance advisers

Bank customers will soon be able to find out professional details about their respective relationship managers or sales representatives on a Monetary Authority of Singapore (MAS) register as part of a move to improve disclosure.

According to MAS, 'This will provide consumers with more info on their reps, and enhance market discipline.' Serial job-hoppers, for instance, will be exposed as customers will be able to see the number of times that the manager of representative has changed employers in the past three years.

Under the new Representative Notification Framework (RNF), all financial representatives who provide financial advisory or capital market services will be listed on a public register. The RNF, which will be launched on Nov 26, replaces the existing licensing system for financial institutions that exempts banks and insurers.

Currently, only representatives of holders of capital market service licences and licensed financial advisers are issued hardcopy licences.

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