SINGAPORE - The Association of Banks in Singapore (ABS), Life Insurance Association of Singapore (LIA), and Association of Financial Advisers Singapore (AFAS) came together to urged consumers to be forthcoming in giving feedback on their financial adviser representatives.
This comes as banks, life insurers and licensed financial adviser firms implement a new requirement under the balanced scorecard framework this year, said the various industry bodies in a joint statement on Thursday.
The framework ensures that the remuneration of these representatives and supervisors, are also tied to key performance indicators that are non-sales related.
If they fail to provide suitable product recommendations or do not make proper disclosure of material information to clients, the variable income of these representatives and supervisors will be affected.
In reviewing the performance of their representatives and supervisors under framework, various industry players are expected to contact clients to get feedback about the experiences on recent purchases of investment or insurance products.