AFTER nearly a year of deliberations, the Financial Advisory Industry Review panel has revealed their recommendations on how to improve the financial advisory industry.

Key recommendations include raising the minimum educational qualifications of advisors, restricting advisory firms in the scope of activity they can undertake and the imposition of a cap on the total commissions payable to the firm and the advisor in the first year.

The Monetary Authority of Singapore will conduct consultations before deciding if the recommendations should be adopted.