Forum: Financial advisory firms expected to assess quality and effectiveness of training provided
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We refer to Mr Derrick Yip’s letter on the qualification of trainers who conduct training courses for financial advisory professionals (Look into training of financial professionals by those who are not financially trained, Nov 27).
The Monetary Authority of Singapore (MAS) requires financial advisory firms to ensure that their representatives are competent and possess the relevant knowledge and skills to provide financial advice to customers.
Financial advisory firms are expected to assess the quality and effectiveness of both in-house and external training provided to their representatives. This includes reviewing the credentials, qualifications and track record of the trainer, the content and coverage of the training provided, as well as feedback from previous attendees where applicable.
As part of its supervisory process, MAS will engage financial advisory firms that are found lacking, to make the appropriate improvements to their governance and controls.
We thank the Insurance and Financial Practitioners Association of Singapore for its feedback.
Lu Xinyi
Director (Corporate Communications)
Monetary Authority of Singapore
