Go Independent
In 2001, legislation was passed to streamline the laws governing the provision of financial advisory services in respect of investment products, including securities, futures and life insurance, into a single piece of legislation. The new legislation came to be termed as the Financial Advisers Act (FAA) and was officially enacted in 2002.
The enactment of the FAA paved the way for a new breed of personal financial intermediaries: the Independent Financial Adviser (IFA). Discover the advantages of turning independent here.
"... the Bill [Financial Advisers Act] will create of a new class of licensed financial advisers. These professionals will be able to provide investment advice on a wide array of financial products, and also sell unit trusts and their close substitutes, such as ILPs. In some cases, these financial advisers will not be connected to any product providers, such as fund managers or insurance companies, and will act independently of them. Such independent financial advisers will represent the interests of their clients, rather than the interests of specific product providers."
Speech by Deputy Prime Minister and Chairman, Monetary Authority of Singapore, Lee Hsien Loong for the Second Reading of the Financial Advisers Bill 2001 in Parliament on 5th October 2001
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