Who is allowed to provide financial advice?
"Only authorised firms and individuals are allowed to give you financial advice.
FA representatives are appointed by licensed financial advisers, banks, insurance companies or brokerages to provide advice on life insurance and investment products on their behalf.
They may call themselves financial advisers, financial planners, financial consultants, insurance agents or relationship managers. Regardless, individuals authorised to provide financial advice will be issued a unique representative number by the Monetary Authority of Singapore.
Always ask for the FA representative's unique representative number and check if he or she is permitted to give financial advice.
Always check the following:
- Financial Institutions Directory to see if the FA firm is authorised by MAS to provide financial advisory services
- Register of Representatives to see if the individual you're talking to is an FA representative"