Notices
Notice FAA-N20 Requirements for the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework") and Independent Sales Audit Unit
Requirements on the balanced scorecard framework for representatives and supervisors of financial advisers, and the independent sales audit unit.
Issued pursuant to:
Financial Advisers Act (Cap. 110) section 38 and section 39
This notice applies to all licensed financial advisers and exempt financial advisers. It does not apply to a financial adviser in respect of the activities, recommendations or transactions set out under regulation 34A of the Financial Advisers Regulations .
It sets out the requirements, specifically the design and operation of the balanced scorecard framework, and the roles and responsibilities of the independent sales audit unit, that financial advisers must put in place in the remuneration structures for their representatives and supervisors.
Amendment Notes
There are no amendment notes for this notice.
Related to this Notice
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FAQsPublished Date: 28 November 2016
FAQs on the Balanced Scorecard (BSC) Framework
Provides guidance to financial advisers on the scope of the BSC framework, including independence of the Independent sales audit unit, pre-transaction checks, reference checks and computation and recovery of remuneration from representatives and supervisors.
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GuidelinesPublished Date: 31 December 2015
Guidelines on the Remuneration Framework for Representatives and Supervisors ("Balanced Scorecard Framework"), Reference Checks and Pre-Transaction Checks [FAA-G14]
Guidance for financial advisers on the requirements in Notice FAA-N20, which sets out measures for the design and operation of the balanced scorecard framework and independent sales unit.
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ConsultationsPublished Date: 02 October 2014
Consultation Paper on (1) Draft Legislation and Proposed Legislative Amendments to Effect the Policy Proposals under the Financial Advisory Industry Review; and (2) Proposed Legislative Amendments to Authorise Inspections by Foreign Regulatory Authorities under the Financial Advisers Act
Proposed legislative amendments to raise the competency of FA representatives and quality of FA firms; lower distribution cost by enhancing market efficiency; and promote a culture of fair dealing.
- Consultation number:
- P022-2014
- Start date:
- 02 October 2014
- Closing date:
- 03 November 2014
- MAS response date:
- 11 May 2015
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ConsultationsPublished Date: 05 March 2013
Consultation Paper on Recommendations of the Financial Advisory Industry Review
Proposed recommendations aimed at raising the quality of financial advisers (FA) and competency of FA representatives, improving efficiency in the distribution of life insurance and investment products, and promoting a culture of fair dealing in Singapore.
- Consultation number:
- P004-2013
- Start date:
- 05 March 2013
- Closing date:
- 04 June 2013
- MAS response date:
- 30 September 2013