Thursday, February 28, 2013

Insurance agents or financial advisers' minimum entry requirements?

What are the minimum education and entry requirements for representatives of licensed financial advisers and exempt financial advisers?

The Monetary Authority of Singapore has recently released a "Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers [Notice No. FAA-N13]" Frequently Asked Questions (FAQ) (updated February 2013).

Here is what it still says now:

What are the minimum academic qualification requirements for appointed representatives?

For individuals who sat for their GCE ‘O’ Level Examinations after the year 1980, they are required to obtain qualifications higher than or equal to at least 4 GCE ‘O’ Level credit passes.

For individuals who sat for their GCE ‘O’ Level Examinations before or during the year 1980 and did not satisfy the 4 GCE ‘O’ Level credit passes, they must have obtained at least 2 GCE ‘O’ Level credit passes and a pass in the Basic Competency Examination administered by the Singapore College of Insurance. Please refer to the FAA Notice of Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (Notice FAA-N13) for details.

Can the GCE ‘O’ Level credit passes required under the minimum academic qualification requirements be obtained from more than one sitting?

There are of course other CMFAS requirements and examinations that need to be passed before being licensed.

So why was "still says now" highlighted?

Do keep in mind the Financial Advisory Industry Review (FAIR) Singapore panel recommendations which for 
Thrust One: Raising the Competence of Financial Advisory Representatives has the following recommendations: 

1. Raise the minimum qualification of new Financial Advisory (FA) representatives to a full certificate in GCE “A” level, an International Baccalaureate qualification, or a diploma awarded by polytechnics in Singapore (or its equivalent). Existing FA representatives to be grandfathered.
2. Offer specialised diploma courses in Financial Advisory Services for individuals who do not meet the minimum qualification.
3. Impose minimum annual continuing professional development training hours (including mandatory training on Ethics and Rules & Regulations).

So do look out for the update.



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