Who Sells Such products
You can get insurance advice from representatives of licensed or exempt Financial Advisers (FA) who are qualified to advise on and distribute life insurance products.
Under the Financial Advisers Act (FAA), Financial Adviser (FA) representatives must pass the appropriate entry examinations and continuously develop their technical and professional skills by completing entry examinations. They also must continuously develop themselves by completing training courses, seminars and relevant programmes every year.
A Financial Adviser includes insurers, banks, insurance brokers, securities firms and financial companies. A Financial Adviser (FA) representative refers to a person acting for a licensed or exempt Financial Adviser.
The following are the different types of FA representatives:
- Representative of a life insurance company
- Representative of a Bank or Other Financial Institution
- Representative of a Financial Adviser Firm
He represents one life insurance company only and can advise you on the products of that company. He may also advise you on the products of other financial institutions if his life insurance company has an agreement to distribute those products. Your representative has to tell you the other financial institutions from which he can provide the products.
He represents one bank or one other financial institution only and can advise you on the products of one or more life insurance companies with whom the bank or financial institution has an agreement with to distribute those products. Your representative has to tell you the life insurance companies from which he can provide those products.
Financial institutions include insurance brokers, securities firms and finance companies.
All Financial Adviser firms are licensed by the MAS.
Financial Adviser firms that meet certain conditions of the FAA may qualify to be “Independent Financial Adviser” (IFA) firms.
Some of those conditions in the FAA Guidelines will mean that the IFA representative can provide and advise on the products of at least four life insurance companies. He has to clearly show you that he does not have financial or commercial links with these insurance companies that could influence his recommendations for you.
You can locate a Financial Adviser from:
