Advice to MAS on Balanced Scorecard Framework
In 2015, the Monetary Authority of Singapore (“MAS”) consulted CCS on policy proposals in relation to several operational aspects of the Balanced Scorecard (“BSC”) Framework. The BSC framework, which came into legal effect on 1 January 2016, is an initiative introduced by MAS under the Financial Advisory Industry Review (“FAIR”) which seeks to align the interests of financial advisory representatives and supervisors with those of their customers so as to promote a culture of fair dealing. This is also part of CCS’s continuous engagement with MAS in relation to the FAIR initiatives since April 2014. Taking into consideration the characteristics of the financial advisory industry and the objectives of the BSC Framework, CCS undertook a competition impact assessment that considered how each proposal would affect competition in the market. CCS provided several recommendations to MAS regarding the BSC Framework to maintain and enhance competitive conduct in the market.