Advice to MAS on FAIR

In April 2014, the Monetary Authority of Singapore (MAS) consulted the CCS on various initiatives that MAS has proposed under the Financial Advisory Industry Review (FAIR). FAIR was aimed at raising standards of practice in the Financial Advisory (FA) industry and improving efficiency in the distribution of life insurance and investment products in Singapore. Taking into consideration the characteristics of the FA industry and the objectives of FAIR, CCS undertook a competition impact assessment in relation to the initiatives that MAS consulted CCS on. In particular, CCS considered how each initiative would affect competition in the market and put forth several recommendations aimed at maintaining and enhancing competitive conduct in the market. MAS has incorporated these recommendations in the final FAIR initiatives.