In the Guidelines on Standards of Conduct for Marketing and Distribution Activities, the followings are the examples of good practices for a financial institution:-

(a) Prescribing a monetary limit on the value of gifts such that the gifts offered to customers are only of nominal value relative to the amount invested.
(b) Monitoring representatives’ sales and advisory practices to ensure that the gifts are not the main focus of the transaction.
(c) Requiring all gifts distributed at such arrangements to be approved by the financial institution.

In the Guidelines on Standards of Conduct for Marketing and Distribution Activities, the financial institutions should ensure that the venue for their marketing and distribution activities is conducive for representatives to conduct a proper sales and advisory session.

In the Guidelines on Standards of Conduct for Marketing and Distribution Activities, the financial institutions should have adequate controls in place to ensure that payments collected from customers at retailers and public places are properly handled and securely kept.

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer that operates a tiered structure for the provision of any financial advisory service shall ensure that such a structure is capped to a maximum of 3 tiers on the following basis:-

(a) Representative (First Tier).
(b) Supervisor (Second Tier).
(c) Manager (Third Tier).

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer that operates a tiered structure for the provision of any financial advisory service shall ensure that such a structure is capped to a maximum of 3 tiers on the following basis:-

(a) Representative (First Tier).
(b) Supervisor (Second Tier).
(c) Manager (Third Tier).

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer that operates a tiered structure for the provision of any financial advisory service shall ensure that such a structure is capped to a maximum of 3 tiers on the following basis:-

(a) Representative (First Tier).
(b) Supervisor (Second Tier).
(c) Manager (Third Tier).

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer that operates a tiered structure for the provision of any financial advisory service shall ensure that such a structure is capped to a maximum of 3 tiers on the following basis:-

(a) Representative (First Tier).
(b) Supervisor (Second Tier).
(c) Manager (Third Tier).

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer shall ensure that its representative that is under probation for the position as a supervisor shall have a probation period of not more than 2 years.

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer shall ensure that its representative that is under probation for the position as a supervisor shall have a probation period of not more than 2 years.

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer shall ensure that its representative that is under probation for the position as a supervisor shall have a probation period of not more than 2 years.

A direct life insurer shall ensure that its representatives are trained and assessed as competent to carry on financial advisory services. A direct life insurer is expected to prepare and implement a Training and Competency Plan for its representatives and refer to the Guidelines on Training and Competency issued by the Life Insurance Association of Singapore.

A direct life insurer shall ensure that its representatives are trained and assessed as competent to carry on financial advisory services. A direct life insurer is expected to prepare and implement a Training and Competency Plan for its representatives and refer to the Guidelines on Training and Competency issued by the Life Insurance Association of Singapore.

A direct life insurer shall not provide subsidized loans to its representatives out of life insurance funds. With effect from 1 Oct 2002, insurers shall not charge the cost of financing schemes for representatives to their life insurance funds except where the financing schemes were disbursed prior to 1 Oct 2002 and in which case, the cost of these financing schemes shall cease to be charged to the life insurance funds by 30 Sep 2003 or one-year from the date of disbursement, whichever is earlier.

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer shall ensure that the provision of financial advisory services by its representatives is in compliance with the FAA and the Insurance Act. It should also observe relevant industry guidelines issued by the Life Insurance Association of Singapore.

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, a direct life insurer shall set up a Compliance Unit headed by a senior officer i.e. Compliance Officer. The Compliance Unit should conduct regular audits on the provision of financial advisory service by the life insurer and its representatives and maintain documentation relating to such audits. The Compliance Officer should report directly to the Principal Officer on any compliance or non-compliance.

In the Market Conduct Standards for Life Insurers Financial Advisory (FA) Services, direct life insurers are responsible for the conduct of their representatives. It should take disciplinary action against representatives for misconduct. Direct life insurers should also have an internal process for representatives who wish to appeal against the disciplinary action.

Financial Institutions (FIs) should conduct call-backs to all customers prospected at retailers and public places before or within the free-look or cooling-off period, to ensure that customers have understood their transactions closed at such locations. FIs are expected to implement this safeguard for the sale of life, general and accident and health insurance products, and collective investment schemes.

The following criteria should meet by a “selected client” of a financial advisor as defined in the Guidelines on the Remuneration Framework for Representatives and Supervisors:-

(a) A “selected client” should be 62 years of age or older.
(b) A “selected client” should not proficient in spoken or written English.
(c) A “selected client” has below GCE ‘O’ level or ‘N’ level certifications, or equivalent academic qualifications.

The Monetary Authority of Singapore’s (MAS’s) observations and supervisory expectations are set out under the following themes:-

(a) Governance.
(b) Investment suitability.
(c) Pricing controls and disclosures.
(d) Culture and conduct.

The following areas are covered under the E-Payments User Protection Guidelines (the Guidelines):-

(a) Duties of account holders and account users covered under the E-Payments User Protection Guidelines (the Guidelines).
(b) Duties of the responsible financial institution covered under the E-Payments User Protection Guidelines (the Guidelines).
(c) Liability for losses arising from unauthorized transactions covered under the E-Payments User Protection Guidelines (the Guidelines).
(d) Specific duties in relation to erroneous transactions covered under the E-Payments User Protection Guidelines (the Guidelines).
(e) Application of the Guidelines covered under the E-Payments User Protection Guidelines (the Guidelines).

Under the E-Payments User Protection Guidelines (the Guidelines), “access code” means a password, code or any other arrangement that the account user must keep secret, that may be required to authenticate any payment transaction or account user, and may include any of the following:-

(a) Personal identification number, password or code.
(b) Internet banking authentication code.
(c) Telephone banking authentication code.
(d) Code generated by an authentication device.
(e) Code sent by the responsible FI by phone text message such as SMS, but does not include a number printed on a payment account (e.g. a security number printed on a credit card or debit card).

Under the E-Payments User Protection Guidelines (the Guidelines), “authentication device” means any device that is issued by the responsible Financial Institution (FI) to the account user for the purposes of authenticating any payment transaction initiated from a payment account, including a device that is used to generate, receive or input any access code.

Under the E-Payments User Protection Guidelines (the Guidelines), “money” includes currency and e-money but does not include virtual currency.

Under the E-Payments User Protection Guidelines (the Guidelines), “payee” means a person who is the intended recipient of the money which has been the subject of a payment transaction.

Under the E-Payments User Protection Guidelines (the Guidelines), “Payer” means a person who holds a payment account and initiates, or consents to the initiation of, a payment order from that payment account.

Under the E-Payments User Protection Guidelines (the Guidelines), “sole proprietor” means any business owned by an individual where the owner is personally liable for debts and losses of the business.

The following type of contact information should be provided by an account holder to the responsible Financial Institution (FI) to receive all outgoing transaction notifications and monitor notifications:-

(a) The account holder has opted to receive notification by email, his email address.
(b) The account holder has opted to receive transaction notifications by SMS, his Singapore mobile phone number.

Under the E-Payments User Protection Guidelines (the Guidelines), the following acts are prohibited for an account user of a protected account:-

(a) Voluntarily disclose any access code to any third party, except as instructed by the responsible FI for any purpose including to initiate or execute any payment transaction involving the protected account.
(b) Keep a record of any access code in a way that allows any third party to easily misuse the access code.
(c) Disclose the access code in a recognizable way on any payment account, authentication device, or any container for the payment account.

Under the E-Payments User Protection Guidelines (the Guidelines), if the account user keeps a record of any access code, he should make reasonable efforts to secure the record, including:-

(a) Keeping the record in a secure electronic or physical location accessible or known only to the account user.
(b) Keeping the record in a place where the record is unlikely to be found by a third party.

Under the E-Payments User Protection Guidelines (the Guidelines), the account holder of a protected account should make a police report if the responsible Financial Institution (FI) requests such a report to be made to facilitate its claims investigation process.