Singaporean Finacial Adviser Licence Support | Pre-licensing Assessment | Singaporean FA Licence Application Management | Post-licensing Risk and Compliance Management

We offer a comprehensive set of solutions to help you obtain and maintain a Singaporean financial adviser's licence issued under the local Financial Advisers Act by the Monetary Authority of Singapore (MAS), tailored to:

• Your business goals and objectives
• Your client demographics
• Your countries of operation
• The size of your business
• The available human and technology resources
• Your risk appetite
• Your governance structure
• The products that you offer
• MAS Regulated financial advisers' obligations covering risk and compliance management under financial laws and regulations, the applicable financial licensing requirements, AML/CFT laws, privacy laws, consumer protection laws, and more.

We have designed our regulatory licensing solutions to help you navigate the complexities of the Singaporean financial advice licensing regime in a commercially oriented and goal-focused manner, providing effective support for all stages of the financial advisers' licensing process, including but not limited to the following aspects:

• Singaporean Financial Advisers' Licence Guidance: Advising on a wide range of aspects associated with Singaporean financial advisers' licences as it relates to your specific situation
• Pre-licensing assessment: Covering compliance gap analysis as well as risk and compliance assessment
• Pre-licensing support:
• Drafting the necessary policies and procedures to help you comply with the Singaporean financial advisers' Licence conditions and financial markets' regulations
• Developing internal controls to help you meet your obligations under the Singaporean financial advice licensing regime
• Singaporean Financial Advisers' Licence Application Support: Covering the entire licensing process
• Post-licensing Support: Covering
• Ongoing compliance advice
• Comprehensive second-line risk and compliance support, including leading the implementation of your risk management framework (RMF), compliance management framework (CMF), compliance monitoring program (CMP), compliance calendar and checklist, ongoing risk assessments, internal and external reporting, outsourced providers' management, and more
• AML/CFT advice
• AML/CFT compliance management
• Compliance assurance solutions, including compliance assurance program (CAP) development, implementation, and internal control testing

 

Service Coverage

This page is about Singaporean financial advisers’ licensing solutions. Firms seeking to obtain a Singaporean financial adviser’s licence or comply with MAS-regulated financial advisers’ obligations will find essential guidance here. We offer comprehensive support for a wide range of Singaporean financial advisers' licence applications, tailored to meet the specific needs of the following businesses:

• Independent Financial Advisers
• Registered Investment Advisers
• Retirement Planning Consultants
• Estate Planning Specialists
• Investment Advisory Firms
• Broker-Dealers

 

Financial Advisers’ Licensing Preparation

Pre-licensing Compliance Assurance

Our Singaporean financial advisers' Licence solutions cover the following focus areas:

• Compliance Goals Analysis: We review your business-specific goals and resources against the suitability criteria for a Singaporean financial advisers' Licence
• Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the financial advisers' licensing process
• Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your Singaporean financial advisers' licence, tailored to suit your:

• business objectives,
• operational capacity,
• client base,
• markets of operations,
• and other relevant factors

• Gap Analysis: We identify gaps between your existing operations and regulatory requirements and help you align them in a commercially oriented manner
• Singaporean Financial Advisers' Licence Application Plan: We help you establish a roadmap to effectively meet the Singaporean financial advisers' licence requirements

 

Singaporean Financial Advisers’ Licence Guidance

Selecting the right compliance model is crucial not only for navigating the licensing process but also for maintaining ongoing compliance and avoiding potential breaches. Our financial advisers' licensing solution covers:

• Compliance Model Selection: To help you best comply with the Singaporean financial advisers' licensing regime and related risk and compliance obligations.
• Corporate Governance Model Selection: We offer practical guidance on establishing effective corporate governance practices that support your risk and compliance oversight.
• Operations Model Advisory: We advise you on optimising your operational and governance models to help you efficiently comply with the licensing requirements for CMS licence holders and other applicable MAS regulated financial advisers' obligations, keeping in mind your specific circumstances, available resources and business goals.

 

Entering Regulated LMFC Environment

We help businesses transition from an unregulated environment to operating under the Singaporean financial advice licensing regime, helping them meet their obligations as a Singaporean financial adviser's licence holder.

We also assist already regulated businesses in aligning their existing risk and compliance management structures with the Singaporean financial advisers' licensing regime requirements.

Our focus areas for this service include:

• New businesses
• Existing financial advisers operating in unregulated markets
• Regulated financial advisers expanding into foreign jurisdictions
• Financial institutions and/or service providers with established risk and compliance frameworks seeking to offer regulated fund management services as a new product.

 

Multi-Jurisdictional Compliance

With years of experience managing risk and compliance obligations for businesses operating under multiple financial licences across various jurisdictions, we help businesses remain compliant with regulated financial advisers' obligations globally.

 

Singaporean Financial Advisers’ Licence and Wholesale Markets

Getting a Singaporean Financial Adviser's Licence may not always be the best fit for all. For example, a retail market expansion may not always align with your goals or the products you offer.

Operating in the wholesale environment can sometimes be a more suitable option. We offer a wider range of risk and compliance management solutions to assist financial advisers that:

• Operate in the wholesale markets
• Operate under exemptions from the Singaporean financial advice licensing regime
• Offer services to sophisticated, eligible, and wholesale investors

 

We help them comply with the regulatory compliance obligations that are not caught by the Singaporean financial advisers' licensing regime but that still have to be addressed and handled, including:

• Advertisement Rules
• Fair Dealing Regulations
• Risk Management
• Outsourced Providers' Oversight
• Restrictions on offering services to retail investors without a licence (an integral part of the Singaporean financial advice licensing regime)
• Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) laws and regulations
• Data Management Laws and Regulations

 

Singaporean Financial Advisers’ Licence Application

We assist with your licence application through ongoing engagement in the financial advisers' licensing process:

• Document Compilation and Review: We compile and review all required supporting documents to support your Singaporean financial advisers' licence application.
• Application Form Completion: We help you complete the forms so that all material information is accurate and complete.
• Pre-Submission Review: We can arrange a pre-submission review session with key stakeholders to ensure all parts of your application are understood and agreed upon. This session aligns application details with the actual situation, removing ambiguity.
• Financial Advisers' Licensing Process and Regulatory Liaison: We manage the end-to-end submission process, maintaining clear and effective communication channels throughout the licensing process.
• Timeline Management: We closely monitor and adhere to all necessary deadlines, providing timely updates and adjustments to keep the application process on track.

 

Resolving Singaporean Financial Advisers’ Licence Issues

Having competent compliance advisors is crucial when licensing issues arise. Therefore, our Singaporean financial advisers' Licence solutions include a range of services to address and resolve these issues effectively:

• Remediation Solutions for Singaporean Financial Advisers' Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with Singaporean financial advisers' requirements.
• Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your Singaporean financial advisers' licence, developing a tailored action plan to maintain compliance and facilitate the eventual removal of these conditions with minimal disruption to your business operations.
• Licensing Issues Handling: We address common licensing issues encountered during the financial advisers' licensing process, providing you with solutions to navigate and resolve these challenges efficiently.
• Further Information: You can visit our Compliance Remediation Solutions page for more information.

 

Post-Licensing Support

We offer a full range of ongoing risk and compliance solutions for Singapore-based licensed fund management companies. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

• Regulated Financial Advisers’ Obligations Guidance: We can advise your risk, compliance, management and other teams on meeting the requirements of the Singaporean financial advice licensing regime and other regulatory compliance obligations. You can visit our Compliance Advisory page for more information.
• Regulatory Risk and Compliance Management: We provide dedicated compliance managers to manage your overall compliance. For more information, visit our Specialised Compliance Management Solutions page for Fund Managers.
• Compliance Assurance Solutions: As part of our compliance assurance solutions, we offer:
• Compliance Assurance Program (CAP) development and testing options
• Internal Controls Design option
• Internal Controls Testing option
• Internal AML/CFT Review option
• Statutory AML/CFT Audit option
• Compliance Training Solutions: We offer training programs to different teams on complying with:
• MAS Regulated financial advisers' obligations for risk and regulatory compliance management. You can visit our Compliance Training page for more information.
• Financial advisers' AML/CFT obligations and operational best practices for fraud prevention. You can visit our AML/CFT Training page for more information.
• Crisis Management Planning: We can develop proactive strategies to manage potential compliance crises effectively.
• Anti-Money Laundering (AML) and Counter Terrorist Financing Solutions: We provide a full range of AML/CFT solutions for Singaporean financial advisers. For more information, visit our Specialised AML/CFT Solutions page for Wealth Managers.
• Advanced Compliance Technologies: We can assist you with selecting and integrating advanced technology solutions, such as compliance automation tools and regulatory technology (RegTech), to streamline compliance processes without disrupting operations.
• Risk and Compliance Framework Adjustments: Including adjustments to risk management frameworks (RMFs), compliance monitoring programs (CMPs), compliance management frameworks (CMFs), and other core procedures and policies to align them with:
• new business goals
• regulatory changes
• changes in your operations
• evolving market conditions
• changes in stakeholders’ risk appetites (your banking partners, insurance companies, liquidity providers, etc.).

 

 

Risk and Compliance Obligations for Singaporean FA Licence Holders

Singaporean financial advisers' Licence holders are subject to various obligations set out in applicable laws and regulations. They are also expected to uphold standards for their conduct and internal operations, as outlined in regulatory guidance or accepted industry practices.

We can help you address these obligations and expectations through comprehensive support in the different areas. The list below is not exhaustive:

Singaporean Financial Advisers’ Licence and Regulatory Compliance Obligations

• Compliance Management Systems: We can help you establish effective compliance programs, compliance monitoring plans, controls testing methodologies, compliance calendars and more.
• Risk Management Frameworks: We can help you develop comprehensive risk management frameworks to fulfil MAS regulated financial advisers' obligations for identifying, assessing, and mitigating operational, regulatory, strategic, financial and other types of risks.
• Compliance Monitoring Plans: We can oversee the execution of your CMPs, covering ongoing monitoring of your compliance obligations under the Singaporean financial advisers' licensing regime.
• Internal Control Testing and Compliance Assurance: We can conduct internal reviews and audits of your controls to test their effectiveness and compliance with the applicable regulatory standards.
• Capital Adequacy Requirements: We can help you implement controls to comply with capital adequacy requirements, helping your businesses meet MAS regulated financial advisers' obligations for maintaining required financial resources.

 

Singaporean Financial Advisers’ Licence and Operational Oversight Obligations

• Oversight of Outsourcing: We can establish a set of effective controls to comply with financial advisers' licensing obligations for overseeing outsourced services, also covering related obligations under AML/CFT compliance, ISO requirements, and more (required under the MAS guidelines for outsourcing).
• Structures for Governance: We can help you establish effective governance structures to comply with MAS regulated financial advisers' obligations and develop an effective approach to overseeing your risk exposure and compliance status across different functions of your business.
• Senior Management Accountability: We can help you comply with MAS regulated financial advisers' obligations for senior management and key staff conduct and competence.
• Maintaining Operational Resilience: We assist in developing continuity plans to meet MAS regulated financial advisers' obligations for operational resilience, helping critical business services withstand disruptions.
• Managing Technology Risks: We provide guidance on technology risk management obligations under the Singaporean financial advice licensing regime.

 

Singaporean Financial Advisers’ Licence and Market Integrity/Transparency Requirements

• Standards for Market Conduct: We can help you implement controls for regulated financial advisers' obligations to maintain fair and transparent market conduct, including preventing manipulation and insider trading.
• Principles for Fair Treatment: We can help you implement controls to comply with expectations that cover adherence to principles of fair treatment and transparent communications with clients.
• Standards for Conduct and Disclosure: We can help you comply with financial advisers' licensing standards for conduct and disclosure.
• Product Suitability and Governance: We can establish tailored controls to help regulated fund MAS managers' obligations comply with product suitability and governance obligations, including risk management and governance arrangements across the product life cycle.
• Protection of Client Assets: We can help you comply with MAS regulated financial advisers' licensing obligations to protect and segregate client assets.
• Resolution of Disputes: We can help you establish effective mechanisms for dispute resolution and complaints management, particularly for retail clients.

 

Singaporean Financial Advisers’ Licence and Resource Management Obligations

We can help you comply with the following requirements of the Singaporean financial advice licensing regime:

• Adequacy of Resources: Covering financial, technological, human and other resources.
• Competence of Professionals: Covering key personnel, their necessary skills, knowledge, and professional competence (as required under the MAS Fit and Proper Guidelines).
• Our focus areas include:

• Assessment and Gap Analysis: We can help you evaluate the adequacy of your financial, technological, and human resources against the requirements of the licensing regime.
• Resource Allocation Plans: We can help you develop strategies to optimise resource allocation, covering sufficient capacity for compliance, trading, operations, banking, customer support and other functions and departments.
• Technological Solutions: We can recommend and implement RegTech tools to streamline compliance processes, such as transaction monitoring, reporting, and audit trails.
• Key Personnel Assessment: We can help you assess the skills, qualifications, and experience of key personnel to identify areas for improvement.
• Training and Development Programs: We can design and deliver targeted compliance training programs to upskill personnel in compliance, risk management, and compliance regulations.
• Competence and Accreditations of Advisors and Representatives: We can advise you on certifications and continuing professional development (CPD) requirements for compliance professionals and senior management.
• Representative Vetting: We can help establish a framework for assessing the competence and suitability of advisors and representatives prior to their appointment.
• Compliance Monitoring: We can help develop controls to monitor representatives' adherence to conduct and disclosure obligations.
• Ongoing Training: We can help you establish a framework to support continuous education for advisors and representatives, covering licensing obligations, market integrity, and client interaction standards.

• Regulator Liaison: We can act as an intermediary with regulators to address queries and help you demonstrate compliance with resourcing obligations.

 

Singaporean Financial Advisers’ Licence and Reporting

• Regulatory Reporting: We can help you prepare and submit periodic and ad-hoc reports covering:
  • Singaporean Financial Advisers' licensing obligations
  • Singaporean Financial Advisers' AML/CFT obligations (SMRs, STRs, SARs, cross-border transaction reports, cash transaction reports, and other reporting obligations)
  • MAS Regulated financial advisers' obligations under financial market conduct regulations
• Compliance Documentation: We can assist you in developing and maintaining the necessary documentation to fulfil record-keeping obligations under various laws and regulations.
• Audit Readiness: We can prepare you for audits and reviews to demonstrate compliance with regulatory requirements, the provisions of the Singaporean financial advice licensing regime, and applicable operational standards.

 

Related Services

We assist in obtaining Singaporean financial advisers’ licence equivalents in the following jurisdictions:

• Australia: For more information on the Australian equivalent of a Singaporean financial adviser’s licence, the Financial Adviser's AFSL, please visit our Financial Adviser AFSL page.
• New Zealand: For more information on the New Zealand equivalent of a Singaporean financial adviser’s licence, the FMA FAP licence, you can visit our FMA FAP Licence page.
• United Kingdom: For more information on the UK equivalent of a Singaporean financial adviser’s licence, the Financial Adviser FCA Authorisation, you can visit our Financial Adviser FCA Authorisation page.
• Prominent Financial Centres and Offshore Tax Havens: We also offer licensing solutions for financial advisers in the prominent financial centres and offshore tax havens.