What is MAS Licensing for Financial Advisors?
The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. MAS licensing ensures that financial advisors meet strict professional, ethical, and educational standards before they can provide financial advice to Singaporeans.
Why MAS Licensing Matters
- 1. Professional Qualifications: Licensed advisors must pass rigorous exams (CMFAS modules) covering investment products, insurance, and financial planning.
- 2. Ongoing Education: Advisors must complete Continuing Professional Development (CPD) hours annually to maintain their license.
- 3. Consumer Protection: Licensed advisors are covered by professional indemnity insurance and are subject to MAS disciplinary action.
- 4. Ethical Standards: Must adhere to MAS Code of Conduct and put clients' interests first.
Types of MAS Licenses and What They Mean
Financial Adviser (FA) License
Allows advisors to provide advice on investment products including unit trusts, bonds, stocks, ETFs, and structured products.
Best for: Investment advice, portfolio management, wealth accumulation
Insurance Broker License
Authorizes advisors to provide advice on life insurance, health insurance, and general insurance products.
Best for: Insurance planning, risk management, protection needs
Dual License (FA + Insurance)
Advisors with both licenses can provide comprehensive financial planning covering investments, insurance, and holistic wealth management.
Best for: Comprehensive financial planning, retirement planning, estate planning
How to Verify a Financial Advisor's MAS License
⚠️ Always Verify Before Engaging an Advisor
Anyone can claim to be a "financial advisor." Always verify MAS licensing before sharing personal financial information or making investment decisions.
Step-by-Step Verification Process
Step 1: Get the Advisor's Full Name
Ask for their full legal name (as it appears on their NRIC). Also request their representative number if available.
Step 2: Visit the MAS Register
Go to: https://eservices.mas.gov.sg/fid
Search under "Representatives of Financial Institutions"
Step 3: Check License Details
Verify: License status (active), license type, employer/firm name, and any disciplinary history.
Step 4: Verify the Firm
Check that the firm they represent is also MAS-licensed under "Financial Institutions."
Red Flags: When an Advisor May Not Be Properly Licensed
Warning Signs to Watch For:
- ⚠️ Refuses to provide license details or full name for verification
- ⚠️ Operates independently without affiliation to a licensed firm
- ⚠️ Promises guaranteed returns or "risk-free" investments
- ⚠️ Pressures you to invest immediately without time to consider
- ⚠️ Asks for cash payments or transfers to personal accounts
- ⚠️ Cannot be found on the MAS Register when you search
Benefits of Working with MAS-Licensed Advisors
Protection & Security
- • Professional indemnity insurance coverage
- • MAS oversight and disciplinary framework
- • Consumer dispute resolution channels
- • Mandatory record-keeping requirements
Professional Standards
- • Rigorous qualification requirements
- • Ongoing professional development
- • Adherence to code of conduct
- • Know-your-client obligations
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