How does MAS regulate financial advisers in Singapore?
MAS regulates financial advice at two levels under the Financial Advisers Act 2001 (FAA): the firm must be a licensed or exempt financial adviser, and the individuals it appoints to advise you are its representatives. The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial regulator, and the FAA covers services such as advising on investment products or life insurance.
Firm level: licensed or exempt
- 1. Licensed Financial Adviser (LFA): a firm that holds a financial adviser's licence from MAS under the FAA. Many independent advisory firms are LFAs. 71 firms are listed as licensed financial advisers (MAS Financial Institutions Directory, 17 October 2026).
- 2. Exempt financial adviser: a firm already regulated by MAS under another licence, which is exempt from holding a separate financial adviser's licence. Examples are licensed banks, licensed insurers (life insurers such as AIA, Prudential and Great Eastern), Capital Markets Services (CMS) licence holders and registered insurance brokers. They are still subject to the FAA's conduct rules when they give financial advice.
Individual level: appointed representatives
- 1. Not individually licensed: an adviser you meet is an appointed representative of a licensed or exempt firm. The firm notifies MAS of the appointment, and the representative is listed on the MAS Register of Representatives with a representative number.
- 2. Entry requirements: representatives must meet MAS's minimum entry and examination requirements, which include the relevant CMFAS (Capital Markets and Financial Advisory Services) examination modules for the products they advise on.
- 3. The firm is responsible: the principal firm must make sure its representatives are fit and proper, and it is responsible for their conduct when they advise on its behalf.
- 4. Conduct standards: a recommendation must have a reasonable basis, having regard to your objectives, financial situation and needs (FAA section 27). Firms are also expected to deliver MAS's Fair Dealing outcomes, and representatives' pay is assessed under the Balanced Scorecard framework. The FAA does not impose a general fiduciary duty on financial advisers.
What can a financial adviser representative advise on?
A representative can advise only on the activities and product types the MAS Register of Representatives lists for them. There are no separate personal "FA licences" or "insurance licences" for individuals; the register shows, for each representative, which principal firm they act for and which regulated activities and product types they are appointed for. Common combinations:
Investment products
Advising on collective investment schemes (unit trusts), and in some cases other capital markets products such as bonds, shares, ETFs and structured products.
Life insurance
Advising on life insurance policies, including investment-linked policies. Many tied agents of life insurers are appointed for these products only.
Both investments and insurance
Representatives of firms authorised for both can advise across investments and life insurance, which matters if you want one adviser to look at your whole plan. Our guide to financial planners in Singapore explains what a full financial plan covers.
If a representative recommends a product type that the register does not list for them, ask why before you go further.
How do I check a financial adviser with MAS?
Get the adviser's name, firm and representative number, then confirm the firm on the MAS Financial Institutions Directory and the person on the MAS Register of Representatives. Checking registration is one step; our guide to choosing a financial adviser in Singapore covers the questions to ask after that.
⚠️ Check before you meet
Anyone can call themselves a "financial adviser" online. Check the firm and the person on MAS's own websites before sharing personal or financial information or making any decision.
Step-by-step
Step 1: Ask for the name, firm and representative number
Ask for their full name, the name of the firm they represent, and their MAS representative number.
Step 2: Check the firm on the Financial Institutions Directory
Go to https://eservices.mas.gov.sg/fid and search for the firm's name.
Confirm it is listed as a licensed financial adviser or as an exempt financial adviser (for example a bank, insurer, CMS licence holder or insurance broker), and that its name and address match what you were given.
Step 3: Check the person on the Register of Representatives
Go to https://eservices.mas.gov.sg/rr and search by name or representative number.
Confirm their status is current, that the principal firm matches the firm from Step 2, and which activities and product types they are appointed for.
Step 4: Check for warnings and enforcement
Search the firm and person on the MAS Investor Alert List and in MAS enforcement actions (prohibition orders) on mas.gov.sg. Only deal through the firm's official channels and bank accounts.
How do I check a MAS representative (RNF) number?
Ask the adviser for their MAS representative number, then search it, or their name, on the MAS Register of Representatives. Every person who advises on investment products or life insurance for a MAS-regulated firm must be listed there under the Representative Notification Framework (RNF), which is why it's often called an "RNF number".
- Check the firm matches. The register shows the firm the person represents. It must be the firm named on their card and paperwork.
- Check the activities. The register lists the regulated activities and products they may advise on. Someone listed only for insurance shouldn't be advising you on unit trusts.
- Check for enforcement. The register also shows MAS actions against the person, if any.
- Not listed? Don't deal with them, whatever their business card says.
How do I check an insurance agent's licence in Singapore?
Check an insurance agent the same way as a financial adviser. An agent who sells life insurance or investment-linked policies is an appointed representative of an insurer or a financial adviser firm, so they must appear on the MAS Register of Representatives with that insurer or firm as their principal. Search their name or representative number, and confirm the principal is the company you think you're buying from. You can confirm the insurer itself with the search box above.
How do I complain about a financial adviser in Singapore?
Complain to the firm first, and if it does not resolve the dispute, take it to FIDReC. MAS takes reports of misconduct but does not resolve individual disputes or award compensation.
- 1. Complain to the firm first. Write to the firm (not only the representative) and ask for its complaints-handling process. Keep copies of documents and messages.
- 2. Take an unresolved dispute to FIDReC. The Financial Industry Disputes Resolution Centre handles disputes between consumers and financial institutions, including financial advisers and insurers: https://www.fidrec.com.sg. Check its website for eligibility and time limits.
- 3. Report misconduct to MAS. MAS takes reports about suspected misconduct by regulated firms and their representatives, and about unregulated activity. MAS does not resolve individual disputes or award compensation.
MoneySense, the national financial education programme, has consumer guides on financial advisers and insurance: moneysense.gov.sg.
How can I tell if an adviser is not MAS-regulated?
The clearest sign is that the person or their firm cannot be found on the MAS directories, or the firm appears on the MAS Investor Alert List. The warning signs below are reasons to stop and check.
Warning Signs to Watch For:
- ⚠️ Will not give a representative number, full name or firm name for checking
- ⚠️ Says they operate independently with no principal firm on the MAS directories
- ⚠️ Promises high fixed returns or says an investment "cannot lose money"
- ⚠️ Pressures you to decide immediately without time to read the documents
- ⚠️ Asks for cash payments or transfers to a personal account
- ⚠️ Cannot be found on the Register of Representatives, or the firm is on the Investor Alert List
What protection do you get from a MAS-regulated firm?
A MAS-regulated firm is supervised by MAS, is responsible for its representatives' conduct, and gives you access to FIDReC if a dispute is not resolved. It does not protect you from investment losses.
Oversight and recourse
- • MAS supervision and enforcement of the firm and its representatives
- • The firm is responsible for its representatives' conduct
- • Access to FIDReC for disputes the firm does not resolve
- • Record-keeping and disclosure requirements
Conduct standards
- • Minimum entry and examination requirements (CMFAS)
- • A reasonable basis for every recommendation (FAA s27)
- • MAS Fair Dealing outcomes
- • Know-your-client and product disclosure obligations
Regulation does not mean a recommendation will suit you or that an investment will perform. Read the product summary, ask how the representative is paid (see how financial advisers in Singapore are paid), and take time to decide.
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FinancialAdvisor.com.sg is not a financial adviser and does not give financial advice. We can introduce you to MAS-regulated financial advisory firms; please check any firm and representative on the MAS directories yourself before you meet.
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