What should I ask a financial adviser in Singapore before I buy?

What are MAS's five fair dealing outcomes?

MAS's Guidelines on Fair Dealing (FSG-G04), last revised on 30 May 2024, set out five fair dealing outcomes and are to be applied across all financial products and services. They were written mainly with retail customers in mind, but MAS expects institutions to apply the principles to all customers. (MAS Guidelines on Fair Dealing (FSG-G04), 30 May 2024)

1. Outcome 1: "Customers have confidence that they deal with financial institutions where fair dealing is central to the corporate culture." (MAS Guidelines on Fair Dealing (FSG-G04), 30 May 2024)
2. Outcome 2: "Financial institutions offer products and services that are suitable for their target customer segments." (MAS Guidelines on Fair Dealing (FSG-G04), 30 May 2024)
3. Outcome 3: "Customers are served by competent representatives." (MAS Guidelines on Fair Dealing (FSG-G04), 30 May 2024)
4. Outcome 4: "Customers receive clear, relevant, and timely information that accurately represent the products and services offered and delivered." (MAS Guidelines on Fair Dealing (FSG-G04), 30 May 2024)
5. Outcome 5: "Financial institutions handle customer complaints in an independent, effective, and prompt manner." (MAS Guidelines on Fair Dealing (FSG-G04), 30 May 2024)

The outcomes are expectations of the firm's board and senior management, not a checklist for customers. Each set of questions below is grouped under the outcome it relates to.

Who appointed you, and how are you paid?

Fair dealing outcome 1

Outcome 1 is about dealing with a firm where fair dealing is central to its culture. You can't inspect a culture, but you can check who you are dealing with and what they earn from your decision.

• "Which firm appointed you, and what is your representative number?"

  Search the number on the MAS Register of Representatives and the firm on the MAS Financial Institutions Directory before you meet again.

• "How are you paid for this: commission, a fee from me, or both?"

  Ask for the answer in writing, in dollars where possible, including any ongoing or trail payments.

• "Does the commission differ between the products you could offer me?"

  A difference in pay between options is a conflict worth knowing about, whatever the adviser decides.

• "How much of your pay depends on the balanced scorecard, and what grade did you get last quarter?"

  However they answer, it opens a conversation about the non-sales measures their pay is judged against.

Under MAS Notice FAA-N20, every licensed and exempt financial adviser must run a "balanced scorecard" for its representatives. Their variable pay is measured each quarter against four non-sales measures: understanding the client's needs, the suitability of recommendations, adequate disclosure of information, and professional and ethical conduct. (MAS Notice FAA-N20 (Balanced Scorecard Framework), 29 Dec 2025)

If a representative is paid only variable income, 60% of it is measured against those non-sales measures; if they are paid a salary plus variable income, all of the variable income is. A representative graded E (infractions in 30% or more of reviewed cases, or any "Category 1" infraction) is entitled to less than 25% of that measured pay for the quarter. (MAS Notice FAA-N20 (Balanced Scorecard Framework), 29 Dec 2025)

Check the person and the firm with our step-by-step adviser check.

• How fee-only and fee-based advisers are paid
• What financial advice costs in Singapore

Why does this product fit my situation?

Fair dealing outcome 2

Outcome 2 is about products that suit the customers they are sold to. The law already requires a reasonable basis for a recommendation, so ask the adviser to show you theirs.

• "Which of my objectives, finances and needs led you to this product?"

  The answer should refer to what you told them in the fact-find, not to the product's general selling points.

• "Who is this product designed for, and who is it not for?"

  Firms are expected to know their products' target customers.

• "What else did you consider, including simpler or cheaper options, and why did you rule them out?"

  A comparison you can see is easier to judge than a single option.

• "What happens if I need the money early or stop paying?"

  Ask about surrender values, lock-ins, penalties and how long it takes to get money back.

A licensed financial adviser must not recommend an investment product to someone who may reasonably rely on it without a reasonable basis, which means considering the person's investment objectives, financial situation and particular needs and investigating the product as is reasonable. (Financial Advisers Act 2001, s36, 19 Oct 2026)

Are you qualified to advise on this product?

Fair dealing outcome 3

Outcome 3 is about being served by competent representatives.

• "Which types of product are you allowed to advise on?"

  Compare the answer with the person's entry on the MAS Register of Representatives before you go ahead.

• "How often do you advise on this kind of product, and who supervises you?"

  A supervisor's name gives you someone to go to if there is a problem.

What will this cost, and what could go wrong?

Fair dealing outcome 4

Outcome 4 is about clear, relevant and timely information. Ask for the documents before you decide, not at signing.

• "Can I take the product summary, policy illustration and any Product Highlights Sheet home before I decide?"

  These are the documents that set out the features, costs and projected values.

• "What are all the fees and charges, in dollars, over the time I am likely to hold this?"

  Include distribution costs, fund charges, policy charges and any switching or surrender charges.

• "Which numbers in the illustration are projections that could turn out lower?"

  Projected values on participating and investment-linked policies are not certain; ask which parts are and which are not.

• "Is there a free-look or cancellation period, and what would I get back?"

  Know the deadline and what would be deducted before you sign.

The disclosure measure covers the product's terms and conditions, its benefits and risks, the premium, costs, expenses, investment horizon, fees and other charges, and who makes the product. Any statement to the client must not be false or misleading. (MAS Notice FAA-N20 (Balanced Scorecard Framework), 29 Dec 2025)

When you buy an insurance policy you should receive documents such as a cover page with the key information, a policy illustration where relevant, a product summary describing the features, a Product Highlights Sheet for each sub-fund of an investment-linked plan, and the policy contract. (MoneySense (Singapore government), 19 Oct 2026)

Life insurers give a 14-day free-look period, starting from the day you receive the policy documents. If you cancel in that time, the insurer refunds your premiums less the medical and other expenses it has paid. (MoneySense (Singapore government), 19 Oct 2026)

How do I complain if something goes wrong?

Fair dealing outcome 5

Outcome 5 is about complaints handled independently, effectively and promptly.

• "Who at the firm handles complaints, and how long do you take to reply?"

  Get the contact in writing, and keep your documents and messages.

• "Is your firm a member of FIDReC?"

  FIDReC lists the financial institutions that subscribe to it.

You must first take the complaint to the financial institution. If it is not resolved, you can file a claim with FIDReC within 6 months of the institution's final reply. Financial institutions licensed by MAS that serve retail customers, including licensed financial advisers, insurers and insurance intermediaries, are required to subscribe to FIDReC. FIDReC is not a government agency. (FIDReC FAQs, 19 Oct 2026)

FIDReC is an independent dispute resolution body that handles disputes between consumers and financial institutions through mediation and adjudication. FIDReC says filing a dispute is free of charge; its process page lists fees for later stages. (FIDReC, 19 Oct 2026)

What changed on 29 December 2025, and what should I ask about it?

MAS circular MPC 01/2025 (28 March 2025) announced revised versions of Notice FAA-N16 (recommendations on investment products), Notice FAA-N20 and Guidelines FAA-G14 (the balanced scorecard), with the new pre- and post-transaction safeguards taking effect on 29 December 2025. (MAS circular MPC 01/2025, 28 Mar 2025)

Selected clients and trusted individuals

You are a "selected client" if at least two of these apply: you are 62 or older; you are not proficient in spoken and written English (or the language the advice and documents are in); you do not have at least GCE 'O' or 'N' Level certifications or equivalent. The adviser may decide not to treat you as one if it has reason to conclude you have adequate knowledge and experience in a class of products and limits its recommendations to that class. It must document the decision. (MAS Notice FAA-N16, 29 Dec 2025)

For a selected client, the adviser must not go ahead unless you bring a "trusted individual" (aged 21 or over, proficient in the language used, with at least GCE 'O' or 'N' Level or equivalent, and able to communicate well with you), you consent to them seeing your personal information and they accompany you; or you give a written statement that you decline one and can decide on your own. (MAS Notice FAA-N16, 29 Dec 2025)

Checks before the transaction takes effect

Before a recommended transaction takes effect, the firm must review the paperwork (needs analysis and know-your-client records) to check the representative met the non-sales measures. For a selected client, or a client of a "selected representative", it must also make a call-back, unless the representative's supervisor was present for the whole sales process. The checks must be done by the supervisor, by staff who do not sell, by a third party, or (for the paperwork review only) by a system. (MAS Notice FAA-N16, 29 Dec 2025)

A "selected representative" is one who was given a balanced scorecard grade of B or worse in each of the two calendar quarters before the current one. (MAS Notice FAA-N20 (Balanced Scorecard Framework), 29 Dec 2025)

For other clients, the paperwork review may be finished after the transaction only if the firm could not finish it beforehand, the product has a free-look or cancellation period (or the trade is time-sensitive), and the firm agrees to bear the cancellation costs and any market loss if the review finds a suitability problem and you cancel or change the transaction. The review must then be done within the free-look or cancellation period, or within 5 business days. (MAS Notice FAA-N16, 29 Dec 2025)

The call-back

The call-back is audio-recorded unless that is not possible (for example, you decline). It asks whether you understand why the product was recommended, its main features, key risks and limitations, and any free-look period (life policies) or cancellation period (unit trusts). It also checks that the representative was professional and ethical and, for a selected client, that you were offered a trusted individual. (MAS Notice FAA-N16, 29 Dec 2025)

The firm must keep the call-back recording (or the written summary of a non-recorded call-back) for at least five years and, if you ask, give you a copy of the recording or its full transcript, or of the summary. (MAS Notice FAA-N16, 29 Dec 2025)

If a check finds that the product did not suit you, the fix must include the option to cancel or change the transaction and, if you ask, a recommendation of a different product that fits your needs, if one exists. (MAS Notice FAA-N16, 29 Dec 2025)

The pre-transaction checks do not apply to recommendations made before 29 December 2025, to recommendations by a supervisor who has no supervisor above them, to rollovers of dual currency investments or of structured notes on equities or commodities, to qualifying digital advisory platforms, or to execution-related advice by a dealer. (MAS Notice FAA-N16, 29 Dec 2025)

Questions to ask about the safeguards

• "Will you treat me as a selected client, and why?"

  The firm must decide and document it as part of getting to know you.

• "Can I bring a trusted individual to the meetings?"

  For a selected client, the firm must not go ahead without one unless you decline in writing.

• "Will someone who does not sell to me check this before it takes effect, and will there be a call-back?"

  Ask who does the check and when.

• "Can I have a copy of the call-back recording or summary?"

  The firm must provide one if you ask.

• "If the check finds this product does not fit me, what happens?"

  You should be offered the option to cancel or change the transaction.

Questions people ask before seeing an adviser