Continuing development of the Financial Industry
Previously I commented about the need for the financial advisory industry in Singapore to be more mature. There has been sweeping changes to the financial advisory industry in UK this year.
Changes affect 3 main areas: more stringent entry educational requirements for financial advisers, higher capital requirements for financial advisory firms, banning of commissions paid to advisers for products purchased by clients.
Some criticism has surfaced against the Financial Services Authority deadline for the changes. Strong points include insufficient time to adjust to meet the deadline, small firms having to suffer with the high capital requirements and the fear that independent financial advisers will be forced to restrict their services to rich customers.
There has been changes earlier this year too, to the financial industry in Singapore. Much more needs to be done, one important aspect I will really like to see is that the regulatory requirements is adjusted to improve the quality of Financial Advisers in Singapore.
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