The Monetary Authority of Singapore (MAS) issued an information paper following a thematic review of financial institutions’ recruitment and onboarding training of representatives. The paper consolidates MAS’ supervisory expectations, good practices observed, and areas for enhancement in firms’ arrangements for appointing and supervising representatives. Coverage includes onboarding of representatives, monitoring of representatives with adverse information, and onboarding training. The review also addresses related practices such as representatives’ hiring of assistants and the use of outsourced activities, and it references relevant MAS materials including the Guidelines on Fit and Proper Criteria, Notice FAA-N26 on competency requirements for representatives of financial advisers, guidance on due diligence checks and documentation for representative appointments, and the Guidelines on Fair Dealing on board and senior management responsibilities.
Monetary Authority of Singapore 2025-12-04
Monetary Authority of Singapore publishes thematic review setting supervisory expectations for recruitment and onboarding training of representatives
The Monetary Authority of Singapore released an information paper summarizing a thematic review of financial institutions' recruitment and onboarding training of representatives. It outlines MAS' supervisory expectations, observed good practices, and areas for improvement, covering onboarding, monitoring representatives with adverse information, and training. It also discusses related practices, including hiring assistants and outsourcing, referencing relevant MAS guidelines and notices.