at our monthly business meeting today (compulsory for all advisers), mr albert phua, our compliance officer reminded us of compliance to the representative notification framework which came into effect from november 26, 2010.
apparently, this was in response to the monetary authority of singapore's circular dated november 16, 2012 which noted many instances of tardy or non-compliance to 2 key provisions namely:
1) Cessation to act as a representative or to carry on regulated activity. (Time frame - Immediately) and
2) Change in the status/particulars of representative. (Time frame - within 7 days of its occurrence).
my comments:
if there's one principle which every financial adviser or financial entity must always bear in mind, don't play play (with apologies to mr phua chu kang) with the authorities and the other is every company exist because of their customers.
the change in the status and particulars of any financial adviser must be reported within 7 days of its occurrence, failing which the financial adviser and financial entity will be subject to disciplinary proceedings.
and that's why every single person in the financial industry must continually be 'on the ball' in order to be able to carry on business as usual and on this, there can never be any compromise.
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