I was just informed that our group was selected for a routine audit by MAS. They may drop by our office anytime from next week onwards. We were told to dig out our policyholders files and meeting logs. We will be checked if we had recommended the right plans for our clients according to their needs over the years.
Everyone in the office are busy preparing for the audit. Our last audit was in 2003 and hence is a tedious work for us.
I have never heard of MAS auditing the advisers before. Though I am confident that our group will pass through this audit because we log and record all our meetings with clients and have 100% fact finding either partial or full of which probably 70% are full planning, but its a lot of filing and paperwork.
However, there is something that I don't understand. Why are we, as individual adviser, being audited and the rest of the industry like tied agencies, banks and exempt FAs seemingly escape this process?
Pls do not misunderstand that I'm saying banks or tied agencies are not doing the correct way. Some FAs may not do it right too. But FAs risk losing their license and career if they do it incorrectly whereas the rest are not. I think this is double standard. MAS should standardise that every adviser is being audited.
Tuesday, July 15, 2008
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12 comments:
MAS is unfair and double standard.
They bully the smaller companies as scapegoats.The tied agents must be audited becuase they form the largest
group of agent s who committed a lot of malpractice. MAS protects the companies because of this. If MAS does do, all the companies will be in trouble...
How do you know other people are not being audited? I don't think only FAs are audited. MAS not so stupid, right?
I don't think MAS is doing their job anyway. There are so much malpractices around.
alamak! of course banks, financial institutions, agencies, etc. are audited as well. if not cannot renew license by MAS la friend! ok cheers
probably have not heard of such audits in my previous company. It seems that everyone in my office is preparing for it. A lot of documents are printed and filed over the past few days. My impression is that anyone can be checked, including myself.
One of my friend informed me that there might be something brewing in the company that prompted MAS to audit us. Well, lets see what will happen next.
Banks and insurance companies are exempt. They may be audited but not the agents. The agents MUST be audited. They are the worse of the worse unethical salesmen. They cheated the old women and men and the poor of their hard earned savings.
Hi Adrian,
Understand that you'd left NTUC Income. May I check are you still advising people on fiancial planning? Which company and what do you offer? What's the difference between NTUC and your current company? Thanks..
I think MAS audits are good. It force us to keep on our toes and ensure our customers get tbe best advice.
I think if the audits are put across the whole industry, our clients can be ensured better advice.
yeah man, MAS should audit all advisers, be it tied or independent. Those tied salesmen are spoiling the image of advisers...
Audit all agents and get rid of those unethical and incompetent and useless agents
Hi Adrian,
I have been reading your blog for quite a while. If I may, it appears (and quite disturbing) that you macam like 'secret' agent like that, always so secrective one. I only knew you were with NTUC Income last month when you decided to throw in the towel. Now that you have moved to another company, probably an FA, again no mentioning of the company. I wonder if a person is not proud of the company he's chosen and the work that he does, what good can this person do to others. Be open, transparent, come clean. What's there to hide from? I know Wilfred and Martin are from Promiseland, Alvin from NTUC Income etc etc. For that, I respect them. You??
I have my reasons for staying low profile. In fact, very few people in my company knows that I maintain a blog. Even my managers don't know about it.
First, not indicating which firm I'm from enables me to give unbias views. I'll not be pressured by my company or manager when I write something they don't like to see.
Secondly, the intention of my blog is for personal interest towards finance planning and writing for those interested to learn the basic planning skills.
I prefer to stay this way. Low profile and no ones know me in the company.
Are we able to get information of dishonest practices from MAS? Or are they publicly disclosed?
How can you be so sure that people in the company don't know about your blog?
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