The Financial Advisory Industry Review

FAIR, which stands for "Financial Advisory Industry Review", is a comprehensive evaluation of the financial advisory industry with the Review Panel chaired by the Monetary Authority of Singapore (MAS).

Five Key Thrusts of FAIR:

  1. Raise the competence of financial advisory representatives
  2. Raise the quality of financial advisory firms
  3. Make financial advice a dedicated service
  4. Lower distribution costs of insurance products
  5. Promote a culture of fair dealing

The FAIR Panel

The FAIR Panel chaired by MAS, comprises of 13 representatives from industry associations, consumer bodies, investment community, academia, media and other stakeholders. They include:

  • Mr Augustine Lee, President, Association of Financial Advisers
  • Mr Tan Hak Leh, President, Life Insurance Association Singapore
  • Mr Esmond Choo, President, Securities Association of Singapore
  • Mr David Gerald, President, Securities Investors Association (Singapore)
  • Mr Lester Gray, Chairman, Investment Management Association of Singapore
  • Mr Piyush Gupta, Chairman, The Association of Banks in Singapore
  • Ms Aurill Kam, Partner, Rajah & Tann LLP
  • Professor Francis Koh, Deputy Dean, Lee Kong Chian School of Business, Singapore Management University
  • Mr Kuo How Nam, President, Credit Counselling Singapore
  • Mr Ong Ye Kung, Deputy Secretary-General, National Trades Union Congress
  • Mr Seah Seng Choon, Executive Director, Consumers Association of Singapore
  • Ms Genevieve Cua, Wealth Editor, The Business Times
  • Mr Yee Ping Yi, Chief Executive Officer, Central Provident Fund Board