Some key points of the letter published in the forum page of the straits times:
Jul 26, 2010
What it means to be an ‘independent’ financial adviser
WE REFER to Mr Larry Haverkamp’s letter (‘Onus on insurers to boost transparency’; July 12).
1) The use of the term ‘independent’ has been a much debated issue, and rightly so. The Association of Financial Advisers (Singapore) recognises that the use of the term ‘independent’ under the Financial Advisers Act (FAA) connotes a serious undertaking to provide clients with objective and unbiased advice. So the term should not be used by financial advisers and their representatives if they are unable to demonstrate that they do not have financial or commercial links with product providers that are capable of influencing their recommendations, as spelt out under Section 64 of the FAA.
2) Investors in Singapore must recognise that they need to take responsibility for …