Written by Wilfred Ling Wednesday, 15 August 2012
Aviva Asia fires the first shot in starting the second wave by acquiring PIAS. The acquisition is subjected to regulator's approval.
The first wave was when the Financial Advisers Act became law. That was 10 years ago. In the second wave, MAS is toying with the idea of introducing sweeping changes to the industry. Even before MAS finalized the plan for this second wave, Aviva Asia has already made the first move. Among many reasons of the acquisition, it was speculated that the reason may have to do with the sweeping changes that is coming.
I am very sure there will be many changes coming. These changes are all pro-consumers. Consumers should be glad that the government is trying its best to help consumers. But the issue is that most of these potential changes are perceived to be bad for financial ......