Raising the Standards of Investment Advice - The Singapore Story. Mr. Jason Sadler President, LIA Singapore 27 April 2005
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1 Raising the Standards of Investment Advice - The Singapore Story Mr. Jason Sadler President, LIA Singapore 27 April 2005
2 TODAY S PRESENTATION Country Overview Insurance Industry Overview The Central Provident Fund Financial Planning Environment Business Conduct & Professional Standards Public Education 2
3 Singapore Population 4.2 million Working Population 2 million GDP per Capita SGD 42,500 3
4 Insurance Industry Overview 12 Life Insurance Companies 29 General Insurance Companies SGD 77 billion Life Insurance Assets under Management SGD 2,963 p.a. insurance premium per Capita 4
5 Central Provident Fund (CPF) The Central Provident Fund has evolved into a multipurpose vehicle Home Financing Education Retirement Funding Investment Insurance Retirement 5
6 Central Provident Fund (CPF) 13% Employer Contribution Capped at SGD 5,000 per month 20% Employee Contribution Capped at SGD 5,000 per month 3 million Members SGD 111 billion Member Balances at 31/12/04 6
7 CPF Structure Ordinary Account House Purchase; CPF Insurance / CPF Investment; and Education = 2.5% p.a. Special Account Retirement Savings; Contingency = 4% p.a. Medisave Account Healthcare CPF Savings withdrawn at age 55 after leaving Minimum Sum (SGD 84,500) in Retirement Account 7
8 An Ageing Population Proportion of population aged 65 years and over in 1995 and projections for 2025 Japan Germany France 15 6 Singapore UK USA Australia Per cent Source: United Nations 8
9 Despite CPF, Singaporeans are Inadequately Prepared for Retirement Liquid assets at retirement insufficient to provide adequate income The problem of managing assets in retirement for continuity of income 9
10 CPF De-Regulation 1986 Approved Investment Schemes 1993 Basic Investment Scheme 1997 CPF Investment Scheme (CPFIS) 2001 CPFIS Ordinary Account (CPFIS OA) and CPFIS Special Account (CPFIS SA) 10
11 S$million Total Funds in CPFIS OA & SA (At 31 Dec 04) 32,898.2 Stocks & Loan Stocks Insurance Policies Unit Trusts Others Available for Investment , , , , OA (S$57,024.5) SA (S$17,725.6) 11
12 CPFIS OA & SA : Amounts Invested (At 31 Dec 04) CPFIS OA (S$24,126.3m) 62.2% S$15,014m CPFIS SA (S$4,628.6m) 86.2% S$3,991.5m 26.9% S$6,486.5m 0.4% S$104.6m 10.5% S$2,521.2m 13.7% S$632.2m 0.1% S$4.9m Stocks & Loan Stocks Insurance Policies Unit Trusts Others 12
13 The Financial Planning Environment - Distribution Life Insurance Agents 66% Banks / Bancassurance 29% Financial Advisers (FAs) 4% Others 1% 13
14 The Regulatory Environment Financial Advisers Act : 1 October 2002 Aim: To Harmonise Regulatory Regime Covers: Investment Products, Securities, Futures, Life Insurance = Consistent Professional Standards across Financial Services Industries 14
15 Business Conduct Disclosure Best Advice Transparency Financial Advisers License Financial Adviser Representatives License 15
16 Ensuring Professional Standards in Financial Advice Financial Advisers License Track Record Management Experience Minimum Financial Requirements Professional Indemnity Insurance Compliance Monitoring Business Plan Financial Adviser Representatives License Minimum Age: 21 Years Old Academic Qualifications Fit and Proper Person Continuing Professional Requirements 30 hours per annum 16
17 Raising Professional Standards - Examinations Capital Markets and Financial Advisory Services Examination (CMFAS Exam) Rules & Regulations (R&R) Module 1: Module 2: Module 3: Module 4A: Module 4B: Module 5: R&R for Dealing in Securities R&R for Trading in Futures Contracts R&R for Fund Management R&R for Advising on Corporate Finance R&R for Advising on Corporate Finance (solely Debt Securities) R&R for Financial Advisory Services 17
18 Raising Professional Standards - Examinations Product Knowledge and Analysis Module 6: Module 7: Module 8: Module 9: Securities Products and Analysis Futures Products and Analysis Collective Investment Schemes Life Insurance and Investment-Linked Policies Individuals employed by Licensed Financial Advisers or Exempt Financial Advisers to provide life insurance advisory services are required to pass Modules 5 and 9. 18
19 LIA Training and Competency (T&C) Guidelines Coaching Requirements New Representatives First 3 sales must be supervised; Given one-to-one weekly coaching and attends weekly meeting (individual or group basis), for first 3 months Existing Representatives Given one-to-one monthly coaching All Representatives Attends monthly meetings 19
20 LIA Training and Competency (T&C) Guidelines Coaching Requirements New Supervisors Given one-to-one weekly coaching for first 3 months All Supervisors Attends monthly meetings 20
21 LIA Training and Competency (T&C) Guidelines Competency Assessment T&C Plan must have well defined competency requirements and/or levels for each group and the methodology/frequency of assessment T&C Plan must be regularly reviewed for updates/relevancy 21
22 LIA Training and Competency (T&C) Guidelines Minimum Training Requirements and Hours New Representatives - Minimum 30 initial training hours to be completed within the first 6 months of appointment, and minimum 10 hours to be completed within the following 6 months Existing Representatives/Supervisors - Minimum 30 training hours per annum In addition, for new Supervisors - Relevant training in supervisory skills / agency management 22
23 Analysis of Nature of Advice Given to Customers 2001 (851,503) 2004 (590,162) 82% 695,836 81% 478,340 12% 98,206 7% 57,461 15% 86,836 4% 24,986 Full Advice Partial/Product Advice No Advice 23
24 Public Education MoneySENSE: Launched in October 2003 Industry and Public Sector Working Together Tier 1: Basic Money Management Tier 2: Financial Planning Tier 3: Investment Know How 24
25 Public Education MoneySENSE Activities 2003/4 Dec 03 Jun 04 Sep 04 Nov 04 Protecting Yourself with Life Insurance (English) Protecting Yourself with Life Insurance (Mandarin) Life Insurance Your Rights and Responsibilities (English) Joint IFPAS LIA Consumer Guide, Planning for your Families Financial Future (English) 25
26 Questions & Answers 26
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