What is the Role and Responsibilities of the MAS Representative?
MAS (Monetary Authority of Singapore) is an essential body of Singapore’s government whose mission is to promote sustainable economic growth and ensure that the financial services industry progress with time. In other words, its primary role is to regulate the financial sector. The body has an online register where all the professional representatives are registered; hence prospective clients can check for the RNF reference to confirm if an individual is legit.
Financial Advisory Representatives
They are different types of MAS financial advisory representatives, and each representative has their responsibility to play to improve the finance sector.
- Life Insurance Company representative: This person is in charge of not more than one life insurance company, and his primary role is to advise a client on the products the firm offers. Some of these representatives in this sector have permission to recommend the products from other financial firms. However, the company they are working with has to agree for them to offer these services. If the two are not in agreement, and the representative offers advice, then it is against Singapore’s regulations
- Bank or financial institution representative: This MAS representative is in charge of one bank or a financial institution. These representatives work under the bank. The primary role of the financial advisor is to offer financial advice to all the insurance companies working with the bank or any other financial institution. It is important to note that the bank and the life insurance firms must agree to allow the bank to help distribute their products.
- Financial Advisory Company representative: The third type of representation is in charge of one Financial Advisory company. Its primary role is to offer clients advice on the financial tools available from various insurance companies and financial institutions.
CMS Licenses Representatives
A company appoints this representative to take charge of the regulated activities on behalf of the management team. They ensure that a company has the proper licenses and follows the set regulatory framework by MAS Representatives to avoid conflicting with Singapore’s government. Also, they are in charge of ensuring that all the financial tools a firm offers are well-controlled and the company has the necessary papers to sell these services.
- Put up the necessary measures to supervise the activities of a firm
- They meet up with clients and offer advice on the products available
- Ensure that the firm has the necessary licenses to conduct its business
This category of MAS representatives represents an individual appointed by the company and is in charge of its regulated activities on behalf of its management team. This fact suggests that their role matches that of the CMS license representatives. However, there is a difference since the provisional representative is an experienced expert moving to Singapore from abroad. MAS Representative gives them three months to meet the requirements for the mandatory test.
MAS representatives play a pivotal role in the financial sector. They are responsible for ensuring the smooth running of a profitable financial institution and follow the Monetary Authority of Singapore’s regulatory framework.