You may have heard of adviser representatives use the term “Independent”, but you probably do not have the full insight to this term as it gets increasingly thrown around rather loosely. It is interesting to observe truly objective representatives do not profess to be independent. So let us start from the top, slowly peel the layers into the core and cry as we do like as if peeling an onion.
First you have the Act itself and here we are talking about the Financial Advisers Act, from which regulations (force of law) are derived.
However, that said, flouting guidelines impacts MAS’ overall risk assessment of that institution or person.
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