The Monetary Authority of Singapore (PAS) is weighing a formal ethics training course for financial advisers and capital market intermediaries.
The consideration is due to the recent 1MDB scandal, which damaged the credibility of banking in Malaysia.
Under the current system, advisers are required to pass the Capital Markets and Financial Advisory Services Examination (CMFAS), in addition to several other tests.
The MAS is proposing supplementing the CMFAS with a Rules, Ethics, and Skills module.
“Given changes in the regulatory landscape for the capital markets and financial advisory industries, MAS has now conducted a review of the examination framework for appointed representatives under the Securities and Futures Act and the Financial Advisers Act,” said the MAS.
Read more at the International Adviser.