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Anonymous

09 Dec 2019

āˆ™

Retirement

Who keeps Financial Advisors accountable for the advice they give?

I see a many so called "adviser" provide wrong or questionable advice or fact (eg. CPF) maybe will have big impact to once investment decision. Who will answer for this wrong advice?

Discussion (12)

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The answer is no one. You yourself is accountable for your own decision.

No way, you are the only one, who is responsible for your own financial plan. Financial Advisors just want to promote their company products to you and earn the commission from you...

Loh Tat Tian

05 Dec 2019

Founder at PolicyWoke (We Buy Insurance Policies)

If that wrong/questionable advice or fact is documented and materialised through FHR (financial health review) and recommendation, and the client executed through the advisor for it, MAS will step in to fine and penalty the financial advisor.

Most malpractise and churning are also recorded and referred to FIDREC (but they are only for financial disputes and not the court or the law).

But for high profile case, https://www.straitstimes.com/singapore/courts-c... you may take a look at this.

https://www.straitstimes.com/business/invest/wh... for RNF people getting barred for scams and mis-selling.

For advice that was not paid and not specific enough to be constituted as a financial advice, then its just "general knowledge" and no one can be faulted for the wrong advice.

Sadly, no one.

There are no laws that penalize anyone for giving wrong advice. Which is why it's so important to be discerning and do your own research.

Also when speaking to someone selling a product, understand their perspective and more importantly, what they are incentivized by.

Bjorn Ng

04 Dec 2019

Business Analyst at 10x Capital

Honestly speaking? No one but themselves.

That's why you gotta be "cautious" with these advisors - ...

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