An undercover investigation into the standard of advice on offer among Singapore’s banks and insurers has found “significant room” for improvement, the Monetary Authority of Singapore said today.
Among the findings turned up by the mystery shoppers was that bank and insurance company representatives in Singapore do not dig too deeply when collecting information on would-be investment clients. For example, only around half, or 49%, asked about the individual's risk preferences, and fewer still – 27% – sought information on the would-be client's dependents. Full story
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MAS Releases Results of Mystery Shopping Survey Conducted on Financial Advisory Process of Banks and Insurers - 4-traders.com
