On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 18/04/2013.
25.
—(1) A licensee shall disclose, to every client and prospective client, all material information relating to any designated investment product that the licensed financial adviser recommends to such person, including —
(a)
the terms and conditions of the designated investment product;
(b)
the benefits to be, or likely to be, derived from the designated investment product, and the risks that may arise from the designated investment product;
(c)
the premium, costs, expenses, fees or other charges that may be imposed in respect of the designated investment product;
(d)
where the designated investment product is a unit in a collective investment scheme, the name of the manager of the scheme and the relationship between the licensee and the manager;
(e)
where the designated investment product is a life policy, the name of the licensed insurer under the life policy and the relationship between the licensee and the insurer; and
(f)
such other information as the Authority may prescribe.
(2) The Authority may specify, in written directions, the information required to be disclosed under subsection (1)(a), (b) or (c), and the form or manner in which information relating to any designated investment product may be disclosed to any client of a icensed financial adviser.
(3) The Authority may, in writing, require a licensed financial adviser to submit to it —
(a)
all written communication which sets out information relating to any designated investment product for the time being in use by the licensee; and
(b)
where any written communication referred to in paragraph (a) is not in English, a translation of such written communication in English.
(4) If it appears to the Authority, after affording the licensed financial adviser an opportunity to make representations orally or in writing, that any written communication submitted under subsection (3) contravenes any provision of this Act, or is in any respect likely to mislead, the Authority may, in writing, direct the licensee to discontinue the use, in Singapore, of the written communication immediately or from a specified date.
(5) Any licensed financial adviser who —
(a)
contravenes subsection (1);
(b)
fails to comply with a requirement imposed by the Authority under subsection (3); or
(c)
fails to comply with a direction of the Authority under subsection (4),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both.
(5A) Where, on or after the date of commencement of section 6 of the Financial Advisers (Amendment) Act 2012 —
(a)
a licensed financial adviser, in making a recommendation to a person, contravenes subsection (1);
(b)
that person does, or refrains from doing, a particular act as a result of that contravention;
(c)
it is reasonable, having regard to that contravention and all other relevant circumstances, for that person to do, or refrain from doing, as the case may be, that act as a result of that contravention; and
(d)
that person suffers any loss or damage as a result of doing, or refraining from doing, as the case may be, that act,
then, without prejudice to any other remedy available to that person, the licensed financial adviser is liable to pay damages to that person in respect of that loss or damage.
(6) In this section —
“client”, in relation to a designated investment product which is a group life policy under which any person insured is liable to pay the premium, includes every person insured under the group life policy;
“designated investment product” means a unit in a collective investment scheme, a life policy (including a group life policy), or such other investment product as the Authority may prescribe;
“written communication” includes a brochure, a leaflet, a circular or an advertising matter, whether in electronic, print or other form.
[Insurance Intermediaries, ss. 5, 9; SIA, s. 50]