Financial Advisers (Complaints Handling and Resolution) (Amendment) Regulations 2023

The new Financial Advisers (Complaints Handling and Resolution) (Amendment) Regulations 2023 were published on Singapore Statutes Online, the official online platform for publicizing legal documents. The regulations modify the Financial Advisers (Complaints Handling and Resolution) Regulations 2021, a supplementary regulation under the Financial Advisers Act, to make minor, primarily technical amendments.
To recall, the 2021 regulations establish a new framework for the handling and resolution of complaints received by financial advisors – both exempt and non-exempt ones. They thereby cover issues such as the establishment of adequate complaint handling policies, the reporting on complaints twice a year, or the disclosure of the policies to the public.
Specifically, the 2023 regulations now modify regulations 2, 5, and 10 of the 2021 regulations to replace and update outdated legal references following the revisions of the titles of all acts in Singapore last year and following the implementation of various provisions of the Financial Services and Markets Act 2022. They also make other miscellaneous, non-material changes to the 2021 regulations which are editorial in nature.
The affected regulations 2, 5, and 10 relate to definitions, financial advisers‘ obligation to establish complaints handling and resolution processes, and the Monetary Authority of Singapore’s power to issue „written directions to financial adviser or class of financial advisers to conduct a review of compliance with business conduct requirements“, respectively.
For more details on the amended provisions, please refer to the original legal document.