During the launch of the Representative Notification System (RNS) on 26 Nov 2010, several financial institutions failed to ensure that the relevant regulated activities were reflected against their representatives’ names in the public register before their representatives engaged in regulated activities. As a result, their representatives conducted regulated activities before they were duly appointed. See: MAS TAKES REGULATORY ACTION AGAINST 15 FINANCIAL INSTITUTIONS

It is important to deal with financial advisers who are appointed to do so. The RNS is a public registry maintained by MAS which allows members of the public to verify the identity of these individuals. Not too long ago, someone told me that the name of the financial adviser on the insurance policy she bought was different from the person whom she bought from. It appears to me that she was dealing with an unauthorized representative. Therefore, be careful whom you are dealing with.

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