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MAS says commissions elicts a self-interest culture |
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Written by Wilfred Ling
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Wednesday, 29 April 2009 |
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I am surprised that MAS had made a rather strong point with regard to commissions that advisers and institutions earn. Normally MAS is quite hands-off. "...having remuneration structures that rely primarily on commissions, or which are biased towards rewarding staff for recommending certain investment products is untenable. It will inevitably elicit a culture where the institution and its representatives are more concerned about their own revenue interests, as opposed to having clients’ interests at heart. Financial institutions will have to review the way in which they deal fairly with clients, to provide real value and restore confidence." - MR NG NAM SIN, Executive Director of MAS. Source: HERE
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