Singapore legislation
Clause 21
Clause 21
Use of words “financial adviser” or “life insurance broker”
(1)
No person, other than —
a licensed financial adviser;
an exempt financial adviser; or
a person, or a person belonging to a class of persons, approved by the Authority,shall —
use the words “financial adviser” in any language, or any other word indicating that that person carries on business as a financial adviser, in the name, description or title under which it carries on business in Singapore; or
make any representation to such effect in any bill head, letter paper, notice, advertisement, publication or writing, whether in electronic, print or other form.
(2)
Nothing in this section shall prohibit —
a licensed representative of a licensed financial adviser; or
a representative of an exempt financial adviser,from using the words “financial adviser” together with the word “representative” or any other word indicating that he is a representative of a financial adviser.
(3)
No person, other than —
a licensed financial adviser which is authorised by its licence to provide any financial advisory service in respect of life policies; (b)an exempt financial adviser which provides any financial advisory service in respect of life policies; or
a person, or a person belonging to a class of persons, approved by the Authority,shall —
use the words “life insurance broker” or any of its derivatives in any language, or any other word indicating that that person carries on business of providing any financial advisory service in respect of life policies, in the name, description or title under which he carries on business in Singapore; or
make any representation to such effect in any bill head, letter paper, notice, advertisement, publication or writing, whether in electronic, print or other form.
(4)
Nothing in this section shall prohibit —
a licensed representative of a licensed financial adviser which is authorised by his licence to provide any financial advisory service in respect of life policies; or (b)a representative of an exempt financial adviser which provides any financial advisory service in respect of life policies, from using the words “life insurance broker” together with the word “representative” or any other word indicating that he is a representative of a financial adviser providing any financial advisory service in respect of life policies.
(5)
Any person who contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500 and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction.