Singapore legislation
Clause 6
Clause 6
Amendment of section 25
Section 25 of the principal Act is amended by inserting, immediately after subsection (5), the following subsection:“(5A) Where, on or after the date of commencement of section 6 of the Financial Advisers (Amendment) Act 2012 —
a licensed financial adviser, in making a recommendation to a person, contravenes subsection (1);
that person does, or refrains from doing, a particular act as a result of that contravention;
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
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.”.