MAS

A top official in the Monetary Authority of Singapore has stressed that the promotion of the island’s Islamic finance industry remains key, even though two tax incentives aimed at promoting it were allowed to lapse recently.

Singapore’s financial services regulator has published its response to comments it received on proposed changes to the regulation of locally active insurers’ investment activities, and indicated a strong preference for keeping key elements of these insurers’ businesses within its borders.

The Monetary Authority of Singapore today opened its consultation on a package of recommendations, published in January, for boosting the standard of financial advice and product provision in the Southeast Asian city/state.

Singaporean insurers and others are being invited to submit their views on a plan by Singapore's regulator to tighten up on the rules under which direct general insurers and reinsurers in the city-state are permitted to carry out their investment management activities.

Financial advisers and insurance industry executives in Singapore say a just-released raft of recommendations for improving the standards of Singapore’s financial advisory industry is “fair”, and properly takes into account the industry’s current level of development, as well as that of its market.

Aviva’s deal to acquire around 81% of the holding company which owns Singapore’s Professional Investment Advisory Services Pty is still on, in spite of being at least two months late in its scheduled completion, according to the managing director of the Australian company selling PIAS.

The Monetary Authority of Singapore has reprimanded Aon Consulting (Singapore)Pte, part of the London-based insurance and consulting giant Aon plc, for violating regulations covering financial advisers.