How to use the Monetary Authority of Singapore (MAS)’s Register of Representatives to verify if the person you meet in-person or online is a registered/licensed financial advisor/consultant?
With the recent news on phishing and impersonation scams, we should stay vigilant especially when it comes to meeting someone for the first time.
Supposed you are in a meeting with someone, in-person or online, for the first time. And that someone claimed that he/she is a financial advisor.
Before you give more personal information for professional purposes, how do you verify that he/she is indeed who he/she claimed to be? Here is how:
1) Ask him/her to show you his/her staff pass
Ideally the staff pass should contain the person’s name and representative number. The representative number is a unique identifier for financial advisors/consultants, and it does not change whenever a financial advisor moves from one advisory company to another (more on this in “Bonus” section below). If the representative number is not stated on the staff pass, ask him/her to give you his/her name-card.
![Namecard](https://www.policywoke.com/wp-content/uploads/2022/05/Namecard.webp)
For the representative number, check that it is in the following format:
[A-Z]{2}([A-Z]|-)\d{9}
For example:
- ABC123456789
- DE-987654321
2) Go to Register of Representatives website
![Register of Representatives](https://www.policywoke.com/wp-content/uploads/2022/05/Register-of-Representatives.webp)
3) From Register of Representatives website, enter the representative number and click “Search”
After clicking on “Search”, you will get the following possible results:
3.1) Website displays “No record found” in search results
What this means is, there is no such financial advisor/consultant of that representative number. This is the case you need to be cautious of. Do NOT engage this person for financial advisory services.
![No record found](https://www.policywoke.com/wp-content/uploads/2022/05/No-record-found.webp)
3.2) Website displays one record with no “Current Principal Company”
What this means is, the person was a registered financial advisor/consultant in the past, and he/she has since left the financial advisory career. Hence, this person is no longer able to provide financial advisory services.
![One record blank company](https://www.policywoke.com/wp-content/uploads/2022/05/One-record-blank-company.webp)
3.3) Website displays one record with valid “Current Principal Company”
What this means is, the person is a registered financial advisor/consultant representing a company based on “Current Principal Company”. Assuming the name and representative number matches what you have seen in 1), you may engage this person for financial advisory services.
![One record valid company](https://www.policywoke.com/wp-content/uploads/2022/05/One-record-valid-company.webp)
Bonus
For 3.2) and 3.3), you can click on the entry to view the person’s current and past regulated activities (if any). Here is one example:
![Regulated activities](https://www.policywoke.com/wp-content/uploads/2022/05/Regulated-activities.webp)
If the value of “Status” column is “Appointed” and the value of “To” column is “Present”, it means the person is a registered financial advisor/consultant at present. In addition, he/she is appointed to provide financial advisory service(s) pursuant to section 23C of the Financial Advisers Act (Cap 110) (“FAA”).
Personal encounter
One of the co-founders had a scare in the past, when:
- During a meeting, he received a name-card from the sender who claimed he/she is a financial advisor,
- From the name-card, noticed that the representative number has only 11 characters and not 12 , and
- A search on the Register of Representatives website displays “No record found” in search results.
Upon clarification, it turns out that the representative number on the name-card has a missing “-” third from left. With the “-“, the Register of Representatives website displays one record with valid “Current Principal Company”. Hence, he/she is indeed a registered financial advisor. The co-founder has since given feedback to get the financial advisor’s name-card changed to fix the typo in representative number.
Conclusion
We hope you find this blog useful. This blog is based on one of the co-founders’ personal experience meeting financial advisors. For feedback, you may contact us via our social channels.
Credits to Sheryl Koh for allowing us to use her name-card as an example for this blog.