In short. In Singapore, a firm that advises on investment products needs a financial adviser's licence from MAS, unless it is an exempt financial adviser such as a bank, insurer, registered insurance broker or capital markets services licensee. MAS requires base capital of S$500,000, or S$300,000 plus additional professional indemnity insurance of S$500,000, a Singapore-resident CEO with at least 10 years of relevant experience, and at least 3 full-time Singapore-based staff with 5 years of experience. Individual advisers are appointed representatives listed in the MAS Register of Representatives and must pass the relevant CMFAS modules.
The possible statuses
| Status | What it allows | Granted by | Where to check |
|---|---|---|---|
| Licensed financial adviser | Advising on investment products (collective investment schemes, life policies, structured deposits…), issuing research. | Financial adviser's licence from MAS Financial Advisers Act 2001 and Financial Advisers Regulations | MAS Financial Institutions Directory[1][2][3] |
| Exempt financial adviser | Banks, merchant banks, finance companies, insurers, registered insurance brokers and capital markets services licensees that provide financial advisory services. | Exempt from the licence, but bound by the FAA's business conduct requirements Financial Advisers Act 2001 | MAS Financial Institutions Directory[4][3] |
| Appointed representative | The individual who advises clients on behalf of a licensed or exempt financial adviser. | Notified to MAS by the firm under the representative notification framework Financial Advisers Act; Notice FAA-N13 on entry and examination requirements | MAS Register of Representatives[5][6] |
The licence: what MAS requires from the firm
- Base capital of S$500,000, or S$300,000 plus additional professional indemnity insurance (PII) of S$500,000; S$250,000 for firms that only issue research.
- Professional indemnity insurance: S$1 million limit for revenue up to S$5 million; above that, the lower of 20% of gross revenue or S$10 million.
- At least 2 directors, one of them resident in Singapore.
- A Singapore-resident CEO with at least 10 years of relevant experience, at least 5 of them in a managerial role.
- At least 3 full-time Singapore-based individuals with at least 5 years of relevant experience.
- Fitness and propriety of the applicant, its shareholders and directors, assessed under the MAS licensing guidelines.
Representatives: entry and examinations
- Minimum age of 21 and minimum academic qualifications set by Notice FAA-N13.
- CMFAS examinations: Module 5 (Rules, Ethics and Skills) for every representative, plus product modules by activity, for example Modules 6 and 8 for securities and collective investment schemes, Modules 9 and 9A for life policies, and Modules 6A, 8A or 9A for specified investment products.
- Some qualifications exempt holders from product modules, such as a degree in finance, financial engineering or computational finance, or the CFA charter.
- The firm may not let a representative start advising before the required modules are passed, and keeps a record of exam completion.
Disputes
Clients who cannot settle a complaint with their adviser can go to the Financial Industry Disputes Resolution Centre (FIDReC), the independent body that handles disputes between consumers and financial institutions in Singapore.
Source : [9]
Check an adviser in two minutes
- The MAS Financial Institutions Directory for the firm's licence or exempt status.
- The MAS Register of Representatives for the individual adviser and the activities they may carry out.
- The MAS Investor Alert List for unregulated entities that may have been wrongly presented as licensed.
Review your firm
The free mini-audit tells you in a few minutes what a prospect remembers about you and what stays unclear. Or take 30 minutes with us.
Find and claim my profile Book a 30-minute video call
Frequently asked questions
Do banks and insurers need a financial adviser's licence?
No. Banks, merchant banks, finance companies, insurers, registered insurance brokers and capital markets services licensees are exempt financial advisers. They and their representatives still follow the FAA's business conduct rules.
How much capital does a licensed financial adviser need?
S$500,000 in base capital, or S$300,000 plus additional PII of S$500,000; S$250,000 for research-only firms, according to MAS.
Can I advise clients before passing CMFAS?
No. The firm must not allow a representative who is subject to the CMFAS requirements to start advising until the applicable modules are passed.
Read next
- Associations and complaints
- Getting found on Google and by AI assistants
- For advisers · Singapore
- Country AI barometer
Official sources
- MAS — Financial Adviser's Licence (licensing requirements)
- MAS — Financial Advisers Act 2001
- MAS — Financial Institutions Directory
- MAS — FAQs on the Financial Advisers Act, Regulations, Notices and Guidelines
- MAS — Register of Representatives
- MAS Notice FAA-N13 — Minimum Entry and Examination Requirements for Representatives
- MAS — Guidelines on Criteria for the Grant of a Financial Adviser's Licence
- Singapore College of Insurance (CMFAS examinations)
- Financial Industry Disputes Resolution Centre (FIDReC)
- MAS — Investor Alert List
Sources checked on 14 November 2026. This page summarises the official texts and pages cited. It does not replace reading them or legal advice; amounts and lists may change.