In short. In Singapore, independent financial adviser firms are represented by the Association of Financial Advisers (AFA), financial planners by the Financial Planning Association of Singapore (FPAS), insurance and financial practitioners by IFPAS, and life insurers by the Life Insurance Association (LIA). The Institute of Banking and Finance sets industry competency standards, and FIDReC resolves client disputes.
Associations
Association of Financial Advisers (AFA)
Industry association of licensed financial adviser firms.
Financial Planning Association of Singapore (FPAS)
Association of financial planners; awards the CFP certification in Singapore.
IFPAS
Insurance and Financial Practitioners Association of Singapore, for representatives.
Life Insurance Association (LIA)
Association of life insurers in Singapore.
Standards, examinations and disputes
Institute of Banking and Finance (IBF)
Industry competency standards and IBF certification for financial practitioners.
Singapore College of Insurance (SCI)
Runs CMFAS examinations for representatives.
FIDReC
Financial Industry Disputes Resolution Centre: mediation and adjudication of client disputes.
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Frequently asked questions
Is membership of AFA or FPAS mandatory?
No. The MAS licence (or exemption) and the representative's notification are mandatory; association membership is voluntary.
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Official sources
- Institute of Banking and Finance (IBF)
- Singapore College of Insurance (CMFAS examinations)
- Financial Industry Disputes Resolution Centre (FIDReC)
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.