2012 – Formation of STAR Team
The STAR team was formed in response to the sudden launch of The Financial Advisory Industry Review (FAIR) by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), during the 50th Anniversary dinner of Life Insurance Association (LIA) Singapore.
The STAR team represents the alliance of IFPAS, FSMA and the guilds of the various insurance companies.
The FAIR aims to enhance the standards and professionalism of the FA industry and improve efficiency in the distribution of life insurance and investment products in Singapore. The FAIR Panel focused on five key thrusts:
(a) raising the competence of FA representatives;
(b) raising the quality of FA firms;
(c) making financial advising a dedicated service;
(d) lowering distribution costs; and
(e) promoting a culture of fair dealing.
Over the following years, the team engaged MAS and the stakeholders tirelessly to overcome the threats.