Press Statement by SIAS on Results of MAS Mystery Shopping Survey

Date: July 6, 2012

The Mystery Shopping Survey conducted by MAS to assess the financial industry’s implementation on MAS guidelines on fair dealing is welcome and quite revealing.

It is disheartening to know that a significant number of advisers did not disclose vital information to retail investors such as risk factors as found in a significant number of advisory sessions. The non disclosure of important information besides risk factors, such as fees and charges to be levied is disconcerting as such fees and charges impacts the net investment returns. Without disclosing these important factors an investment product could appear more attractive than it should be.

SIAS has been conducting investment seminars to help our members and the investing community to help them ask the right questions to determine their ability, need and willingness to invest. In the light of this Survey, SIAS will focus on tailoring our investor education programmes to help investors know their needs and clarify their financial objectives and understand their risk preferences

David Gerald
President & CEO