There are certain exemptions to the Financial Advisers Licence, and this is usually for entities that are granted other licenses that enable them to carry out other regulated activities that also encompass financial advisory to a certain extent. Examples here would be Banks, merchant banks, finance companies, insurance companies, insurance brokers and holders of a Capital Markets Services Licence. These entities are already regulated by the Monetary Authority of Singapore (MAS) under separate legislation.
Certain activities arenâ€t captured by the FAA, such as bank deposits, general insurance and loans and mortgages. For the latter, these are not considered investment products. General insurance is also not considered an investment product as it is consumption-based, and bank deposits are excluded as such products as they are relatively straightforward and are low-risk. However, it is imperative to note that the Monetary Authority of Singapore has the power to regulate additional products as necessary, as a means to provide the flexibility to cater to new product development.