The Financial Advisers Act was enacted to reduce the disparity between investment products across the industry and various distribution channels, harmonizing the regulatory regime governing these products. In addition, having a common set of requirements and regulations that is applicable to all market intermediaries engaging in financial advisory services (effectively providing advice on the investment products aforementioned) will help maintain consistent professional standards across the industry. If a person intends on carrying out regulated activities governed by the MAS Financial Advisers Act, they will need to obtain the Financial Advisers Licence prior to doing so.