Financial Adviser (FA): Licence Application

What are the professional indemnity insurance (PII) requirements for financial adviser (FA) licence applicants?


  • According to MAS (Pages),

    (iii) Professional indemnity insurance (PII)

    You are required to have in force a PII policy with varying limits depending on the type of financial advisory services provided. The breakdown is as follows:

    a) For those advising others by issuing or promulgating research analyses or research reports concerning any investment product only, a PII limit of S$500,000 applies;

    b) For all others:

    i. With revenue not more than S$5 million, a PII limit of S$1 million applies;

    ii. With revenue more than S$5 million, a PII limit that is the lower of (i) 20% of gross revenue or (ii) S$10 million applies.

    You can find more details on the financial requirements in Part II, Questions 7, 7A and 8 of the FAQs on Financial Advisers Act, Financial Advisers Regulations, Notices and Guidelines.