The Answer in 60 Seconds Per the MAS Directories page, every licensed financial adviser, insurance broker, and tied agent in Singapore must appear on either the Financial Institutions Directory (for firms) or the Register of Representatives (for individuals). If your broker is not listed, they are not authorised to advise you.

The Sourced Detail

The MAS lists you need to know

Per the MAS Directories page:

  • Financial Institutions Directory : a list of financial institutions regulated by MAS and the regulated activities they are authorised to provide
  • Register of Representatives ("Financial Institution Representatives Register"): individuals appointed by financial institutions who conduct activities regulated by MAS
  • Investor Alert List : persons unregulated by MAS who may have been wrongly perceived as licensed
  • Enforcement Actions list : formal regulatory and enforcement actions taken by MAS

Step-by-step: how to verify a financial adviser firm

  1. Go to eservices.mas.gov.sg/fid
  2. Enter the firm name (or UEN)
  3. Confirm the firm appears in results
  4. Click into the firm and verify:
    • Licence Type/Status — e.g., "Licensed Financial Adviser", "Exempt Financial Adviser", "Insurance Broker", "Capital Markets Services Licensee"
    • Sector — Banking / Insurance / Capital Markets
    • Authorised regulated activities — e.g., advising on investment products, dealing in capital markets products
  5. Cross-check that the activity matches what they're proposing to do for you

A firm may hold multiple licences, so a single name can return multiple entries.

Step-by-step: how to verify an individual representative

  1. Go to eservices.mas.gov.sg/rr
  2. Enter the individual's full name
  3. Confirm:
    • Principal firm — the licensed FI that has appointed them
    • Type of regulated activity — e.g., "providing financial advisory service"
    • CMFAS examination compliance — the representative should hold the relevant Rules, Ethics & Skills (RES) and product modules
    • Status — Active / Resigned / Suspended

Per MAS competency-requirements guidance, competency requirements for individual representatives are governed by Notice FAA-N26 (Financial Advisers Act) and SFA 04-N22 (Securities and Futures Act), effective 1 April 2024. The CMFAS modules now include Rules, Ethics & Skills (RES) content tailored to the regulated activities the representative conducts.

Step-by-step: what fields signal a problem

  • Not in the FID at all — strong signal. Cross-check the Investor Alert List. If they appear there, they are unregulated.
  • In the FID but the regulated activity does not match — for example, a CMS licensee not authorised to advise on life insurance.
  • Resigned status on the Representatives Register — they cannot advise you under that firm any longer.
  • Recent enforcement action listed against the firm — review carefully.

Per ScamShield: "For investment-related situations, check that the entity is regulated by the Monetary Authority of Singapore (MAS) as dealing with an unregulated entity means giving up the safeguards offered under the laws administered by MAS."

Why this matters for SMEs buying business insurance

Three real risks if you skip the check:

  1. Fraud risk. Unlicensed individuals posing as brokers can collect "premiums" and disappear. There is no Policy Owners' Protection Scheme recourse if there was no licensed insurer in the chain.
  2. Unauthorised advice risk. Even well-meaning unlicensed parties cannot legally advise.
  3. Indirect liability risk. If you end up with a non-WICA-compliant policy because an unlicensed party set you up, you remain liable to your employees under WICA — the MOM-designated insurer regime is binary.

What about FIDReC?

The Financial Industry Disputes Resolution Centre (FIDReC) handles disputes between consumers and financial institutions in Singapore. Per MOM's WICA explanation note: MOM-designated insurers are required to comply with MOM's guidelines for the processing of claims under WICA 2019; if an issue remains unresolved, you may contact MOM or FIDReC for assistance.

FIDReC's jurisdiction is limited to MAS-regulated financial institutions. If you bought from an unregulated party, FIDReC cannot help — another reason verification matters.

What This Means for Your Business

Companies typically need to consider four-step verification before signing any commercial insurance:

  1. Verify firm on the Financial Institutions Directory
  2. Verify individual on the Register of Representatives
  3. Cross-check against the Investor Alert List
  4. Save the screenshots with date stamps — you may need them for FIDReC, MAS complaints, or PDPC purposes

For WICA specifically, also verify that the insurer is a MOM-designated insurer. MAS regulates the financial adviser; MOM regulates the WICA insurer's authority to issue WICA policies. Both checks matter.

Questions to Ask Your Adviser

  1. "Can you walk me through your entry on the MAS Financial Institutions Directory in real time?"
  2. "Show me your individual entry on the Register of Representatives — what regulated activities are you authorised for?"
  3. "Have you or your firm had any enforcement action by MAS in the past three years?"
  4. "Is the insurer you're proposing on the MOM designated insurer list for WICA?"
  5. "If we have a dispute, is FIDReC available, and what's the firm's complaints handling SOP?"

Related Information

Published 3 May 2026. Source verified 3 May 2026. COVA is an introducer under MAS Notice FAA-N02. We do not recommend insurance products. We provide factual information sourced from primary regulators and route you to a licensed IFA who can match a policy to your specific situation.