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You are here: Home / Financial advisers / Up to 70% of financial advisers’ recommendations were unsuitable, says MAS mystery shoppers survey

Up to 70% of financial advisers’ recommendations were unsuitable, says MAS mystery shoppers survey

11, July 2012 by Wilfred Ling Leave a Comment

Last Updated on 26, November 2016

shoppingMAS commissioned an external consultant to conduct a mystery shopping exercise in 2012 to determine the quality of advice given out by financial advisers[1].  The MAS mystery shoppers' statistics were as follow:

  • 28% of the recommendations were suitable;
  • 40% of the recommendations may be suitable;
  • 30% of the recommendations were not suitable.

Because ‘may be suitable’ means potentially not suitable, what the MAS mystery shoppers survey is saying that up to (40+30 =) 70% of financial advisers’ recommendations are NOT suitable.

Imagine you seeing a doctor and there is up to 70% chance he will prescribe poison to you. Or imagine going for a surgery with a 70% chance he will take out the wrong organ.

That is what is happening to the financial industry.

[1] http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Financial%20Advisers/Others/MSFindings2012.pdf

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