According to a mystery shopping survey conducted by the MAS last year, nearly a third of customers looking for financial advice and products were steered to unsuitable investments. About 50% of the mystery shoppers were not quizzed about their risk tolerance or financial objectives, and 40% were not asked for their investment experience. Mr Lee Chuan Teck, MAS assistant managing director for capital markets, told the SMU Financial Advice Symposium on Friday that these two findings were ‘particularly disturbing'.
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