Singapore's regulators are planning to mandate content for the continuing professional development of financial advisors, according to proposals.

In the UK, financial advisors have to complete 35 hours' worth of "continuous professional development" yearly, but the content of this is not policed or dictated by the regulators. According to Singapore's latest proposals, however, regulators in the city-state are planning to mandate content in a world first.

The consultative process has closed for the latest proposals. Consultations in Singapore, moreover, are far more perfunctory than in the UK and are thought of as an alert to the regulated community about what is coming rather than a genuine attempt to ascertain people's thoughts.

The Monetary Authority of Singapore[/tg] originally wanted to bring the rule into force on 31 December last year, but has now put the date back to 31 December 2016. It has said that four of the 30 hours must be spent on ethics. The Institute of Banking and Finance will accredit the trainer and assess the training. No form of "distance learning" is permissible. Another eight hours has to be spent on rules and regulations. This, too, is policed by the IBF and is open to any law firm or other trainer. The remaining 18 hours can be taken up by anything and need not be approved by the IBF.

This publication spoke to Andrew Glover, managing director of the International Compliance Training Academy in Singapore, the only provider of training accredited under IBF standards.