Letter from new/prospective company to ex-company of…

Date:

To: Name of Officer / Financial Institution

Subject: Authorised Representative Reference Check for purposes of FAA / SFA

Name as in NRIC/Employment Pass/Passport: NRIC/Employment Pass/Passport No.:

We are given to understand that the above-mentioned person was previously employed or engaged by your company. Kindly provide us with the following information about him/her while he/she was with your company.

(A) Minimum Information (compulsory)

1.  Period of employment : From ______to ______

2.  The reason for his/her leaving your organisation:  voluntary  involuntary. If involuntary, please provide details.

3.  Last position held (please include corporate & functional title):

4.  Had he/she been reported to the MAS pursuant to Notice on Reporting of Misconduct of Representatives by Financial Advisers 1 Jul 05 [Notice No. FAA-N09], or equivalent provisions under Securities & Futures Act (SFA), or any other Financial Services, Securities, Insurance or Banking Regulations?

If yes, please indicate the misconduct(s) reported.

Date of Report / Nature of Misconduct / Action Taken

The information provided here is “to the best of our knowledge” and is not a declaration of their truth and accuracy.

For clarification or further information, please contact: Name of Officer / Fax / Tel / E-mail ______

(B) Optional Information

______

The information provided will be treated with the strictest confidentiality.

We confirm that we have obtained written consent from the above-mentioned person to conduct this inquiry, and we enclose a copy of the written authorisation from the above-mentioned person.

Please do not hesitate to contact us for further clarification. We would appreciate if you could revert within the next seven (7) days. If there is going to be a delay, kindly let us know when we can expect a reply from your company.

Thank you for your kind assistance and expedient reply to our inquiry.

Yours sincerely

Signature:

Name of authorised personnel:

Designation / Department:


Written authority to conduct inquiry into previous employment

To: (Name of Company)

I (Name as in NRIC/Employment Pass/Passport) hereby irrevocably and unconditionally authorise you to perform reference checks of my previous employment(s) and releasefrom liability all persons or entities requesting or supplying such information.

______

Signature NRIC/Employment Pass/Passport No. Date


Guidelines for use of Reference Check Form (RCF)

1.  Scope and Objective

1.1  The Reference Check Form will be used on prospective candidates who are applying to conduct “regulated activities” as an “authorised representative”, both exempt or licensed as prescribed under the Financial Advisers Act or Securities & Futures Act.

1.2  The RCF forms part of the procedures of Financial Institutions in fulfilling the “fit and proper” regulatory requirement.

1.3  Usage of the RCF itself is not a mandatory requirement under the Acts, Regulations or Notices. However, the Monetary Authority of Singapore would acknowledge usage of the RCF as a consideration in its audit of Financial Institutions.

2.  Implementation Date

2.1  The RCF will be used for applications received on 2 October 2006 and thereafter, and is not to be applied retrospectively.

3.  Number of Past Principals / Employers to be approached

3.1  Hiring Principals / Employers will conduct reference check with the immediate past principal / employer.

3.2  If the candidate's contract / employment with the last organisation had been less than one year, then reference check will be conducted with the last two principals / employers.

4.  Optional Information

4.1  The prospective Principal / Employer is at liberty to request for more information under Section (B).

4.2  Examples

·  A Bank may request for its standard reference check form to be additionally completed.

·  An Insurance Company may request for “Production in the last 12 months”, or “Persistency Ratio in the last calendar year”.

5.  Written authority to conduct inquiry into previous employment

5.1  An authorisation is to be signed and given by the prospective applicant at the time of job application or commencement of employment.

5.2  The authorisation should cover both the new as well as the ex-principal(s) / ex-employer(s).

5.3  The written authorisation may form part of the RCF itself or may be a separate document.