Who is exempt from holding a financial adviser's license?

Banks, merchant banks, finance companies, insurance companies, insurance brokers registered under the Insurance Act, holders of a capital markets services license under the Securities and Futures Act (Cap 289). are exempt from holding a financial adviser's license to act as a financial adviser in Singapore in respect of any financial advisory services. Nonetheless, exempt financial advisers and their appointed and provisional representatives are required to comply with the business conduct requirements stipulated in the FAA.