Glossary · regulatory
Exempt Financial Adviser
Also known as: EFA, Exempt FA
- Definition
- An Exempt Financial Adviser (EFA) is a firm exempt from holding a full Financial Advisers Licence under specific exemptions in the Financial Advisers Act — most commonly because they already hold a banking, insurance, or capital-markets licence that covers advisory activity.
The EFA category captures most Singapore private banks (which are licensed under the Banking Act), most insurers (licensed under the Insurance Act), and most fund managers (licensed under the SFA) — the FAA recognises that these firms are already supervised on advisory activity through their primary regulatory framework. Around 565 EFA firms operate in Singapore as of 2026.
Source: MAS — Financial Advisers Act
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