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The Monetary Authority of Singapore (MAS) requires all financial institutions to assess customers on their financial knowledge and experience to understand the risks and features of unlisted SIP which includes your ILP policy before allowing them to purchase unlisted Specified Investment Product (SIP) independently. In Singapore Life Ltd (“Singlife”), unlisted Specified Investment Product refer to an investment-linked policy or unit trust.

 

To safeguard the interest of customers, especially for those who may not have the relevant knowledge or experience in purchasing or trading SIPs, the Customer Knowledge Assessment (CKA) has been implemented. This assessment is effective from 1 January 2012.

 

For more information on CKA, please refer to MAS publication - Regulatory Regime for Listed and Unlisted Investment Products or you may visit www.mas.gov.sg ("Safeguards when purchasing Specified Investment Products – A Quick Guide for Consumers") for more details.

 

Below are the 3 criteria set for the customer knowledge assessment. To fulfill or “pass” the CKA, you need to satisfy just ONE of the following criteria.

 

1. Investment Experience 

Have performed at least 6 transactions in unlisted Specified Investment Products (unit trusts or investment linked product) in the last 3 years; 

 

2. Working Experience 

Have a minimum of 3 consecutive years of working experience in the past 10 years in the development of , structuring of, management of, sale of, trading of, research on and analysis of investment products, or the provision of training in investment products. Work experience in accountancy, actuarial science, treasury or financial risk management activities will also be considered relevant work experience.  

 

3. Education Qualification 

a) Have a diploma or higher qualifications in accountancy, actuarial science, business/business administration/business management/business studies, capital markets, commerce, economics, finance, financial engineering, financial planning, computational finance and insurance' 

 

b) Have a professional finance-related qualification. Examples of this would include the Chartered Financial Analyst Exam conducted by the CFA Institute, USA and the Association of Chartered Certified Accountants (ACCA) Qualifications.

 

 

With Singlife, the following transactions will require customer to complete a CKA:

 

  • New Business
  • Lump Sum Top Up
  • Fund Switch
  • Increase in Premium (only applicable for Investment-Linked plans)
  • Premium Redirection (only applicable for Investment-Linked plans)
  • Additional Subscriptions (only applicable for Navigator transactions)
  • Changes to easy save (only applicable for Navigator transactions)

General FAQ

What is Customer Knowledge Assessment (CKA)?

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Customer Knowledge Assessment (CKA) is an assessment to ascertain a retail customer's financial knowledge and experience to understand the risks and features of unlisted Specified Investment Products (SIPs) prior to any purchases.

What is a Specified Investment Product (SIP)?

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Specified Investment Products (SIPs) are financial products that may not be as widely understood by retail investors. This is because these products have structures, features and risks that may be more complex in nature. There are two categories, listed and unlisted. 

 

Examples of the unlisted SIPs relevant to Navigator and Singlife are: 

  • Collective Investment Scheme (commonly known as "unit trusts")
  • Investment Link Product ("ILP")

Who is affected?

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Customers who intend to purchase or trade unlisted SIPs are required to undergo CKA.

How do I complete the CKA?

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Please contact your financial adviser who will be able to provide you with the necessary CKA form for completion and acknowledgement. The CKA form will: 

(1) Assess your educational qualification, work experience and investment experience and; 

(2) Provide you with your CKA outcome.

How long is my CKA valid?

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The positive outcome of your CKA is valid for one (1) year from the date of assessment.

I failed my CKA. What does it mean for me?

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Please contact your financial adviser. They will be able to guide you through the steps required for you to purchase or trade unlisted SIPs. Failing the CKA does not prevent you transacting in unlisted SIPs. You will, however, be required to seek advice from your financial adviser with the outcome of purchasing products that are suitable for your financial needs/risks.

Any additional resources I can refer to?

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You may wish to refer to the following resources for more details.    

As a customer who wishes to purchase or trade unlisted SIPs, you are required to undergo the Customer Knowledge Assessment (CKA). This assessment may be conducted by your financial adviser. Upon completion, you will be informed of your CKA outcome. In your subsequent transactions via Singlife Online, you will be prompted to acknowledge your CKA outcome as part of the confirmation process to complete the transaction. 

 

All retail investors are required by MAS regulations to complete the CKA before they can perform the following transactions:

  • Lump Sum Top Up
  • Fund Switch
  • Additional subscriptions
  • Changes to Easy Save

 

Please contact your financial adviser who will be able to provide you with the necessary CKA form for completion and acknowledgement.

 

The CKA form will:

  • Assess your educational qualification, work experience and investment experience and;
  • Provide you with your CKA outcome

General FAQ

How long is my CKA valid?

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The positive outcome of your CKA is valid for one (1) year from the date of assessment. 

I failed my CKA. What does it mean for me?

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Please contact your financial adviser. They will be able to guide you through the steps required for you to purchase or trade unlisted SIPs. Failing the CKA does not prevent you transacting in unlisted SIPs. You will, however, be required to seek advice from your financial adviser with the outcome of purchasing products that are suitable for your financial needs/risks. 

Has anything changed on MySinglife for CKA?

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We have updated the web portal to capture your CKA outcome when you approve transactions created by your financial adviser online. During the online transaction, your adviser will be able to capture, and you will be able to acknowledge, the "CKA outcome" from the CKA form.

Contact us

As a investment-linked policyholder who wishes to purchase or trade unlisted SIPs, you are required to undergo the Customer Knowledge Assessment (CKA). This assessment may be conducted by your financial adviser. Upon completion, you will be informed of your CKA outcome. If you are deemed to posses the relevant knowledge or experience to purchase or trade unlisted SIPs, the positive outcome of your CKA will be valid for 1 year from the date of assessment. 

 

The following transactions would require customer to complete a CKA:

  • New Investment Linked Policy (ILP) purchase
  • Lump Sum Top Up
  • Increase in Premium
  • Fund Switch
  • Premium Redirection

 

Please approach your financial adviser who will be able to assist you with the Customer Knowledge Assessment.

 

The CKA questionnaire will:

  • Assess your educational qualification, work experience and investment experience and;
  • Provide you with your CKA outcome

General FAQ

How often do I need to do the CKA?

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If you are deemed to 'pass' the CKA, the assessment results are valid for one year from the date of your assessment. 

My advisor is at overseas and will be back a few days later, where can I ask for help?

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You are advised to call your advisor's firm who will assign another financial adviser to assist you on your request. You can click on this link to get the contact information of your advisor firm.

The criteria for investment experience require at least 6 transactions in unit trusts and/or Investment-Linked Products in the past 3 years. Are you referring to transactions that I have with Singlife Limited only?

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No. It includes all transactions that you have made through Singlife Limited as well as other financial institutions (if any) in the past 3 years.

If I have already gone through a CKA with another insurance company, must I go through the assessment with you?

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Yes, as long as you wish to transact in unlisted SIPs, the assessment applies.

I have failed my CKA and I do not have an advisor. How do I proceed with my transaction?

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You may visit our office, we will arrange for our in-house Financial Adviser to assist you. 

I have failed my CKA and disagree with the recommendation from the advisor, how can I proceed?

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In the event if you are deemed not to possess the relevant knowledge or experience to transact in an unlisted Specified Investment Product (SIP) but chose to invest/transact in an investment product(s) that is/not suitable for you, an approval is required from members of your advisor's firm senior management  before the investment can be executed. The company management will have to contact you for verification. 

I am at your service counter and was told to approach my advisor. Why can't your inhouse advisor help me with the CKA?

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In our record, we noted that there has been an existing financial adviser servicing you. You would be required to seek advice from your financial adviser before proceeding further.

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