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Financial advisory
RES5Financial Advisory Services✓On the general rules of CPFIS: (a) all investments made under CPFIS must be in Singapore dollars except where otherwise stated. (b) CPFIS investments cannot be assigned, pledged or used as collateral. (c) from October 2020 sales charges were removed and the wrap fee cap was reduced to 0.4 per cent. (d) losses made on CPFIS investments must be made good by the member. Which of the following are CORRECT?
RES 1B ch.6.8, 6.10 and 6.11. The first phase of the reduction from October 2018 cut the sales charge cap from 3 per cent to 1.5 per cent and the wrap fee cap from 1 per cent to 0.7 per cent; the second phase in October 2020 removed sales charges and cut the wrap fee cap to 0.4 per cent. Dividends and profits are not withdrawable and stay within CPF for retirement, though they may be used for other CPF schemes subject to those schemes' terms, and losses do not need to be made good.
Profits are locked inside CPF, but losses are not clawed back from the member.
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