Loading…
CMFASPrepStudyingRES5
Switch exam
Financial advisory
RES5Financial Advisory Services✓Mrs Lim passed a Customer Knowledge Assessment for unlisted collective investment schemes on 2 April 2024. On 20 June 2025 she calls to switch S$80,000 into a different unlisted fund and says she wants no advice because she has read the prospectus. What must the firm do before it transacts?
MAS Notice SFA 04-N12 paragraph 26 with RES 1B sections 2.5.1.2 and 2.5.1.5 and RES 2B sections 6.6.2 and 6.6.5: the assessment supports transactions for one year, after which a new one is needed. Even on a positive outcome the firm should offer advice, and a refusal must be documented, the customer warned in writing, and his confirmation to proceed obtained in writing. Takeaway: one year for the knowledge assessment, and the offer of advice survives a pass.
A pass shortens nothing and waives nothing; the one-year clock still runs.
Practise more RES 1A Securities Dealing Practices & Skills questions
Exam-style questions with worked answers, then full timed mocks. Free to start.
Build a daily practice habit — a few exam-style questions a day, with worked answers. Free to start.
Start practising →Original study material mapped to the public CMFAS RES 1A syllabus. Unofficial, not endorsed by MAS or IBF. Verify figures and rules against current guidance before relying on them.