The Monetary Authority of Singapore (MAS) has proposed mandatory reference checks be carried out by all financial institutions and regulated entities. The driving force behind this proposal is the growing global regulatory recognition that there is a need to stop what has been termed “rolling bad apples” from moving from one firm to another. Increasingly, regulators are realizing that to stop representatives and broking staff from moving on before being terminated requires preventing staff members from trying to clean their records by moving to non-representative or non-broking roles within the industry.
