PRS Consultants are individuals who are attached to an entity registered with FIMM as PRS Providers, Institutional PRS Advisers, or Corporate PRS Advisers (collectively referred to as PRS Distributors) to market and distribute Private Retirement Schemes (PRS). PRS Consultants meet potential PRS members and employers and are often the first points of contact for the members. PRS Consultants may distribute PRS offered by the PRS Distributor they attached to. PRS Consultants must be registered with FIMM so that PRS Consultants are regulated to ensure high standards of conduct and the delivery of reasonable advice or basis for recommendations to individuals and employers.
Registration of PRS Consultant
Eligibility for registration of PRS Consultant
Any person who meets the following requirements is eligible to register as a Private Retirement Scheme consultant (PRS Consultant):
- Must be twenty one (21) years of age or more;
- Must obtain credits in any three (3) subject in SPM or equivalent or academic qualification (s) higher than SPM;
- Must be fit and proper;
- The person must sign a statutory declaration attesting to the above attributes and must not be in breach of the signed statutory declaration at all times.
- Upon satisfying the requirements, the person must pass the PRS Examination before being authorised to market and distribute PRS. A person who does not satisfy the basic requirements will not be registered to sit for the PRS Examination.
Submission for Registration as PRS Consultant
Application to be a registered Private Retirement scheme Consultant (PRS Consultant), must be made through the respective PRS Distributors. Please note that the documentation listed below may not be exhaustive as each PRS Distributor may have additional mandatory documentation.
Registration for the PRS Examination and as a PRS Consultant
For an applicant who has not taken or passed the PRS Examination, the registration process encompasses both the registration to sit for the PRS Examination and the registration to be a PRS Consultant. Upon passing the PRS Examination, FIMM will then process the applicant’s registration to be a PRS Consultant.
For submission of documentation for the applicant of registration as PRS Consultant. Please click here.
Sighting of the documentary evidence of minimum education, i.e. SPM certificate or above is the sole responsibility of the PRS Distributors. Please refer to the respective PRS Distributor for the PRS Examination locations and timetable.
Submission to FIMM must be done with complete documentation.
Registration of Former PRS Consultant and Variation of Registration of PRS Consultant
- Registered PRS Consultants must resign from their current company before they are allowed to register with a new company.
- Registration of Former PRS Consultant and Variation of Registration of PRS Consultant may be required to fulfil additional requirements prior to being allowed to rejoin the unit trust industry if they have been inactive for more than 1 year from the date of non-renewal, resignation or termination, whichever is earlier.
- For submission of documentation for the applicant of registration as PRS Consultant. Please click here.
The company which is re-registering the PRS Consultant may request for other documents such as the FIMM certificate for verification purposes.
Submissions to FIMM must be done with complete documentation
Guidelines and Fees
|Guidelines on Registration of Private Retirement Scheme Distributors and Consultants|
|Fees for Registration|