Customer Care

Customer Knowledge Assessment

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 Aviva, 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.

In Aviva, 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)

 

FAQs

A: 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.
 
A: 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 Aviva are:
  • Collective Investment Scheme (commonly known as "unit trusts")
  • Investment Link Product ("ILP")
 
A: Customers who intend to purchase or trade unlisted SIPs are required to undergo CKA.
 
A: 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.
 
A: The positive outcome of your CKA is valid for one (1) year from the date of assessment.
 
A: 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.
 
A: You may wish to refer to the following resources for more details.  
 
 

 

Customer Knowledge Assessment
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I'm a Navigator Retail Investor
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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 Aviva 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:

  1. Assess your educational qualification, work experience and investment experience and;
  2. Provide you with your CKA outcome

To login to your Navigator account, click here

FAQs

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

 

Customer Knowledge Assessment
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I have an investment-linked policy
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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:

  1. Assess your educational qualification, work experience and investment experience and;
  2. Provide you with your CKA outcome

  

FAQs

A: If you are deemed to ‘pass’ the CKA, the assessment results are valid for one year from the date of your assessment.
 
A: 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 http://www.aviva.com.sg/savings-and-investments/our-partners/financial-advisers-01.html
 
A: No. It includes all transactions that you have made through Aviva Limited as well as other financial institutions (if any) in the past 3 years.
 
A: Yes, as long as you wish to transact in unlisted SIPs, the assessment applies.
 
A: You may visit our office, we will arrange for our in-house Financial Adviser to assist you.
 
A: 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.
 
A: 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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