Annual Report 2012 - ifpas

Annual Report 2012
1

Table of Contents
1 IFPAS Profile
2 Past Presidents 1978 to 2011
3 Executive Council 2012/2013
4 President’s Message
5 The Year At A Glance
8 Membership
11 IFPAS Toastmasters Club
12 Education and Training
15 Public Relations and Industry Representation
19 Honorary Secretary’s Report
22 Minutes of the 38 th Annual General Meeting
26 Financial Statements for the year ended 31 December 2012
2

History
IFPAS, a not for profit organization, started
as the Singapore Insurance Agents
Association (SIAA) and officially registered
with the Registry of Societies some 44 years
ago on 18 March 1969. On 25 October
1978, the Association changed its name to
the Life Underwriters Association of
Singapore (LUA Singapore) to represent all
life insurance practitioners in Singapore. On
29 January 2003, it changed its name to the
current Insurance and Financial
Practitioners Association of Singapore
(IFPAS) to reflect its representation of not
just members from insurance films but all
members who provide financial services.
From 80 members, its membership strength
has grown to 5,300 active individual
insurance and financial practitioners as at 31
December 2012.
Corporate Identity
The IFPAS Logo is represented by two
merging squares. This symbolizes an
integrated approach to financial
planning, where members provide sound
and comprehensive financial advice. The
colours depict a smooth transition,
which is the building block for a stronger
professional and academic advancement
of its members. Its tag line is “Advancing
professional excellence since 1978”
Mission
As Singapore’s most established and
foremost association for insurance and
financial practitioners, IFPAS is dedicated
to enhancing ethical and professional
standards through continuous education
and providing a forum for ongoing
discourse on industry issues. It also
serves as a collective voice for its
membership on legislative and policyrelated
discussions.
Vision
To be a united professional body that can
give stature to financial services
professionals through training, education
and community service.
Code of Ethics
Place the best interests of our clients
before our own;
Embrace a culture of fair dealing and
ensure high ethical standards in the
conduct of our profession;
Hold in strictest confidence, and
consider as privileged, all business and
personal information pertaining to our
client’s affair;
Make full disclosure of all facts
necessary to enable our client to make
informed decisions;
Commit ourselves to our profession so
as to earn and enjoy the public’s
continuing trust and confidence in the
Insurance and financial services
industry; and
Abide by and conform to all rules and
regulations of IFPAS.
3

Past Presidents
1978 to 2011
1978 to 1985
Vincent Chua (Founding President)
1985/1986, 1990/1991, 1994/1995
Wee Tiong Howe
1986/1988
Ronnie Neo
1988/1989
Rolfston Chia
1989/1990
Philip Seah
1991/1992
Mohd. Amin
1992/1993
Peter Siong
1993/1994
Maj. (RET) Dennis Tan PBM
1995/1997
Sani Kudus
1997/1998, 2008/2009
M.P. Sellvem
1998/1999
J. Parasuraman
1999/2001
Matthew Kang
2001/2003
Jeffrey Ho
2003/2004, 2007/2008
Edmund Wee
2004/2005
Paul Chan
2005/2006
Josephine Ho
2006/2007
Francis Shin
2009/2010
Leslie Seah
2010/2011
Jeffrey Tan
4

Our Executive Council
Executive Council 2012/2013
President
Vice President (Membership)
Vice President (Education and Training)
Vice President (Public Relations and Industry
Representation)
Honorary Secretary
Honorary Treasurer
Assistant Honorary Secretary
Council Members
Secretariat
Tommy Wee Yeow Teck
Michael Seow Choon Guan
Kenneth Leong Fatt Kee
Samuel Goh Hock Chye
Katherine Kang Suat Peng (Ms)
David Kao Beng Ann
Keith Ang Choon Hoe
Angela Tok (Ms)
Gwen Woon Chiu Yun (Ms)
Manogarann s/o Ayakannu
Roland Yeo Khee Song
Shuan Lin Chuan Wei
Tan Tiong Eng
Yeo Eng Ann, Ando (Executive Director)
5

From the President
On behalf of the 2012/2013 Executive council, I am pleased to present the Annual Report 2012 covering the financial year
ending 31 December 2012.
Looking back at a challenging year for IFPAS in 2012, I am pleased with the progress made during our term despite the anxieties
about the sweeping changes proposed by the Financial Advisory Industry Review (FAIR).
In perhaps the most challenging environment for the Industry in decades, we acted swiftly in setting up a Special Technical
Advice Response (STAR) team and an IFPAS Alliance Council representing some 15,000 insurance agents in the groups and
guilds of the industry including the Financial Services Managers’ Association (FSMA) to engage the Monetary Authority of
Singapore (MAS) on FAIR proposals in April 2012.
IFPAS also convened two town hall meetings in June 2012 to rally industry practitioners and to update our members of the
work IFPAS was doing for the industry on FAIR. We did this to ensure that the authorities pay heed and give due consideration
to the inputs and concerns of our practitioners. On 21 August 2012, the Insurance industry took a major step to clarify its
position on proposed recommendations to regulate the industry when the IFPAS Alliance STAR team met members of the FAIR
panel. We are grateful that the FAIR panel has taken on board our views during its deliberations when MAS released its
presentation of FAIR Review Panel Report on 16 Jan 2013. The panel’s recommendations have done much to assure us that
the work of our industry is recognized and appreciated and IFPAS will continue to do our part to ensure and insure the financial
well-being of our members to the best of our ability.
For the period under review, we have achieved a modest growth in the following:
The total number of IPFAS members has increased from 4,153 in 2011 to 5,325 in 2012.
The enrolment rate of our courses was at an all time high at 531 students compared to 447 the year before.
We have introduced many new courses to equip members with financial skills and knowledge. Besides continuing to
provide marketing and tutorial support for the ChFC program, we have also introduced short courses such as Email
Prospecting for Success, General Insurance, Business Insurance and Mortgage Planning which were all well-received.
Membership activities such as the popular Movie Fiesta was again well-attended by members
We continue to support the Monetary Authority of Singapore (MAS) drive to increase the financial literacy of
Singaporeans through the MoneySENSE programme.
You can read details of these achievements in the reports by the various Vice-Presidents.
You may also be pleased to know that we have finally put to rest a court case we have been dealing with over the past few
years. 0n 20 December 2012, the court has decided that IFPAS was, in part, responsible for a member not being awarded his
DBA degree from Vancouver University. This is because we are a party to the arrangement with the vendor, CPPD Systems
Associates Pte Ltd (CPPD), and Vancouver University. But it also acknowledged that CPPD breached our collaborative
agreement because it was the party which had guaranteed the delivery of the DBA programme. This means that IFPAS will be
able to claim damages and legal costs from CPPD in what is known as a Third Party claim. We had tried to settle the issue
through mediation. When this failed, IFPAS decided that it was best to let the courts decide the matter once and for all. I would
like to assure you that IFPAS will continue in its role of providing continuing education for its members and raising the
professionalism of the industry. There is much that we can do together to move the industry forward.
We have weathered the storm so to speak. I am convinced that the relentless focus on our members’ needs, along with the
right strategies, will enable us to realize our ambition of becoming the leading association in our industry.
In conclusion, I would like to thank our members for their loyalty through the challenging moments. Once again, my Council
members and the Secretariat have responded to adversity with resilience and passion. Their efforts are most appreciated.
6

The Year at a Glance
April 2012
13 Retirement Conference at Hilton Hotel, Singapore – Planning on Retirement Needs
presentation by President Tommy Wee Yeow Teck
20 IFPAS Executive Council 2011/2012 Handover meeting from EXCO 2011/2012 to EXCO
2012/2013
26 – 27 9 th APFinSA Annual General Meeting held in Jakarta, Indonesia attended by President
Tommy Wee Yeow Teck (Principal Delegate), Hon Secretary Katherine Kang Suat Peng
(Ms) (2 nd Delegate), Council Member Angela Tok (Ms) (1 st Observer) and Past President
Jeyaraman Parasuraman (2 nd Observer)
May
2 Completion of sale of IFPAS building at 7 Hong Kong Street
19 – 20 IFPAS Executive Council Strategic Meeting at Harris Hotel, Batam, Indonesia
June
1
6
Membership and Course recruitment drive at AIA’s Mid Year Sprint
Closed Door Forum on FAIR at Singapore Post Centre
10 - 13 2012 Million Dollar Round Table (MDRT) Annual General Meeting, Anaheim California
attended by President Tommy Wee Yeow Teck
20 Dialogue on FAIR: IFPAS-FSMA-LIA
20 Jun to
3 Jul
IFPAS Participation in Focus Group Discussion initiated by the Asia Competiveness
Institute (ACI) LKY School of Public Policy on FAIR
28 Association of Banks in Singapore (ABS) Annual Dinner, Ritz Carlton Hotel attended by
President Tommy Wee Yeow Teck and ED Yeo Eng Ann, Ando
July
10
12
16
17
Membership and Course Recruitment Drive at Great Eastern Life’s Mid Year Sprint
IFPAS Executive Council Emergency Meeting
Launch of MoneySENSE at Singapore Polytechnic attended by President Tommy Wee
Yeow Teck and ED Yeo Eng Ann, Ando
Membership and Course Recruitment Drive at Prudential’s Mid Year Sprint
7

August
1
8
Membership and Course Recruitment Drive at Prudential’s MDRT event
IFPAS Movie Fiesta
21 LIA Seminar on International Regulatory Developments at M Hotel Singapore attended by
President Tommy Wee Yeow Teck
IFPAS Alliance Council FAIR Committee presentation to FAIR Panel
23 FSMA SMA Dinner at Swissotel Merchant Court attended by President Tommy Wee Yeow
Teck and Hon Treasurer David Kao Beng Ann
Men’s Dialogue on Marriage and Parenthood at the People’s Association attended by Asst
Hon Secretary Keith Ang Choon Hoe, Bernard Lim Hup Seng and ED Yeo Eng Ann, Ando
Appeal for Philippines flood Relief (23 to 31 August 2012)
28 Grand Opening of 34 th Mega Convention and 9 th Anniversary AKARD Award 2012 at GICC
Ballroom, Genting Highlands, Malaysia attended by Hon Treasurer David Kao Beng Ann
National Day Rally 2012 Public Forum at the Asian Civilization Museum attended by Vice
President Samuel Goh Hock Chye, Hon Secretary Katherine Kang Suat Peng (Ms), Council
members Tan Tiong Eng, Gwen Woon Chiu Yun (Ms) and Roland Yeo Khee Song
29
30
CEO Visitation to AIA
Opening Ceremony of the Muslim Financial Planning Association (MFPA) Conference 2012
at M Hotel attended by President Tommy Wee Yeow Teck
31 CEO visitation to HSBC Insurance
September
CEO visitation to Tokio Marine Life
5 CEO Visitation to PIAS
10 – 12 Insurance and Financial Practitioners Association of Taiwan (IFPA) Day, Taipei, Taiwan
attended by President Tommy Wee Yeow Teck
14 IFPAS Up Close and Personal Seminar at the Singapore Post Centre Theatrette
15 Rainbow Centre Anniversary Walk
20 CEO Visitation to NTUC Income
28 Host Alliance for Financial Planning Day
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October
2
3
10
23
Membership and Course Recruitment Drive at Prudential’s Final Sprint
CEO Visitation to Prudential
Membership and Course Recruitment Drive at AXA’s Final Sprint
CEO Visitation to Great Eastern Life
24 GEO Visitation to AVIVA
30 Inaugural IFPAS’ Day
November
2 CEO Visitation to IPPFA
5 CEO Visitation to Finexis
29 CEO Visitation to AXA
December
7
13
Membership and Course Recruitment Drive at AIA’s Kickoff
Visit by Delegates from NAMLIFA
January 2013
4
9
10
16
23
Membership and Course Recruitment Drive at HSBC’s ACA
Membership and Course Recruitment Drive at Manulife’s Kick-off/AXA’s Leaders’
Meeting
Membership and Course Recruitment Drive at AXA’s Flying Start/Great Eastern Life’s
Kick-off
Membership and Course Recruitment Drive at Prudential’s Flying Start
Up Close and Personal Seminar at the Singapore Post Centre Theatrette
February
1 IFPAS Community Day graced by Dr Lily Neo, MP for Tanjong Pagar GRC
March
25 – 26 National Financial Congress 2013 held at the Kallang Theatre
28 IFPAS 39 th Annual General Meeting
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Membership
Vice-President: Michael Seow Choon Guan
Secretariat:
William Ko Oon Leong
Membership Sub-Committee
David Lim Siak Kiat
Fadoli Bin Raman
Wee Cheng Seng, Edmund
Wang WeiZhong
Tan Ai Choo, Susan (Ms)
Membership Status
As of 31 December 2012, there were 5,325 members in the Association, a net increase of 1,172 or 28.2%
compared to the position as of 31 December 2011.
Total number of Members (By Category)
Year Affiliate Provisional Associate Fellow Honorary Corporate Total
2011 26 2,125 401 1,582 19 - 4,153
2012 15 3,221 427 1,643 19 - 5,325
Financial Practitioners Professional Indemnity (FPPI) Insurance Programme
The protection provided by the IFPAS Financial Practitioners Professional Indemnity (FPPI) programme is
unique in that it covers financial planners throughout their careers and beyond. Whether as an
independent planner, a tied agent or a retired agent or planner, the policy provides the broadest
possible protection. FPPI programme protects the individual insurance and financial practitioner
against a wide range of claims, including any error, mis-statement, misleading statement, act, omission
neglect or breach of duty while acting as an insurance and financial practitioner. It also covers him or
her for investigative costs incurred in defending a criminal proceeding or investigation into possible
violation of law by the regulatory body. The FPPI programme is now in its 10 th year running.
As of 31 December 2012, 119 members were in the programme. The insurance is underwritten by
underwriters of Lloyd’s via Beazley Limited. Phillip Securities has also agreed to continue working with
IFPAS to register all its 250 financial practitioners under IFPAS’ FPPI scheme.
Membership Benefits
The Association’s Website (www.ifpas.org.sg) continues to be an informative source for its members.
The membership benefits, privileges, activities, events and programmes, workshops and seminars are
regularly updated in this website.
10

Company Check-off Scheme for Membership Direct Payment
The following companies are under the check-off scheme for the annual payment of IFPAS membership
subscription fees to the Association:-
American International Assurance Co Ltd
AXA Life Insurance Singapore Pte Ltd
Great Eastern Life Assurance Co Ltd
HSBC Insurance (Singapore) Pte Ltd
MAA Financial Planners Pte Ltd
Manulife (Singapore) Pte Ltd
NTUC Income Insurance Cooperative Ltd
Prudential Assurance Company Pte Ltd
Tokio Marine Life Insurance Singapore
Philips Securities Pte Ltd
Members from these companies enjoyed a hassle-free arrangement since their membership fees would
be deducted from their commission statements for direct payments to IFPAS. The Association wishes to
record our thanks to these companies for their continued support all these years through this efficient
way of collecting annual subscriptions.
Company Opt-out Scheme
The following companies are also under the opt-out scheme where members are given the option to opt
out of the annual payment of IFPAS membership subscription fees to the Association. As of 31
December 2012, the following new members were attracted from these companies:
AXA 405
Manulife 495
Members from these companies enjoyed a hassle-free arrangement since their membership fees would
be deducted from their commission statements for direct payments to IFPAS unless they chose to optout
of the annual payment. The Association wishes to record our thanks to these companies for their
continued support all these years through this efficient way of collecting annual subscriptions.
Membership Activities
The following membership activities were organized during our term.
Movie Fiesta
The membership department had organized an evening movie screening of the blockbuster, ‘Bourne
Legacy’ on 8 August 2012. Attended by 166 members, it was a relaxed atmosphere for fellow members
to network and renew old friendships.
11

Membership Drive
Membership drive continued to be a staple event throughout our term.
National Financial Congress 2013
As part of our efforts to enhance the knowledge and skills of financial practitioners in Singapore, IFPAS
organizes congresses annually bringing together about 1,000 practitioners to listen to top international,
regional and local speakers share their good ethics, practices and experiences.
National Financial Congress 2013 will be jointly hosted by IFPAS and the Financial Services Managers’
Association (FSMA). The year 2013 will see the two associations coming together again to co-host the
national congress with the theme ‘Let’s Be FAIR – The Unsung Heroes’ with an expected attendance of
some 1,000 insurance and financial practitioners.
The event would be held at the Kallang Theatre, Singapore on 25 and 26 March 2013.
Speakers for the Congress with proven track records will be sharing their expertise with our delegates
on topics as varied as practice management, leadership, motivation, knowledge and most importantly,
inspire all with their success formulae. The list of speakers and their profiles is available at our
dedicated website at www.nationalfinancialcongress.com.
National Financial Congress 2013 Committee
Chairman
Co-Chairperson
Treasurer
Registration
Marketing Liaison
Speakers Liaison
Publication Liaison
Production Liaison
Task Force Liaison
Member (Marketing)
Member (Speakers Liaison)
Member (Production)
Members
Secretariat
Michael Seow Choon Guan
Dato’ May Lim Siew Lay (Ms)
Li Wei
Thomas Seah Thiam Chye
Sam Lim Siam Song
Yona Foo (Ms)
Eric Lim Chin Siong
Manogarann s/o Ayakannu
Keith Ang Choon Hoe
Edmund Wee Cheng Seng
Ryan Koh Cheng Poh
Siriprkash Rai
Neo Ley Lee (Ms)
Samuel Lan Chi Hwa
Shaun Lin Chuan Wei
Adeline Chia Siam Eng (Ms)
Shantelle Rarugal-Jose (Ms)
Audrey Ang Marn Lin (Ms) (FSMA)
12

IFPAS TOASTMASTERS CLUB
Executive Committee 2012/2013
President:
Vice-President
Vice-President Membership:
Vice-President Public Relations:
Secretary:
Treasurer:
Sergeant at Arms:
Immediate Past President:
Nigel Wong, ACB
Victor Ng, ACB, ALB
Elvira Usabeny (Ms)
Kenneth Wee, ACB
Gary Lim
Ng Chang Siang, CTM, CL
Muhamad Taufig, ACB, ALB
Victor Ng, ACB, CL
About the Club
The IFPAS Toastmasters Club is exclusively for IFPAS members. Currently the Club has 18 members who
meet on the 1 st Monday of every month at 400 Orchard Road, #18-05 Orchard Towers from 6.30pm to
9.30pm.
The Club aims to improve the verbal communication skills of its members as it will further enhance their
relationships at home and in the office. In doing so, they adopt a stringent and structured syllabus from
Toastmasters International which outlines the pursuit of projects tailored to progressively increase their
standards of speaking before an audience.
In maintaining the high standards of public speaking, the IFPAS Toastmasters Club has been regularly
providing Masters of Ceremonies at various events organized by IFPAS; such as the National Congresses
and quarterly planned “Up Close and Personal” Seminars.
Club Highlights
Over the years, IFPAS Toastmasters Club has produced members who have placed podium finishes on
the area and national levels of public speaking contests. They include:
Kenneth Wee
- Division level for Speech Evaluation & International Speech
Ng Chang Shiang
- District level for Table Topics
- 1 st Runner-Up for the Division level
Nigel Wong
- Division level for International Speech & Humorous Speech
Sharon Lim (Miss)
- Division level for Speech Evaluation
- 1 st Runner-Up for the Area level
Victor Ng
- Division level for International Speech
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Vice President (Education & Training): Kenneth Leong Fatt Kee
Secretariat: Jasmin Quek Jade Ching (Ms), Administrator (E & T)
EDUCATION & TRAINING SUB-COMMITTEE
EDUCATION & TRAINING
The Education & Training Sub-committee comprises the following members:
Charles Tiong Geok Mun
Angela Tok (Ms)
Keith Ang Choon Hoe
Sharmini V. Kristina Carvalho (Ms)
Chew Hock Beng
Joey Ng Kim Hong
Tea Eng Peng
Pearlyn Koh Siew Lin Elizabeth (Ms)
Raymond Lam Siew Wan
Lionel Lee Peng Koon
Speakers provided by IFPAS for MoneySENSE Public Talks
IFPAS continued to support the Government’s national financial education initiative by providing
experienced and knowledgeable speakers to MoneySENSE public talks. IFPAS wish to thank all those
involved for their selfless commitment and contribution.
Date Title Audience Speaker
30 October
2012
MoneySENSE: Are you Making
Effective Financial Decisions
Singapore Prison
Services staff
Sharmini V. Kristina
Carvalho (Ms)
13 December
2012
MoneySENSIBLE Tip to Stretching
your dollar
Singapore Polytechnic
Students
Kee Siew Poh (Ms)
16 January
2013
MoneySENSIBLE Tip to Stretching
your dollar
Changi Navy Personnel
Bhave Madhav Damodar
16 January
2013
MoneySENSIBLE Tip to Stretching
your dollar
National Junior College
Students
Kee Siew Poh (Ms)
6 March
2013
MoneySENSIBLE Tip to Stretching
your dollar
NKF Administrative
support staff & nurses
Steven Ong Peow
9 to 13 March
2013
MoneySENSIBLE: Retirement
MoneySENSE Radio
Programme: Oli (Tamil)
J. Parasuraman
11 to 15 March
2013
MoneySENSIBLE: Insurance
MoneySENSE Radio
Programme: Oli (Tamil)
J. Parasuraman
14 March
2013
MoneySENSE Financial Topics:
Insurance
MoneySENSE Radio
Programme: Capital958
Iris Tan (Ms)
16 March
2013
MoneySENSE Financial Topics:
Insurance
MoneySENSE TV Show:
Channel 8
Iris Tan (Ms)
19 March
2013
MoneySENSE Programme on
Retirement
MoneySENSE Radio
Programme: 938LIVE
(English)
J. Parasuraman
14

IFPAS Up Close & Personal Seminars
Date Topics/Speakers No. of
Attendees
14 September 2012 “Update on FAIR” by Dennis Tan, IFPAS Alliance Council
109
“Mental Capacity Act” by Daniel Koh, Public Guardian,
Office of Public Guardian
“Presenting Yourself with Confidence and Competence” by
Teo Ser Lee (Ms), founder and director, Protocol Academy
23 January 2013 “Understanding Lemon Law” by Amy Ang (Ms), Deputy Head, Legal
Department, CASE
60
“Trust as a Financial Planning Tool” by Ang Kim Lan (Ms), Director,
Goodwins Law Corporation
“Coping with Chronic Pain” by Dr. Choo Chee Yong, Consultant
Anesthesiologist, Pain Specialist
Business Insurance: Make Shareholders Your Client (MSYC) With Exit Compensation
This two day course by Edmund Toh Teng Mok was held on 10 to 11 December 2012 and attended by 6
participants. Edmund shared his experience on structuring business succession plans for his business
owner clients. He guided the class discussion skillfully through a series of leading questions that had
the participants thinking and searching for answers. Participants gave the thumbs-up on the course.
Mortgage Planning Workshop
This one day course by Alfred Chia Chiow Kuan was conducted in October and November 2012 with the
objective of equipping members with an in-depth knowledge of mortgage planning so as to be able to
better chart their client’s finances holistically and recommend the right instruments to clients for better
investment. The course was well received with 30 participants over two sessions.
Email Prospecting For Success
The trainer, Chong Soon Onn guided participants on the do’s and don’ts of prospecting using email.
An email prospecting software was also given to participants as part of the course, and students were
taught how to configure it to their work environment and use it to increase their work productivity. In
view of the strong demand for the course, the one-day workshop was held regularly on a monthly
basis. A total of 104 participants attended the workshops in year 2012.
General Insurance courses
IFPAS conducted a series of General Insurance courses in October to December 2012 to equip
insurance practitioners and brokers with essential knowledge and skills in specific areas in the
General Insurance industry. A total of 198 participants attended these courses were overwhelmingly
positive with their response.
15

AFC Designation
In the year under review, the total number of AFC designees in our AFC Register stands at 704.578
SCI agrees to recognize IFPAS AFC holders who have been awarded the designation via the FChFP route
and they will be granted exemption for the first module of the ChFC programme. This exemption is only
valid for exemption application received on or before 28 February 2014.
ChFC Programme
The Agreement with SCI appointing IFPAS to be the “Marketing Partner” and “Programme Organiser” for
the ChFC Programme was renewed upon mutual agreement for another two years with effect from 1
March 2013.
IFPAS marketed the ChFC Programme both for tutorial classes as well as self-study modules. In the
conduct of tutorial classes, IFPAS was only responsible for 7 modules (ChFC01 to ChFC07) whilst the last
module (ChFC08) would be conducted by SCI. SCI continued to be responsible for the conduct of all
examinations.
During the term, the Association had also renewed the agreement to allow exemptions of 6 modules
(ChFC Mod 1 – Mod 6) for FChFP Designees till 28 February 2013 (Executive and Conversion).
Under the SDF grant scheme, the modules are subsidized at: from January to June 2012, 50% of the
course fee or $15 per hour, whichever is lower, July 2012 to 28 February 2013, 90% of the course fee.
With effect from 1 March 2013, the funding will be reduced to $2.00 per hour.
The total number of students enrolled in the ChFC programme for the year 2012 is 531:
The enrolment details for the various modules are as follows:
No. Of
Modules Participants
1 142
2 88
3 84
4 79
5 36
6 38
7 64
Total 531
Fellow Chartered Financial Practitioners (FChFP) Programme
No FChFP tutorial classes were conducted in the year under review.
However, for the AFC-PWS Accreditation Programme, APFinSA was involved in the conduct of the AFC
examination based on the FChFP01 syllabus. The current number of FChFP Designees who renewed
their designation stands at 116. In an arrangement with SCI, FChFP Designees (Executive and
Conversion) will be exempted from the first 6 modules of the ChFC Programme till 28 February 2013.
16

Vice President: Samuel Goh Hock Chye
PUBLIC RELATIONS & INDUSTRY
REPRESENTATION
Secretariat:
Shantelle Rarugal-Jose (Ms)
Public Relations and Industry Representation Sub-Committee
Roland Yeo Khee Song
Tan Tiong Eng
Gwen Woon Chiu Yun (Ms)
CEO Visits
The visits, a customary and annual goodwill ritual by the elected President and the Executive Council,
were initiated to give CEOs of life companies an introduction to the IFPAS Executive Council for the
term. It also provides the platform for the Vice Presidents the opportunity to brief the CEOs on their
respective portfolios and initiatives by their respective Committees for the term they were serving.
The dates of the visits were as follows:
29 Aug 2012 AIA Singapore Tan Hak Leh
Chin Chung Wen
31 Aug 2012 HSBC Insurance (Singapore) Walter De Oude
31 Aug 2012 Tokio Marine Life Insurance Lance Tay
Winson Yap
Ronald Tan
5 Sep 2012 Professional Investment Advisory David Bellingham
Services (PIAS)
20 Sep 2012 NTUC Income Tan Suee Chieh
Peter Siong
3 Oct 2012 Prudential Insurance Singapore Kelvin Holgrem
Patrick Teow
23 Oct 2012 Great Eastern Life Dr Khoo Kah Siang
Ben Tan
24 Oct 2012 AVIVA Singapore Nishit Majmudar
2 Nov 2012 IPP Financial Advisers Shelton Chellappah
5 Nov 2012 Finexis Advisory Andy Ho
29 Nov 2012 AXA InsuranceSingapore Glenn Williams
Nick Osborne
IFPAS’ participation at the Asia Pacific Financial Services Association (APFinSA) AGM
The following represented IFPAS at the 9 th AGM of APFinSA held in Jakarta, Indonesia from 26 to 27 April
2012:
Tommy Wee Yeow Teck (Principal Delegate)
Katherine Kang Suat Peng (Ms) (2 nd Delegate)
Angela Tok (Ms)
(1 st Observer)
Jeyaraman Parasuraman (2 nd Observer)
17

IFPAS supported the ‘Financial Planning Day’
IFPAS supported the ‘Financial Planning Day’ seminar organized by FPAS and co-hosted jointly by SFSP,
AFA(S) and IFPAS on 28 September 2012 at the NTUC Auditorium.
This year’s theme “Present Practitioners, Future Excellence” was organized to call and reaffirm market
place practitioners of their duties to help their clients achieve financial freedom and life goals where
applicable.
Functions/events of Industry Associations
Representatives of IFPAS attended the following functions and events of Industry Associations:
13 April 2012 Retirement Conference, Hilton Hotel
10 June 2012 Dialogue on FAIR: IFPAS-FSMA-LIA
28 June 2012 Association of Banks in Singapore (ABS) Annual Dinner, Ritz Carlton Hotel
16 July 2012 Launch of MoneySENSE at Singapore Polytechnic
21 August 2012 LIA Seminar on International Regulatory Developments, M Hotel Singapore
23 August 2012 FSMA SMA Dinner, Swissotel Merchant Court
28 August 2012 Grand Opening of 34 th Mega Convention and 9 th Anniversary AKARD Award 2012,
GICC Ballroom, Genting Highlands, Malaysia
30 August 2012 Opening Ceremony of the Muslim Financial Planning Association Conference 2012
at M Hotel
10 to 12
September 2012
28 September
2012
Insurance and Financial Practitioners Association of Taiwan (IFPA) Day, Taipei,
Taiwan
Host Alliance for Financial Planning Day
Engaging MAS
The insurance industry took a major step to clarify its position on proposed recommendations to
regulate the industry when the IFPAS Alliance STAR team met member of the FAIR panel on 21 August
2012 at the MAS building.
The industry made the unprecedented move to set up the task force as it was concerned that the
proposals, if implemented, would affect not only the livelihood of the agents and their families, but the
social security of the nation as well.
STAR, short for Special Technical Advice Response team, was set up in April 2012 to engage MAS on
FAIR proposals. Besides Leong Sow Hoe, Chairman of the STAR Team, Chan Keng Leong, its chief
numbers guy and Bernard Lim were responsible for putting together a well-structured presentation.
18

IFPAS Alliance & STAR Team
Chairman
Vice Chairman
Members
Leong Sow Hoe
Michael Seow Choon Guan
Adrian Peh Boon Hock
Albert Koh Ah Tee
Bernard Lim Hup Seng
Chan Keng Leong
Dato’ Daniel Yow Yik Leong
Maj (Ret) Dennis Tan Chin Leong
Dr Gabriel Tan Yong Kai
Jeffrey Tan Jet Yeng
Katherine Kang Suat Peng (Ms)
Linda Chua Ai Tiang (Mdm)
Manogarann s/o Ayakannu
Neo Ley Lee (Ms)
Ricky Ng Kew Leong
Roland Yeo Khee Song
Samuel Goh Hock Chye
Shaun Lin Chuan Wei
Stuart Shee Yew Kuen
Tan Tiong Eng
Wee Tiong Howe
Wee Tiong Han
Tommy Wee Yeow Teck (Ex-Officio)
On 6 June 2012, IFPAS convened two town hall meetings at the Singapore Post Centre Theatrette to rally
industry practitioners. The meeting attended by some 450 financial practitioners, were to update them
of the work IFPAS was doing for the industry on FAIR and to collect the ‘voice’ of members to validate
the concerns and anxieties of our members with supporting purchased research reports abroad and
commissioned scientific surveys of both agents and consumers.
IFPAS Day 2012
30 October 2012 held a special meaning for IFPAS as it marked the inauguration of our very first IFPAS
Day.
The idea for an IFPAS Day was mooted as early as May 2012 when the newly elected Executive Council
2012/2013 then decided to dedicate a day to acknowledge the contributions of its 19 past presidents
and the support of all key insurance companies who had helped the Association to achieve the
milestone. A total of 251 attendees participated in the event held at the Hersing Hub.
COMMUNITY SERVICE
Philippines Flood Relief
In response to the massive flooding in Philippines and the severe damages suffered by the Filipinos
especially those living in the affected provinces, IFPAS got down to work. Led by Council member, Mr
Roland Yeo Khee Song, an appeal was made to members for donation of relief items and necessities
such as clothes, footwear, blankets and sheets.
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An overwhelming response followed as we saw a continuous flow of relief items making its way to our
office between 23 and 31 August 2012. Roland Yeo with his team of associates from Roland Yeo
Organization (RYO) helped to sort through these relief items. In total, 18 large cartons were dispatched
to the flood victims.
On their behalf, we thank all those who joined us in this effort. Undoubtedly, your act of kindness has
made a difference to someone’s life.
Rainbow Centre Anniversary Walk
In commemoration of its 20 th Anniversary, Rainbow Centre organized a highly successful Anniversary
Walk cum Carnival entitled “TowaRds InClusion – Celebrating 20 years of Reaching Out and
Collaboration”. The high profile event was graced by Prime Minister Mr Lee Hsien Loong himself and
took place on 15 September 2012 at the Rainbow Yishun Park School.
A long-time supporter of the Centre’s work among children with special needs and their families, IFPAS
is honoured to be invited to this meaningful occasion. IFPAS’ latest contribution amounted to $60,552
raised through IFPAS Charity Golf 2012 held on 10 February 2012 at the Raffles Country Club.
IFPAS Community Day 2013
Elderly residents from the nearby Kreta Ayer district tossed “Yu Sheng” ahead of the Lunar New Year at
the Da Dong Restaurant in Chinatown on Friday, 1 February 2013. About 80 elderly residents living on
the government’s public assistance scheme and in one-room flat public housing in the area were treated
to a reunion dinner hosted by IFPAS and graced by Dr Lily Neo, Member of Parliament for Tanjong Pagar
GRC.
Currently in its 10 th year, the IFPAS Day 2013 saw IFPAS Executive Council and volunteers undertaking
the annual spring cleaning ritual for some 20 households in the estate as part of its community outreach
activities in the afternoon before joining the elderly residents for a reunion dinner in the evening. The
modest effort was to IFPAS a very meaningful way of helping our elderly cope with the challenges of
their advancing years.
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38 th Annual General Meeting
HONORARY SECRETARY
The Association held its 38 th Annual General Meeting (AGM) at the Singapore Post Centre, 10 Eunos
Road 8, Singapore 408600 on Friday, 30 March 2012. A total of 133 voting members attended the
meeting.
Executive Council Meetings
The Executive Council during its term held a total of 11 regular meetings at the IFPAS Office as well
as at offsite venues on the following dates:
1 st EXCO Meeting (Strategic Meeting) 19 to 20 May 2012
2 nd EXCO Meeting 22 June 2012
3 rd EXCO Meeting 20 July 2012
4 th EXCO Meeting 17 August 2012
5 th EXCO Meeting 21 September 2012
6 th EXCO Meeting 19 October 2012
7 th EXCO Meeting 16 November 2012
8 th EXCO Meeting 21 December 2012
9 th EXCO Meeting 18 January 2013
10 th EXCO Meeting 15 February 2013
11 th EXCO Meeting 15 March 2013
The position of Honorary Auditor
During the term, one of the two vacancies of Honorary Auditor was filled by Michelle Tan Siam
Luang (Ms).
The Secretariat
During the year, the Secretariat experienced a low staff turnover with a total of two resignations.
The current staff strength of 9 is as follows:
Yeo Eng Ann, Ando
Jasmin Quek Jade Ching (Ms)
Adeline Chia Siam Eng (Ms)
Jasper Loh Jian Wei
Shantelle Rarugal-Jose (Ms)
Anabelle Guevarra (Ms)
William Ko Oon Leong
Sapiah Binte Jamaludin (Ms)
Heok Kah Kiou (Mdm)
Executive Director
Administrator (Education & Training)
Account Manager
Account Manager
Events & Communications Manager
Accounts Executive
Membership Executive
Admin Assistant
General Worker
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Lease of temporary office unit at Orchard Towers
IFPAS entered into a two year tenancy agreement with Golden Bay Realty (Pte) Ltd for a temporary
office unit at 400 Orchard Road #18-05 Orchard Towers, Singapore 238875 commencing from 1 April
2012 to 31 March 2014.
The IFPAS Building Sub-committee spearheaded by Ms Katherine Kang with the following members
has been initiated on 10 September 2012 to look into the purchase of an office unit:
Building Sub-Committee
Chairperson:
Members:
Secretariat:
Katherine Kang Suat Peng (Ms)
David Kao Beng Ann
Roland Yeo Khee Song
David Lim Siak Kiat
Tan Tiong Eng
Manogarann s/o Ayakannu
William Ko Oon Leong
Tenancy of office unit at Parklane Shopping Mall
The two year tenancy of our office unit at 400 Orchard Road 35 Selegie Road #10-01 Park Lane
Shopping Mall, Singapore 188307 with QA Employment Consultant Pte Ltd shall be expiring on 31
May 2013.
IFPAS is currently negotiating with the present tenant on the renewal of the tenancy agreement.
Legal Suits by DBA/MBA Student
The Association was defending two legal suits instituted by a MBA/DBA student.
The DBA Suit No. 35959/2009/A was tried before the Honorable District Judge Seah Chi-Ling on the
13 and 14 September 2012 and 20 December 2012 in the presence of the Counsel for the Plaintiff
and Counsel for the Defendants. The Third Party (CPPD) was not present.
The District Judge allowed the Plaintiff’s claim against IFPAS for the amount of $17,718.78 and
interest from date of Writ to date of Judgment. The Defendant’s counterclaim of the outstanding
course fee $5,000 payable by the plaintiff was dismissed with costs. The costs of the Claim and
Counterclaim were fixed at $6,000.00 plus reasonable disbursements to be paid by the Defendant to
the plaintiff. The court also directed that the Third Party shall indemnify the Defendant for all
amounts which the Defendant is order to pay the Plaintiff’s pursuant to the Plaintiff’s claim.
Coverage Journal
Coverage, the official journal of IFPAS, continues to strive to inform, educate and bring members
closer to the Association and the industry at large. Coverage features relevant articles of interests,
such as motivational and sales ideas, as well as health topics, for the benefit of members. It also
serves as a reflection for the Association through its news, activities and events. The Editorial
Committee will consistently bring in value-added insurance related articles to make every issue more
informative and educational.
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Under the current Executive Council, three issues had been published during the term; May 2012,
September 2012 and February 2013.
The Editorial Committee for the current Executive Council term consists of the following members:
Chairperson:
Editor:
Member:
Secretariat:
Katherine Kang Suat Peng (Ms)
Vivien Kim (Ms), Words Worth Media Pte Ltd
Tommy Wee Yeow Teck
Michael Seow Choon Guan
Samuel Goh Hock Chye
Kenneth Leong Fatt Kee
Keith Ang Choon Hoe
Yeo Eng Ann, Ando
Shantelle Rarugal-Jose (Ms)
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