Customer Knowledge Assessment

Overview

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)

 

What is Customer Knowledge Assessment (CKA)?

What is a Specified Investment Product (SIP)?

Who is affected?

How do I complete the CKA?

How long is my CKA valid?

I failed my CKA. What does it mean for me?

Any additional resources I can refer to?

For Navigator Retail Investor

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:

  • Assess your educational qualification, work experience and investment experience and;
  • Provide you with your CKA outcome

How long is my CKA valid?

I failed my CKA. What does it mean for me?

Has anything changed on MyAviva for CKA?

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For investment-linked policy

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:

  • Assess your educational qualification, work experience and investment experience and;
  • Provide you with your CKA outcome

How often do I need to do the CKA?

My advisor is at overseas and will be back a few days later, where can I ask for help?

The criteria for investment experience require at least 6 transactions in unit trusts and/or Investment-Linked Products in the past 3 years. Are you referring to transactions that I have with Aviva Limited only?

If I have already gone through a CKA with another insurance company, must I go through the assessment with you?

I have failed my CKA and I do not have an advisor. How do I proceed with my transaction?

I have failed my CKA and disagree with the recommendation from the advisor, how can I proceed?

I am at your service counter and was told to approach my advisor. Why can't your inhouse advisor help me with the CKA?