How do I know my remisiers are competent and that my broker will not cheat me? What duties are owed to me as their client?

Similar to stockbroking companies, remisiers or dealer’s representatives must also have valid licences before they can conduct businesses or hold themselves out as dealer’s representatives.

In order to obtain a licence, a candidate must be at least 21 years of age and have at least an SPM academic qualification with four years of relevant working experience. As a measure of an individual’s fitness for the responsibility, he or she must not have any criminal record and must not be a bankrupt.

To ensure consistency in standards, all candidates must pass a series of examinations conducted by the Securities Industry Development Centre (SIDC). The theoretical learning is further complemented by a month’s apprenticeship with a licensed stockbroking company. This exposes candidates to a live trading environment and provides a front seat look at how orders are taken, executed and confirmed. Finally, under certain circumstances, the candidate is also required to undergo an interview with the SC. All of the above combine to ensure that all licensed remisiers and dealer’s representatives are adequately trained and competent to provide the requisite level of services to the investing public.