MAS to step up oversight of financial sector compensation

Singapore

MONETARY Authority of Singapore (MAS) managing director Ravi Menon has urged the financial industry to build a culture of responsibility and ethics to regain the public's trust.

Speaking at the MAS-Singapore Academy of Law conference on Friday, he announced that MAS would conduct more detailed supervision of financial firms' compensation and risk practices, but that the industry should come up with a way to hold firms accountable to standards on behaviour and conduct regular surveys to detect blind spots.