MAS proposes stricter standards for prospecting, marketing financial products

THE Monetary Authority of Singapore (MAS) is proposing stricter standards for financial institutions (FIs) and their representatives when they prospect for customers and market financial products.

The financial sector regulator published two consultation papers on Tuesday (Apr 25), setting out proposals for legislation and guidelines relating to prospecting and marketing activities through both physical and digital means, in a bid to raise industry standards.

“We want consumers to receive accurate information, professional advice, and be given sufficient time and space to consider their financial decisions,” said Lim Tuang Lee, assistant managing director for capital markets at MAS. “The proposals to strengthen responsible prospecting and marketing activities by financial institutions will support these goals and better protect consumers’ interests.”