Financial institutions allowed more onsite staff from June 2: MAS

THE Monetary Authority of Singapore (MAS) will allow financial institutions (FIs) here to reopen more customer-service locations under the first phase of the lifting of circuit-breaker measures on June 2. 

FIs will be allowed to have more onsite staff to meet increased customer needs as some businesses reopen, as well as to serve customers using both online and offline channels more efficiently, said MAS in a statement on Tuesday night. 

However, most FI staff will continue to work from home, as telecommuting remains the default for jobs that can be performed from home. 

FIs that will reopen on June 2 are required to implement strict safe-management measures, including staggered start times and flexible work hours, to ensure that safe distancing can be maintained at work premises and in the public transport system, said MAS. 

Customer-service locations of insurance companies, fund managers, and brokers will reopen to process essential customer transactions, such as facilitating account opening, updating of account information, dealing with insurance policy enquiries, and processing of claims and applications for relief measures. Money changing services will also resume.

FIs providing financial advice on banking, insurance and investment products, and private banks offering wealth management advice, will be permitted to have in-person meetings with their customers at their business premises, but only with MAS approval. They will also have to follow additional safe-management measures.

These "additional safe-management" measures include ensuring that: meetings are conducted strictly on an appointment basis; customers and FI staff are to utilise TraceTogether for the duration of time spent at the FI's business premise, for contact tracing purposes; FI staff are to be equipped with a face shield in addition to face mask; and having written confirmation from the FI's CEO to acknowledge that all applicable safe-management measures are in place.

MAS said it strongly advises all FI customers to continue using digital financial services and e-payments as much as possible. Customers who need to visit an FI's premises must adhere to the safe-management measures there.

The regulator will continue to conduct onsite inspections to check that safe-management requirements are being implemented, especially at customer-facing locations.

Action will be taken against FIs that fail to comply with the required safe-management requirements.

MAS said it will continue to work closely with the financial industry to safeguard the safety of their customers and staff, while progressively expanding the range of financial services offered as Singapore's circuit-breaker measures are eased.