The Monetary Authority of Singapore has proposed additional controls for the marketing of financial products via physical and digital channels.
The MAS has published two consultation papers with proposals to «enhance safeguards for prospecting and marketing of financial products» across physical and digital channels, according to a statement.
«We want consumers to receive accurate information, professional advice and be given sufficient time and space to consider their financial decisions,» said MAS assistant managing director (capital markets) Lim Tuang Lee.
Suggested Changes
The regulator’s proposed changes include limiting prospecting activities to commercial premises as well as making disclosure of representatives’ identities and financial institutions mandatory while prospecting.
The MAS also suggested requiring financial representatives to provide customers with additional time when consuming purchases and limiting the use of gift offers to avoid influencing decision-making. Those interested in sharing comments about the proposals can make their submissions to the regulator by June 30.
«The proposals to strengthen responsible prospecting and marketing activities by financial institutions will support these goals, and better protect consumers’ interests,» Lim added.
