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New MAS initiatives in the pipeline to protect investors

SINGAPORE — The Monetary Authority of Singapore (MAS) will continue to strengthen the regulatory framework and infrastructure around financial products to protect the interests of consumers in Singapore.

The logo of the Monetary Authority of Singapore (MAS). Photo: Reuters

The logo of the Monetary Authority of Singapore (MAS). Photo: Reuters

SINGAPORE — The Monetary Authority of Singapore (MAS) will continue to strengthen the regulatory framework and infrastructure around financial products to protect the interests of consumers in Singapore.

Upcoming initiatives include a direct channel for consumers to buy insurance products, and a web aggregator for consumers to compare financial products which is set to roll-out in early 2015, said MAS managing director Mr Ravi Menon today (July 24) during the central bank’s 2013/2014 annual report briefing.

Furthermore, the MAS will enhance the standards for the financial advice (FA) industry, he added. “We are raising admission and ongoing requirements for FA firms, which will be put in place in 2015... Next year we will also mandate minimum hours of professional training for FA representatives and implement a balanced scorecard remuneration framework.”

First mentioned in last year’s Financial Advisory Industry Review (FAIR), these initiatives are part of the MAS’ ongoing efforts to enhance its oversight on Singapore’s increasingly sophisticated retail investment market.

The MAS is now turning its attention to unconventional investment products, and announced on Monday its plan to extend the Securities and Futures Act requirements to buy back arrangements involving precious metals, as well as collectively managed investment schemes such as land-banking schemes.

But ultimately investors must take responsibility for their financial decisions, Mr Menon stressed.

To this end, “MAS will continue to work with industry and other government agencies to enhance financial literacy among Singaporeans so that they can make sound financial decisions,” he said.

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