Singapore Private Banks to Disclose Charges in Bond Sales
Private banks in future will have to disclose all fees, charges and rebates in bond sales as a result of investors who have lost money in recent defaults. Private banks have been in controversy over their selling tactics as the bonds which defaulted amounted to S$1.1 billion which is about 0.74% of the S$149 billion Sing dollar bonds.
Private banks will have enhanced disclosure standards in the Private Banking Code of Conduct and provide clients with a fee schedule at account opening which indicates fees, charges and other benefits for all investment products and services.
News Source: Association of Banks in Singapore Press Release