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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



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