Singapore MAS Launches Consultation Papers to Increase Safeguards for Marketing & Prospecting of Financial Products Through Digital Channels & Physical Activities, Including Misleading Content & Ads, Collection of Contact Information, Limit Gifts to Influence Decision-Making
26th April 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has launched consultation papers to increase safeguards for marketing & prospecting of financial products through digital channels & physical activities, including misleading content & advertising, collection of contact information, and limiting gifts to influence decision-making. Monetary Authority of Singapore (MAS) invites interested parties to submit their comments on the proposals by 30th June 2023. Singapore MAS: “For physical prospecting at public places, existing safeguards such as the disclosure of representatives’ identities and the financial institutions they represent will be made mandatory. In addition, financial institutions can only conduct prospecting activities at commercial premises. They will also need to provide customers with additional time to consider whether to make a purchase, and limit the use of gift offers which may influence decision-making. For digital marketing, financial institutions will need to strengthen controls over online advertisements to avoid disseminating misleading content. They must also tighten practices when appointing third party service providers to generate leads online through the dissemination of online advertisements and collection of prospective customers’ contact information.” Refer to the consultation papers (prospecting activities at public places) here | Marketing activities via digital applications and social media here
“ Singapore MAS Launches Consultation Papers to Increase Safeguards for Marketing & Prospecting of Financial Products Through Digital Channels & Physical Activities, Including Misleading Content & Ads, Collection of Contact Information, Limit Gifts to Influence Decision-Making “
Lim Tuang Lee, Assistant Managing Director (Capital Markets), MAS, “We want consumers to receive accurate information, professional advice, and be given sufficient time and space to consider their financial decisions. The proposals to strengthen responsible prospecting and marketing activities by financial institutions will support these goals, and better protect consumers’ interests.”
Singapore MAS Launches Consultation Papers to Increase Safeguards for Marketing & Prospecting of Financial Products Through Digital Channels & Physical Activities
MAS Proposes Enhanced Safeguards for Prospecting and Marketing of Financial Products
25th April 2023 – The Monetary Authority of Singapore (MAS) today published two consultation papers with proposals to enhance safeguards for prospecting and marketing of financial products. The enhancements seek to raise industry standards by requiring financial institutions to put in place additional controls when engaging in prospecting and marketing activities through both physical and digital means.
With the resumption of roadshows and the increased use of digital applications and social media by financial institutions to market financial products, MAS proposes to augment existing safeguards. These include the safeguards set out in the Guidelines on Standards of Conduct for Marketing and Distribution Activities for responsible and professional conduct of prospecting activities, as well as the requirements set out in regulations 22 to 22D of the Financial Advisers Regulations , and regulations 46 and 46AA to 46AD of the Securities and Futures (Licensing and Conduct of Business) Regulations for fair and balanced advertising. and introduce new measures to strengthen market conduct.
- For physical prospecting at public places, existing safeguards such as the disclosure of representatives’ identities and the financial institutions they represent will be made mandatory. In addition, financial institutions can only conduct prospecting activities at commercial premises. They will also need to provide customers with additional time to consider whether to make a purchase, and limit the use of gift offers which may influence decision-making.
- For digital marketing, financial institutions will need to strengthen controls over online advertisements to avoid disseminating misleading content. They must also tighten practices when appointing third party service providers to generate leads online through the dissemination of online advertisements and collection of prospective customers’ contact information.
Refer to the consultation papers (prospecting activities at public places) here | Marketing activities via digital applications and social media here
Monetary Authority of Singapore (MAS) invites interested parties to submit their comments on the proposals by 30th June 2023.
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