Singapore proposes stricter controls on financial product marketing

The Monetary Authority of Singapore (MAS) has unveiled consultation papers proposing additional controls on prospecting and marketing of financial products via both physical and digital channels. The move is aimed at protecting the interests of consumers by ensuring they have accurate information, professional advice and enough time to consider their financial decisions. The proposals include conducting prospecting activities only at commercial premises, mandatory disclosure of representatives' identities, and providing customers with more time to consider a purchase. The papers are available for comment on the MAS website until June 30. The enhanced safeguards will also require financial institutions to strengthen their online advertising controls to prevent the spread of misleading information.