All Singapore Financial Institutions Now Face Tighter Fair Dealing Requirements

The Monetary Authority of Singapore (MAS) has updated its Guidelines connected Fair Dealing, now encompassing each financial institutions and nan full scope of their products and services.

This description intends to heighten standards of adjacent dealing and amended customer experiences.

The revised guidelines require financial institutions to embed adjacent dealing principles passim a product’s lifecycle and nan services provided.

Customers tin expect products tailored to their marketplace segment, due proposal pinch meticulous information, typical information for susceptible individuals, clear explanations of merchandise terms, and independent handling of feedback.

Initially introduced successful 2009 nether nan Financial Advisers Act, nan guidelines antecedently covered finance merchandise selection, marketing, distribution, advice, and post-sales services.

While financial institutions person mostly applied these principles crossed different services, nan updated guidelines formally admit this practice, maintaining nan halfway objectives of adjacent dealing and customer-focused outcomes.

Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS, said,

“This update to nan Fair Dealing Guidelines reflects MAS’ anticipation for each financial institutions to dainty each customers fairly. This must beryllium a foundational worth championed by boards and elder management.

Fair dealing should beryllium demonstrated crossed each activities that effect nan customer, from merchandise creation to post-sales service. We look guardant to financial institutions implementing these guidelines robustly.”

Featured image credit: Edited from Freepik