of Monetary Authority of Singapore (MAS) The has been updated Fair Trade Guidelinesand now includes all financial institutions and all their products and services.
The expansion is aimed at strengthening fair trading standards and improving customer experience.
The revised guidelines require financial institutions to embed fair trade principles throughout the life cycle of their products and the services they provide.
Customers can expect products tailored to their market segment, sound advice based on accurate information, special attention to vulnerable groups, clear explanation of product terms and conditions and independent handling of feedback.
The guidelines were first introduced in 2009 under the Financial Advisers Act and previously covered investment product selection, marketing, distribution, advice and post-sales services.
While financial institutions have generally applied these principles to other services as well, the updated guidelines formally recognise this practice while maintaining the core objectives of fair dealing and customer-centric outcomes.
Ho Han Singh
Ho Hann Sing, MAS Deputy Managing Director (Financial Supervision), said:
“This update to the Fair Trading Guidelines reflects MAS’s expectation that all financial institutions treat all customers fairly. This should be a core value promoted by boards and senior management.”
Fair trade should be demonstrated in all activities that affect customers, from product design to after-sales service. We expect financial institutions to firmly implement these guidelines.”
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