of Monetary Authority of Singapore (MAS) Over the past five years, parliament has received fewer than five complaints a year about online finfluencers, parliament said during its sitting.
Most of these complaints concerned statements made by individuals who were not providing financial advice and therefore were not subject to the MAS regulations.
MAS board member Alvin Tan said financial institutions using Finfluencer for advertising should highlight both the key features and risks of financial products and services, ensuring that the information is presented in a clear and balanced manner. He made it clear that it was necessary to ensure that the
He emphasized that finfluencers providing financial advice must be licensed under the Financial Advisers Act.
This includes those who receive compensation for expressing recommendations or opinions about investment products, and those who regularly provide such recommendations or opinions, even if unpaid.
However, general educational content is excluded.
Mr Tan revealed that over the past five years, the Monetary Authority of Singapore (MAS) has received less than five complaints a year against lenders.
Most of the complaints were not covered by the MAS regulations because the individuals did not provide financial advice.
He confirmed that MAS and the Department of Commerce (CAD) will take action against unqualified individuals providing financial advice.
Six people have faced enforcement actions in the past three years, and not one of them was an investor.
Featured image credit: Edited from freepic
