Business · Markets · 6 hrs ago
Singapore to tighten rules for financial product roadshows
Singapore’s financial regulator, MAS, is tightening rules for public events where financial firms promote products and services.
Representatives will have to say at the start that they intend to make a sales pitch and get a person’s consent before continuing.
Events will be limited to designated areas at commercial premises, and firms must keep prospecting within five metres of the marked event space.
Firms will also have to appoint qualified people to monitor representatives at these events.
The changes follow concerns that people can face unsolicited or persistent approaches and may not know a representative’s identity or intentions.
Street canvassing and door-to-door prospecting will remain prohibited.
MAS plans to issue the updated guidelines in 2027, followed by a nine-month period for firms to put the safeguards in place.
Singapore’s Monetary Authority of Singapore (MAS) will tighten safeguards for financial product marketing at public events.
Representatives will have to explain their sales intention and get consumers’ consent before proceeding.
Financial institutions will be expected to market products only in designated areas at commercial premises, within 5m of the event space.
Street canvassing and door-to-door prospecting will remain prohibited.
MAS plans to issue updated guidelines in 2027, followed by a nine-month transition period.
- Who
- Singapore’s Monetary Authority of Singapore (MAS) and financial institutions.
- What
- MAS will tighten safeguards for public prospecting, including requiring representatives to explain their intentions and get consent before making a sales pitch.
- When
- The updated guidelines are due in 2027. Financial institutions will then have a nine-month transition period.
- Where
- Singapore, at public prospecting events held in designated areas at commercial premises.
- Why
- MAS said the safeguards aim to improve conduct and ensure consumers are treated fairly and professionally.
This story does not have two clearly opposing sides.
Consumers should not feel pressured or caught off guard when approached about financial products and services.
These enhanced safeguards strengthen standards of conduct for public prospecting activities, helping to ensure that consumers are treated fairly and professionally while allowing financial institutions to continue engaging consumers through appropriate channels.
While MAS will not require financial institutions to document consumers’ verbal consent, financial institutions should have appropriate mechanisms to check that their representatives obtain such consent.
MAS first proposed the enhanced safeguards in a public consultation.
MAS announced the tighter guidelines.
MAS plans to issue the updated guidelines.
Financial institutions will have a nine-month transition period to implement the safeguards.
- Consent
- Representatives should explain their intention to promote financial products or services and get consent before proceeding.
- Event-area limit
- Public prospecting activities will be restricted to within a 5m radius of the demarcated event space.
- Permitted venues
- Exhibition halls, corporate conference rooms and common spaces within commercial buildings.
- Prohibited activities
- Street canvassing and door-to-door prospecting will remain prohibited.
- Guidelines
- MAS plans to issue the updated guidelines in 2027.
Sources
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