Alvin Tan on safeguards against online 'finfluencers'
Over the past five years, the Monetary Authority of Singapore (MAS) received an average of less than five complaints a year against online "finfluencers". Most of these complaints relate to remarks made by "finfluencers" who were not providing any financial advice and hence were not subject to regulation by MAS. MAS Board Member Alvin Tan, who gave this update in reply to an MP’s questions in Parliament on Wednesday (Nov 13), said MAS and the Commercial Affairs Department will take enforcement action against individuals providing financial advice without a licence. Over the past three years, enforcement action has been taken against six individuals, none of whom were "finfluencers", he added.
Over the past five years, the Monetary Authority of Singapore (MAS) received an average of less than five complaints a year against online "finfluencers". Most of these complaints relate to remarks made by "finfluencers" who were not providing any financial advice and hence were not subject to regulation by MAS. MAS Board Member Alvin Tan, who gave this update in reply to an MP’s questions in Parliament on Wednesday (Nov 13), said MAS and the Commercial Affairs Department will take enforcement action against individuals providing financial advice without a licence. Over the past three years, enforcement action has been taken against six individuals, none of whom were "finfluencers", he added.
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