Alvin Tan on safeguards against undesirable marketing tactics for financial products

The Monetary Authority of Singapore (MAS) expects financial institutions (FIs) and their representatives to conduct their prospecting and marketing activities responsibly and in conducive settings. It has proposed additional measures, such as requiring FIs to offer consumers additional time of at least three to five days to consider their decisions, limit the use of gifts to influence consumers' decision-making and conduct roadshows and marketing events only in commercial premises instead of public spaces such as streets and pedestrian areas. Consumers who feel they have been sold products through inappropriate means by representatives of FIs should immediately lodge complaints with the FIs. Those who are still not satisfied with the response can approach the Financial Industry Disputes Resolution Centre for assistance. Minister of State for Trade and Industry and MAS Board Member Alvin Tan said this in reply to an MP’s questions in Parliament on Thursday (Aug 3).