Regulatory Alerts2024-05-30
Added · Updated
Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers
The Monetary Authority of Singapore revised these guidelines on 30 May 2024 to set out expectations for Boards and Senior Management of financial institutions regarding fair dealing outcomes. The document mandates that institutions establish a corporate culture prioritizing fair dealing, ensure products are suitable for target customer segments, and maintain competent representatives. It requires clear, relevant, and timely information provision, as well as independent and prompt complaint handling. These obligations apply across all financial products and services, with institutions expected to apply the principles proportionately to their business models and customer needs.
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