Regulatory Alerts2024-05-30
Added
Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers
The Monetary Authority of Singapore issued these guidelines to define the responsibilities of boards and senior management in ensuring fair dealing outcomes for customers across all financial institutions. The document outlines five specific fair dealing outcomes and provides key principles, good practices, and self-assessment tools for various stages of the product life cycle. It supersedes previous guidelines and establishes supervisory expectations for prospecting, advisory processes, vulnerable customer safeguards, and complaints handling.
Guidelines
Last Revised Date: 30 May 2024
Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers [FSG-G04]
Guidelines for Board and Senior Management on implementing fair dealing outcomes to customers.
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Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers [FSG-G04]
(598.5 KB)
These guidelines apply to all financial institutions. They set out:
Responsibilities of Board and Senior Management in delivering fair dealing outcomes to customers.
Explanation of the five fair dealing outcomes and why each outcome is important.
Key principles of fair dealing at various stages of a product’s life cycle, or services rendered.
Good and poor practices, and self-assessment questions for each outcome.
Infographic - Fair Dealing Guidelines (242.9 KB)
30 May 2024 FSG-G04 takes effect and supersedes FAA-G11.
20 Feb 2013 FAA-G11 (Amendment) 2013 takes effect.
The information paper sets out MAS’ supervisory expectations and good practices observed in the following areas: Prospecting and advertising activities; Advisory and sales processes; Safeguards for sales to vulnerable customers; and Complaints handling processes. Related Links Guidelines on Fair Dealing - Board and...
Requirements for financial advisers and their representatives with respect to recommendations made on investment products.
The information paper sets out MAS’ supervisory expectations, good practices observed and areas for enhancement in the following areas: Onboarding of representatives; Monitoring of representatives with adverse information; Onboarding training; and Other areas - Hiring of assistants by representatives and outsourced...
Information on the supervisory expectations, good practices observed and areas for enhancement in the areas of (i) Oversight of accident and health insurance representatives; (ii) Provision of advice and sale of integrated shield plans; and (iii) Post-sales checks and reviews of long-term accident and health policies.
Eligibility requirements for representatives of financial advisers, including CMFAS examination and continuing education requirements.
Sets out requirements for financial advisory firms to exercise management oversight and establish policies and procedures for handling and resolving complaints independently and promptly.
Proposed legislative amendments to raise the competency of FA representatives and quality of FA firms; lower distribution cost by enhancing market efficiency; and promote a culture of fair dealing.
Consultation number:
P022-2014
Start date:
02 October 2014
Closing date:
03 November 2014
MAS response date:
11 May 2015
Proposed recommendations aimed at raising the quality of financial advisers (FA) and competency of FA representatives, improving efficiency in the distribution of life insurance and investment products, and promoting a culture of fair dealing in Singapore.
Consultation number:
P004-2013
Start date:
05 March 2013
Closing date:
04 June 2013
MAS response date:
30 September 2013
Consultation number:
P001 - 2009
Start date:
12 March 2009
Closing date:
23 April 2009
MAS response date:
08 September 2009