Regulatory Alerts2016-12-23
Added
Guidelines on Standards of Conduct for Marketing and Distribution Activities by Financial Institutions [FSG-G02]
The Monetary Authority of Singapore issued these guidelines to establish standards of conduct for financial institutions and their representatives marketing products at retailers and public places. The document mandates specific safeguards including mandatory customer call-backs, regular mystery shopping, separate complaint tracking, and the maintenance of an activity register to mitigate risks like mis-selling and harassment. It further requires board accountability and strict professional conduct, ensuring clear disclosure of identities and relationships while prohibiting aggressive or misleading prospecting practices.
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