MAS introduces enhanced safeguards around public events by financial institutions

The Monetary Authority of Singapore (MAS) has introduced enhanced safeguards around public prospecting activities by financial institutions, following concerns over inappropriate conduct such as unsolicited or persistent solicitation. Under the new guidelines, financial institutions are expected to conduct public prospecting activities only within designated areas at commercial premises, appointing "suitably qualified individuals" to oversee their representatives' conduct.

Representatives must clearly inform consumers at the outset that they intend to market financial products or services and obtain their consent before proceeding. Street canvassing and door-to-door prospecting remain prohibited. The enhanced safeguards aim to ensure consumers are not pressured or caught off guard when approached about financial products and services, allowing financial institutions to continue engaging consumers through appropriate channels.

The updated guidelines are set to be issued in 2027, with financial institutions given a nine-month transition period to implement the enhanced safeguards.

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