MAS tightens financial roadshow rules, representatives must get consent before sales pitches
When conducted inappropriately, public prospecting activities may lead to concerns about conduct when people are subjected to "unsolicited or persistent solicitation", said the Monetary Authority of Singapore.
The Monetary Authority of Singapore (MAS) has introduced new rules to regulate financial roadshows, requiring representatives to obtain consent before promoting financial products and services at public events. Public prospecting activities, such as roadshows in public places, will now be limited to designated areas within commercial premises, excluding pedestrian walkways and residential spaces.
Financial institutions must appoint qualified personnel to oversee representatives' conduct during these events and ensure they are not subjected to unsolicited or persistent solicitation. While verbal consent is not mandatory, institutions should have mechanisms to verify that consent is obtained appropriately. Pre-registration for events may be considered as consent if clearly stated that financial products or services will be marketed at the event.
Street canvassing and door-to-door prospecting will remain prohibited due to their unsolicited nature. MAS will issue the updated guidelines in 2027, allowing financial institutions a nine-month transition period to implement these enhanced safeguards.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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