1. What is MoneySENSE? What does the MoneySENSE programme covers?

    MoneySENSE is a national financial education programme launched by Mr. Lee Hsien Loong, then Deputy Prime Minister and Chairman of the MAS on 16 October 2003. MoneySENSE brings together industry and public sector initiatives to enhance the basic financial literacy of consumers.

    The MoneySENSE programme covers 3 tiers of financial literacy:

    Tier I - Basic Money Management - which covers skills in budgeting and saving, and provides tips on the responsible use of credit;
    Tier II - Financial Planning - to equip Singaporeans with the skills and knowledge to plan for their long-term financial needs; and
    Tier III - Investment Know-How - which imparts knowledge about the different investment products and skills for investing.
  2. Who are the parties involved in MoneySENSE?

    MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee (FESC). The FESC provides strategic directions and oversees financial education programmes in Singapore. It comprises representatives from the Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People's Association.

    The FESC works closely with the MoneySENSE Industry Working Group (MIWG) to implement MoneySENSE programmes. The MIWG comprises the Association of Banks in Singapore, Association of Financial Advisers (Singapore), Consumers Association of Singapore, Financial Planning Association of Singapore, General Insurance Association of Singapore, Insurance and Financial Practitioners Association of Singapore, Investment Management Association of Singapore, Life Insurance Association of Singapore, and Singapore Exchange Ltd. MoneySENSE also works with key partners including the Securities Investors Association (Singapore) and the Singapore Management University Sim Kee Boon Institute for Financial Economics. 
  3. I would like to partner MoneySENSE to bring financial literacy talks / workshops to my organisation. What are the procedures involved?

    If you are interested in organising MoneySENSE talks/seminars for your organisation, click here for more information about the topics available. You can then write to consumers@mas.gov.sg, stating your name, organisation, topic and proposed date to hold the talk and we will get back to you shortly.
  4. I would like to partner MoneySENSE to bring “Save and Spend Wisely” Skit to primary school students. What are the procedures involved?

    You can contact Mr R Chandran (tel: 9637 8354; email: chandran@act3theatrics.com).

    For more information, please refer to: MoneySENSE-ABS media release on 04 March 2011
  5. I would like to partner MoneySENSE to bring financial literacy games or workshops to students. What are the procedures involved?

    You will need to complete the Investor Education Scheme (IES) form. MoneySENSE will then evaluate the application and inform the school if its application is approved. This process usually takes about six to eight weeks. Click here for more information on the application process.
  6. Who should I approach if have a problem with my bank, insurance company, stockbroker or financial adviser?

    You should contact your bank, insurance company, stockbroker or financial adviser ("financial institutions") first to give them a chance to resolve your problem as they will have easy access to your records. All financial institutions are expected to deal with their customer’s feedback fairly, promptly and consistently.

    Speak to the staff who attended to you when you bought the financial product or service. If you do not know the name of the staff, contact the financial institution's Customer Helpline. In many instances, a simple phone call can resolve your problem. If this does not help, you can write a letter to the Quality Service Department or a senior person in the financial institution.

    For more information on what you can do if you have a problem with a financial institution, please refer to the “Getting It Right: How To Resolve A Problem With Your Financial Institution” consumer guide.
  7. When should I report a matter to MAS?

    You can report a matter to MAS if you suspect a financial institution has violated MAS’ rules and regulations. You can send your feedback to consumers@mas.gov.sg.

    MAS will follow up with the financial institution if there are matters of supervisory concerns, and take regulatory action against financial institutions that have breached MAS’ rules and regulations. As the information obtained by MAS in the course of our review often contains details relating to a financial institution’s controls, procedures, business operations and/or staff, MAS has to keep details of our supervisory dealings with financial institutions confidential.

    MAS does however publish our formal market conduct regulatory actions where it is in the public interest to do so. For more information , please refer to MAS’ press release of 9 Nov 2004.

    You may also wish to note that MAS cannot intervene in matters relating to service standards, commercial decisions such as pricing policies of financial institutions, contractual arrangements and civil disputes; give legal advice or comment on cases that have been heard in court or are pending legal action; nor compel financial institutions to compensate you. For information on what you can do if you have a problem with a financial institution, please refer to the “Getting It Right: How To Resolve A Problem With Your Financial Institution” consumer guide.
  8. What is the MAS Investor Alert List?

    The MAS Investor Alert List is a list of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or authorised by MAS. The information published on the Investor Alert List is based on what was known to MAS at the time of publication. This list is not exhaustive and will be updated. Consumers seeking financial services are strongly encouraged to deal only with persons that are regulated by MAS. If a consumer chooses to deal with persons that are not regulated by MAS, he forgoes the protection afforded under laws administered by MAS, particularly if these persons are based overseas.

    Click here to access the Investor Alert List.

    Click here to view information on some common unregulated schemes. Do note that the information is not exhaustive, and is updated from time to time.
  9. I have received many unsolicited telemarketing calls from banks/agents of banks. How do I minimize such calls? 

    Banks maintain a "do not call" list of customers who have asked not to receive marketing calls from the bank.  You are advised to contact your bank if you wish to be put on the bank's "Do not call" list.
  10. I have problems obtaining a credit card, loan or financing from a bank/finance company. Can the Government or the MAS help me obtain financing from the bank/finance company or check with the bank/finance company the reason for rejecting my application?

    The granting of credit facilities, such as the grant of credit cards and loans, are commercial arrangements between banks and their customers. MAS does not intervene in banks' commercial decisions on lending, which are based on their own range of internal credit evaluation criteria. You may wish to contact the bank / financing company directly if you have any queries on your applications. You may also wish to approach the Credit Bureau (Singapore) Pte Ltd or DP Credit Bureau Pte Ltd regarding information contained in your credit report.