CODES OF PRACTICE FOR DEALING WITH CONSUMERS

(I) MAS Guidelines

(II) Industry Codes

(I)  MAS Guidelines

• Guidelines on Standards of Conduct for Financial Advisers (Guideline No. FAA-G04) (PDF, 41.5KB)
  These Guidelines are issued pursuant to Section 64 of the Financial Advisers Act (FAA). They set out conduct requirements for persons acting as financial advisers under the FAA, including, where appropriate, conduct requirements for representatives who perform financial advisory services on behalf of financial advisers.
  
• Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (PDF, 101KB)

On 3 April 2009, MAS issued the Guidelines on Fair Dealing – Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (“Guidelines on Fair Dealing”) to promote fair dealing by financial institutions when they conduct business with their customers.

The Guidelines on Fair Dealing emphasised the responsibilities of the Board and Senior Management of financial institutions to deliver fair dealing outcomes when providing financial advisory services to customers.

Click here for a quick guide which provides an overview of the outcomes the Guidelines on Fair Dealing seek to achieve, what you should look out for when dealing with financial institutions, and what you can do if you have a problem with a financial institution.

(II)  Industry Codes

• The Association of Banks in Singapore (ABS):Code of Consumer Banking Practice (PDF, 206KB)
  This Code outlines the minimum standards of good banking practice that you can expect from your bank. The Code serves as a guide for you when you transact with your bank and helps you better understand your bank's responsibilities in serving you. All banks in Singapore are members of ABS and have committed to comply with the Code.  
   
• General Insurance Association of Singapore (GIA):The Singapore General Insurance Code of Practice (PDF, 69KB)
  The GIA is the industry representative body of all non-life insurance companies transacting business in Singapore. The GIA launched the Singapore General Insurance Code of Practice to establish a new standards framework for the industry. The general insurers who are members of GIA have committed to comply with the Code of Practice.
• Life Insurance Association of Singapore (LIA):LIA Code of Life Insurance Practice (PDF, 1.53MB)
  LIA is an industry association comprising direct insurers and reinsurers who are licensed by the MAS to transact life insurance or life reinsurance business in Singapore. Produced by LIA, the LIA Code of Life Insurance Practice explains the practices of the life insurance industry in Singapore.  Life insurers, their representatives and representatives of financial advisers operate within the guidelines provided in the Code to ensure that the standard of practice within the industry is maintained.