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This section contains financial news previously posted on our "Latest News" page. Read and learn more on what you may have missed out on.
8 December 2003 - MAS media release: MAS approval required for promotion booths and road show locations that accept customer applications for credit facilities.
The Monetary Authority of Singapore (MAS) today reminded banks that under the Banking Act (section 12), MAS' approval is required before a bank sets up additional locations to receive applications for consumer credit products such as credit cards, charge cards and unsecured credit facilities. This is to minimise the likelihood of customers being rushed into hasty decisions to sign up for consumer credit products. MAS' longstanding policy to discourage consumers from borrowing excessively remains unchanged.
16 October 2003 - MAS releases two new consumer guides:
"Dealing With A Financial Adviser: What To Look Out For?"
This Guide provides practical tips on what you should look out for when dealing with a financial adviser. The Guide also explains what the Financial Advisers Act (FAA) is all about and how it seeks to protect your interests as a consumer.
"Getting It Right: How To Resolve A Problem With Your Financial Institution"
This Guide shows you what to do and who to turn to for help if you have a problem with a financial product that you have bought or with the service standards of a financial institution. It also explains when you should report a matter to MAS.
11 June 2003 - "Policyholders Guide to Insurance Policies with Critical Year Feature"
The purpose of this Guide is to help policyholders who have concerns about policies with the critical year feature to better understand their policies, organize their documentation and understand the options that are available to them.
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