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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.
26 July 2004 - MAS publishes Investor Alert List
The Monetary Authority of Singapore (MAS) today announced the publication of an Investor Alert List (IAL). The IAL lists persons whom MAS receives information on as undertaking financial services activity in Singapore without being licensed or authorised by MAS. MAS has also issued a consumer alert that highlights common techniques used by unregulated persons to solicit business and the risks involved. It also informs consumers on the steps they can take to protect themselves.
15 July 2004 - Media release by the Life Insurance Association, Singapore (LIA) (PDF, 161KB)
LIA has assured the public that none of its member companies employ "opt-out" marketing methods in their sale of life insurance products. LIA has also advised consumers that it is in their best interests to fully understand their financial needs and any financial product being sold to them before they agree to purchase a product.
Read the media release here (PDF, 161KB).
17 February 2004 - Release of Annual Report 2003 by the Consumer Mediation Unit (CMU) (PDF, 531KB)
CMU was set up on 2 January 2003 to provide bank customers with an independent, impartial and structured process to help resolve their disputes with their banks. In their first year of operations, they handled a total of 380 cases with majority of the cases being resolved as at 31 December 2003. More details of CMU's work can be found in their annual report.
6 February 2004 - Reply to Parliamentary Question (PQ) on Credit Card Regulations
In his reply to a PQ by Dr Amy Khor, MP for Hong Kah GRC, DPM Lee explained the rationale behind the new credit card regulations. He highlighted the fact that there is no relaxation in the availability of credit to individuals and that the new regulations preserve the fundamental objective of discouraging Singaporeans from spending beyond their means.
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