MAS Introduces New Rules for Financial Institutions’ Public Prospecting Activities

The Monetary Authority of Singapore (MAS) announced on October 12 that financial institutions must conduct public prospecting activities only within designated areas at commercial premises under enhanced safeguards. These rules require institutions to appoint suitably qualified individuals to oversee representatives' conduct during such events.

Representatives must clearly inform consumers at the outset that they intend to market financial products or services and obtain explicit consent before proceeding with engagement. This follows a public consultation by MAS on proposals to strengthen standards of conduct for these activities, which include roadshows.

The enhanced safeguards aim to address concerns that inappropriate public prospecting activities may cause issues when financial institutions engage consumers in public places.