In a parliamentary response, Monetary Authority of Singapore Chairman Gan Kim Yong said financial institutions should determine what to tell unsuccessful job candidates rather than be required to provide a specific fit and proper reason. Specific explanations may not always be possible because hiring decisions can involve confidential third party information, internal deliberations and comparisons between candidates. For roles subject to fit and proper requirements, financial institutions must assess adverse information with due care, considering the seriousness and circumstances of past conduct, the time elapsed and the responsibilities of the prospective role. This reinforces MAS' existing supervisory focus on recruitment and the handling of adverse information. Applicants who believe they were treated unfairly may seek assistance from the Tripartite Alliance for Fair and Progressive Employment Practices.
Monetary Authority of Singapore leaves hiring disclosures to financial institutions and reiterates contextual fit and proper assessments
Monetary Authority of Singapore Chairman Gan Kim Yong said financial institutions should decide what reasons to give unsuccessful candidates because hiring decisions may involve confidential information and internal deliberations. For roles subject to fit and proper requirements, firms must assess the circumstances and seriousness of past conduct, the time elapsed and the responsibilities of the role.