The Monetary Authority of Singapore has finalized enhanced conduct safeguards for financial institutions and their representatives marketing financial products and services in public places. Public prospecting will be limited to designated areas at commercial premises, with street canvassing and door-to-door prospecting remaining prohibited. Financial institutions will be expected to appoint suitably qualified individuals to oversee representatives at prospecting events. Representatives must disclose at the outset that they intend to market financial products or services and obtain the consumer’s consent before continuing the engagement. The measures follow a public consultation and complement safeguards for digital advertising introduced in September 2025. The authority will incorporate the safeguards into its Guidelines on Standards of Conduct for Marketing and Distribution Activities in 2027. Financial institutions will have a nine-month transition period after the updated guidelines are issued.
Monetary Authority of Singapore strengthens safeguards for public prospecting by financial institutions
The Monetary Authority of Singapore will restrict public prospecting to designated areas at commercial premises and require qualified oversight of representatives. Representatives must disclose their marketing intent and obtain consumer consent before proceeding, while street canvassing and door-to-door prospecting remain prohibited. Updated guidelines will be issued in 2027, followed by a nine-month transition period.