MAS extends fair dealing rules to all financial products and services

Previously, guidelines applied only to investment product selection and services.

The Monetary Authority of Singapore (MAS) has expanded its fair dealing guidelines to all financial institutions (FIs) and all products and services they offer customers.

Previously, the guidelines only applied to the selection, marketing, and distribution of investment products, and the provision of advice and post-sales services for these products.

“FIs have mostly adhered to the same principles in their dealings with customers beyond advisory services and investment products. The expanded scope of the Guidelines formally recognises this whilst keeping unchanged the core objectives of fair dealing and focus on customer outcomes,” the MAS stated.

With the expanded guidelines, MAS said customers of FIs can expect the following:

1. Products suited to the needs of the target market segment; 
2. b. Advice with suitable product recommendations, accurate representation of information and extra consideration for those who are more vulnerable; 
3. c. Clear explanations of a product and its terms and conditions; and 
4. d. Independent and responsive handling of feedback.