Oral reply to Parliamentary Question on impact of undesirable marketing tactics for financial products on less financially literate consumers and recourse available

In a recent parliamentary sitting, the Prime Minister of Singapore was asked by a Parliament member about the effects of unfavorable marketing strategies for financial products, like ambush-style marketing, on consumers with limited financial knowledge and the possible options available to consumers to seek redress following the purchase of products due to such strategies.
In its oral response, Mr. Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board member of the Monetary Authority of Singapore (MAS) noted the following on behalf of MAS:
The Monetary Authority of Singapore expects responsible conduct from financial institutions (FIs) and their representatives during prospecting and marketing activities. MAS has established conduct standards that any FI must adhere to and that include upfront disclosure of representative identities, FIs‘ own monitoring of sales practices via site visits and mystery shopping, and post-purchase follow-ups to ensure client understanding.
In a recent public consultation, MAS proposed further additional mandatory safeguards such as giving consumers 3 to 5 additional days for decisions, limiting gift use for influencing decisions, and confining marketing to commercial premises. If consumers encounter improper product sales, they can file complaints with FIs, which are obliged to investigate and provide redress, if the claim of the client proves to be substantiated. Consumers dissatisfied with the „redress“ decision of an FI can further seek resolution through the Financial Industry Disputes Resolution Centre (FIDReC), offering accessible mediation and adjudication services for FI-related disputes.