Knowledge & Insights

The Monetary Authority of Singapore ("MAS") recently updated its Guidelines on Fair Dealing and has expanded the scope of the fair dealing principles to cover all financial institutions (“FIs”) and the financial products and services which they offer to their customers. The Guidelines aim to raise standards of fair dealing and to improve the experience of customers dealing with FIs. MAS has indicated that it expects FIs to incorporate these principles at various stages of a product's life cycle or services rendered.

The revised Guidelines set out five key fair dealing outcomes: (1) Customers have confidence that they deal with FIs where fair dealing is central to the corporate culture of the FI; (2) FIs offer suitable products and services for their target customer segments; (3) Customers are served by competent representatives; (4) Customers receive clear, relevant, and timely information that accurately represent the products and services offered and delivered; and (5) FIs handle customer complaints in an independent, effective, and prompt manner.

The revised Guidelines are accessible here. Our Financial Services Regulatory Practice has advised on a broad range of issues that concern Financial Institutions. Reach out to our Financial Services Regulatory Practice Partners Elaine Chan, Rosabel Ng, Chan Jia Hui, Tian Sion Yoong, or find out more about our practice here.