Staff Reporter
Published:
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Financial institutions must limit public prospecting to designated commercial areas.
The Monetary Authority of Singapore (MAS) is tightening safeguards for financial institutions conducting roadshows and other public marketing activities, including requiring consumer consent before engagement.
Under the enhanced measures, institutions are expected to hold public prospecting activities only within designated areas at commercial premises.
They must also appoint suitably qualified individuals to oversee their representatives’ behaviour during these activities.
Representatives must inform consumers at the outset that they intend to market financial products or services and obtain their consent before proceeding.
Street canvassing and door-to-door prospecting will remain prohibited.
"Consumers should not feel pressured or caught off guard when approached about financial products and services," said Lim Tuang Lee, Assistant Managing Director (Capital Markets) at MAS.
The authority will incorporate the measures into its Guidelines on Standards of Conduct for Marketing and Distribution Activities, which will be updated in 2027.
Financial institutions will be given a nine-month transition period to implement the safeguards after the updated guidelines are issued.
The measures follow a public consultation and complement existing rules for digital advertising activities introduced in September 2025.
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