Enhancing safeguards for prospecting and marketing activities by financial institutions

On 25 April 2023, the Monetary Authority of Singapore (“MAS”) published two consultation papers on enhancing safeguards for proper conduct of:

• digital prospecting and marketing activities (“Digital Prospecting CP”); and
• prospecting activities at public places and telemarketing (“Public Prospecting CP” and together with the Digital Prospecting CP, the “CPs”).
   

The CPs impact all financial institutions (“FIs”) and their representatives (including employees, agents and other persons acting on behalf of an FI) that carry out digital prospecting and marketing, and public prospecting and telemarketing, as the case may be. Both consultations will close on 30 June 2023.