Original Coverage & Source Attribution: fintechnews.sg
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The Monetary Authority of Singapore (MAS) will expect financial institutions to hold public prospecting activities, such as roadshows, only within designated areas at commercial premises.
The regulator announced the enhanced safeguards after a public consultation, citing concerns that poorly conducted prospecting can subject consumers to unsolicited or persistent solicitation.
Financial institutions will be expected to appoint suitably qualified individuals to oversee their representatives’ conduct at these events.
At the start of any engagement, MAS expects representatives to tell consumers clearly that they intend to market financial products or services, and to obtain their consent before going further.
Street canvassing and door-to-door prospecting 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), MAS.
Lim said the safeguards would help ensure financial institutions treat consumers fairly and professionally, while “allowing financial institutions to continue engaging consumers through appropriate channels”.
The safeguards for physical prospecting complement the [safeguards for digital advertising that MAS introduced in September 2025, which cover content produced by influencers and affiliate marketers acting for financial institutions.
MAS said the two sets of measures reinforce its expectation that firms engage consumers responsibly across all marketing and distribution channels.
MAS first proposed tighter controls on prospecting in public places in April 2023, and has published a response paper setting out the feedback it received and the safeguards it plans to implement.
The regulator will incorporate the changes into its Guidelines on Standards of Conduct for Marketing and Distribution Activities, which it plans to issue in 2027.
Financial institutions will then have a nine-month transition period to implement them.
Featured image credit: Edited by Fintech News Singapore, based on image by vicnt via Magnific
