MAS eyes enhanced safeguards for elderly and non-english proficient financial clients

Authorities aim to implement enhancements no later than H2 2025.

Singapore has floated plans for a public consultation on proposed enhanced transaction safeguards for the elderly and clients who are not proficient in English.

Responding to parliamentary queries, the Monetary Authority of Singapore (MAS) said that it aims to revise standards by Q4 2024, with implementation no later than H2 2025 after a 9-month transition period.

Changes will affect “selected clients” of financial advisers that meet specific criteria. Selected clients refer to anyone who meets two of the following criteria: (1) is 62 years of age or older; (2) is not proficient in spoken or written English); or has a below GCE “O” or “N” level certifications, or equivalent academic qualifications.

ALSO READ: MAS expands regulations for digital payment token service providers

Current safeguards for these clients include performing pre-transaction client call-backs to ensure that these clients have understood the features and risks of the products they have been sold, MAS shared.

The proposed amendments will further strengthen these safeguards by, amongst others, requiring a trusted individual to be present during the financial advisory process and audio recording the client call-back.

Follow the link for more news on

Monetary Authority of Singapore

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia