Fair Dealing Outcome for Customers

I wish to post this article as a reminder to MAS and the financial institutions that they have the responsibility to ensure fair dealing outcome for customers. These should not be just hollow words, but should be pursued with conviction.

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MAS calls on banks, finance companies to lead in fair dealing

Thu, Feb 21, 2008
The Straits Times

THE MONETARY Authority of Singapore (MAS) has called on the board and senior management of firms from the banking, insurance and capital market sectors to lead their companies to improve the level of service offered by their representatives.

MAS issued a consultation paper on Thursday, stressing the responsibility of such top-level individuals, and also asking them to review their business operations to deliver what the authority calls 'fair dealing outcomes' to retail consumers. MAS has issued five 'fair dealing outcomes'.

One such fair dealing outcome is that consumers have confidence that the financial institutions put consumers' interests first in the conduct of their business.

MAS encourages financial advisory industry assocations to actively promote fair dealing outcomes among member firms.

Interested parties can provide feedback on the guidelines, which are available on the MAS website.