Good Culture and Conduct
MAS issued a set of guidelines and an information paper to strengthen culture of accountability and ethical behaviour in the financial industry
10 September 2020
The guidelines set out MAS’ expectations on how FIs should embed clear accountability and proper conduct within their organisations. Complementing the guidelines, an information paper that sets examples of good practices in areas such as governance, hiring, communication channels and performance management was also published.
- MAS media release, published on 10 September 2020, on guidelines to strengthen culture of responsibility and ethical behaviour in the financial industry
- Guidelines on Individual Accountability and Conduct
- Infographic on Guidelines on Individual Accountability and Conduct
- Information Paper on Culture and Conduct Practices of Financial Institutions
MAS published the results of MAS’ mystery shopping exercise on the financial advisory (FA) industry
22 June 2021
MAS’ third mystery shopping exercise found that the proportion of suitable product recommendations made by FA representatives improved from 70% in 2011 to 88% in the latest exercise conducted in 2018/2019. However, there remain areas for improvement for the industry, in particular, representatives’ conduct at roadshows and the implementation of safeguards for vulnerable customers. MAS will review its rules to improve FA representatives’ conduct at roadshows as well as seek proposals to enhance safeguards for vulnerable consumers.