The Monetary Authority of Singapore (MAS) has announced new safeguards for public prospecting activities, following a public consultation aimed at strengthening conduct standards. These activities, often conducted through roadshows, allow financial institutions to engage with consumers in public spaces. However, concerns have been raised about unsolicited and persistent solicitation.
Under the new guidelines, financial institutions must conduct prospecting activities only in designated areas within commercial premises. They are required to appoint qualified individuals to oversee representatives’ conduct during these events. Additionally, representatives must inform consumers upfront about their intention to market financial products or services and obtain consent before proceeding. Street canvassing and door-to-door prospecting remain prohibited.
The updated Guidelines on Standards of Conduct for Marketing and Distribution Activities will incorporate these changes, complementing existing safeguards for digital advertising introduced in September 2025. The guidelines aim to ensure that financial institutions engage consumers responsibly across all channels.
MAS plans to issue the updated guidelines in 2027, with a nine-month transition period for financial institutions to implement the changes. Lim Tuang Lee, Assistant Managing Director (Capital Markets) at MAS, emphasised that the measures are designed to prevent consumers from feeling pressured or caught off guard, ensuring fair and professional treatment.
These enhancements reflect MAS’s commitment to maintaining high standards of conduct in financial marketing, balancing consumer protection with the ability for institutions to engage through appropriate channels.
