MAS tightens its standards for roadshows that sell financial products

Guidelines, not law: MAS will issue its updated Guidelines in 2027, and financial institutions then have a nine-month transition period.

MAS is updating its Guidelines on Standards of Conduct for Marketing and Distribution Activities for public prospecting, such as roadshows run by financial institutions and their representatives. Under the enhanced safeguards, they prospect only within designated areas at commercial premises, appoint suitably qualified individuals to oversee their representatives' conduct at such events, tell consumers at the outset that they intend to market financial products or services, and obtain consumers' consent before going further. Street canvassing and door-to-door prospecting remain prohibited.

What this means for a Singapore SME

The rules are written for consumers. MAS puts it plainly: consumers should not feel pressured or caught off guard when approached about financial products and services. A business owner stopped at a mall or an event about a policy for themselves will be told at the start that it is a sales approach, and asked for consent before it goes on.

For a business that owns or manages commercial premises, the change is about where the activity happens: public prospecting moves into designated areas at commercial premises, with suitably qualified individuals appointed to oversee the representatives' conduct at each event. Until the updated Guidelines take effect, the current Guidelines apply.