MAS announces enhanced safeguards for public prospecting activities

27 October 2026

On 12 October 2026, the Monetary Authority of Singapore (“MAS”) announced enhanced safeguards for public prospecting activities, following its public consultation on proposals to strengthen standards of conduct for such activities. Financial institutions (“FIs”) will be expected to conduct public prospecting activities only within designated areas at commercial premises and appoint suitably qualified individuals to oversee their representatives’ conduct at such events. Representatives will also be expected to clearly inform consumers at the outset that they intend to market financial products or services, and obtain consumers’ consent before proceeding with the engagement.

MAS will issue the updated Guidelines on Standards of Conduct for Marketing and Distribution Activities (“Guidelines”) in 2027. FIs will then be given a nine-month transition period to implement the enhanced safeguards. The measures complement MAS’ existing Guidelines on Standards of Conduct for Digital Advertising Activities introduced in September 2025, and reinforce expectations that FIs and their representatives are to engage consumers responsibly and professionally across all marketing and distribution channels.

Background

MAS published a consultation paper on 25 April 2023 seeking feedback on the following measures to address conduct risks and issues associated with prospecting activities at public places:

  • Measure 1: Strengthen the safeguards in the Guidelines by legislating them as requirements in new Notice(s).
  • Measure 2: Inform customers of motive and obtain consent before commencing any prospecting activity.
  • Measure 3: Provide adequate time for customers to make properly considered purchase decisions.
  • Measure 4: Prohibit use or mention of gift offers to entice customers to purchase financial products or make larger purchases.
  • Measure 5: Conduct public prospecting activities in proper and conducive settings, and in a responsible and professional manner.

In its response to the feedback received (“Response”), MAS provided further details on the consultation feedback and the enhanced safeguards.

Definitions and scope

Definition of “public places”

MAS clarified that “public places” refers to any location outside FIs’ official premises, such as shopping malls, exhibition halls, corporate venues, and event spaces. The definition applies regardless of how the marketing and distribution activity is conducted - whether through closed-door sessions, roadshows, by-invitation events, or events requiring pre-registration.

Scope

MAS clarified that the updated Guidelines will continue to apply to all FIs that market and distribute financial products and services to retail customers at public places. FIs that deal solely with accredited investors will not be subject to the updated Guidelines and new Notice(s).

The updated Guidelines and new Notice(s) will not apply to pre-arranged appointments between representatives and their customers in public places, where the customer has agreed in advance to the appointment and is aware of its purpose.

MAS will proceed to strengthen the existing safeguards in the Guidelines. For investment products and long-term accident and health (“LT A&H”) policies, MAS will incorporate these safeguards as legally binding requirements in new Notice(s). The new Notice(s) will only apply to marketing and distribution activities of investment products and LT A&H policies, and not to other financial products such as general insurance products or banking products, for which conduct issues were observed to a lesser extent.

Where an FI partners with a non-financial institution, such as a retailer, to market and distribute products and services of the FI at a public place, the FI is expected to adhere to the updated Guidelines and/or comply with the new Notice(s), where relevant. FIs are expected to monitor and ensure that such third parties comply with the applicable Guidelines and new Notice(s).

However, events conducted solely for brand awareness or corporate publicity, without prospecting, distribution, or the provision of financial advisory services, will be excluded from the scope of the updated Guidelines and new Notice(s).

Board and senior management responsibilities

The Board and senior management of FIs are accountable for ensuring that their institutions’ marketing and distribution activities adhere to the updated Guidelines and Notice(s). In the Response, MAS clarified that while operational oversight of such activities may be delegated to competent personnel or committees, the accountability of the Board and senior management cannot be delegated.

Enhanced safeguards to address conduct risks

Measure 2: Inform motive and obtain consent

MAS will proceed with requiring representatives to inform customers upfront of their intention to market financial products and services, and obtain customers’ consent before commencing any engagement. While MAS will not require FIs to document consumers’ verbal consent, FIs should have appropriate mechanisms to check that their representatives obtain such consent. These may include oversight by the Public Prospecting Management Officer (“PPMO”) or mystery shopping exercises.

Pre-registration for an event may constitute consent where it is clear at the point of pre-registration that financial products or services will be marketed or distributed at the event.

Measure 3: Provide adequate time for customers to make informed purchase decisions

Taking into account feedback and the existing safeguards, MAS will not proceed with proposals to prohibit the sale of financial products at the initial prospecting engagement, introduce a minimum duration period for customers to consider whether to proceed with a purchase, or extend the current 14-day free-look period for life policies and seven-day cancellation period for collective investment schemes.

Measure 4: Prohibit mention of gift offers, and measures to address influence posed by gift offers

MAS will not proceed with the proposal to prohibit the mention of gift offers or restrict the offering of gifts. MAS observes that some FIs have frameworks to govern the responsible use and offering of gifts. MAS will update Safeguard 10 of the Guidelines to incorporate these practices, and formalise the expectation for FIs to establish a senior management-approved governance framework for the offering of gifts. For investment products and LT A&H policies, this will be incorporated as a requirement in the new Notice(s).

Measure 5: Conduct marketing and distribution activities in proper and conducive settings

MAS will proceed with the proposal to require marketing and distribution activities which are conducted outside the premises of FIs to be held at commercial premises only. Commercial premises refer to venues where the FIs are able to rent or obtain permission to conduct marketing and distribution events, such as exhibition halls, corporate conference rooms, and common spaces within commercial buildings managed by the building management. Pedestrian walkways and areas and residential spaces are excluded.

Acknowledging respondents’ concerns over limited availability and high rental costs, MAS will not proceed with the proposed minimum event space requirement of 25 square metres. Instead, FIs will be required to establish policies and procedures to determine the appropriate amount of space needed and develop internal frameworks to guide their representatives in adhering to firm-level standards.

Measure 5: Conduct marketing and distribution activities in a responsible and professional manner

MAS will proceed with the proposal to restrict marketing and distribution activities to within a five-metre radius of the demarcated event space, to establish a feedback channel for consumers to report issues regarding such events, and to designate PPMOs to oversee representatives’ conduct at marketing and distribution events held outside the premises of FIs.

In the Response, MAS clarified that FIs should appoint individuals of sufficient seniority and with good compliance track records as PPMOs, and should ensure that PPMOs receive adequate training and guidance to perform their roles effectively. PPMOs are not required to be from an independent function, or employees of the FI.

Prohibition on door-to-door prospecting and street canvassing

MAS will maintain the prohibition on door-to-door prospecting (“DTDP”) and street canvassing. In the Response, MAS clarified that the scope of the DTDP prohibition is limited to residential spaces and does not extend to corporate premises.

Use of promoters

MAS will proceed with the proposal to require FIs to subject their representatives’ use of promoters to prior approval, and to apply the relevant safeguards in the updated Guidelines and new Notice(s) to promoters.

MAS expects FIs to approve and establish a firm-wide framework governing the use of promoters.

Telemarketing activities

Application of measures to telemarketing activities

MAS will proceed with the proposal to apply Measures 2 to 4 to telemarketing activities, taking into account the feedback in relation to those measures mentioned above.

Removing prohibition on soliciting and closing sales of Medisave-approved policies by telephone

MAS will proceed to remove the prohibition on soliciting and closing the sale of any Medisave-approved policies over the telephone, subject to safeguards.

Transition period

MAS will provide a nine-month transition period from the date of issuance of the updated Guidelines and new Notice(s). MAS strongly encourages FIs to begin preparation, and implement the enhanced safeguards early, where possible.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg:

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