MAS has announced stronger safeguards for public prospecting, requiring financial firms to obtain consumer consent before marketing.
The Monetary Authority of Singapore (MAS) has set out strengthened safeguards for public prospecting activities, following a public consultation on proposals to raise standards of conduct in this area. Public prospecting activities, such as roadshows, allow financial institutions and their representatives to engage consumers and market financial products and services in public places. According to MAS, when such activities are conducted inappropriately, they may give rise to conduct concerns, including consumers being subjected to unsolicited or persistent solicitation.
New requirements for roadshows
Under the new safeguards, financial institutions will be expected to conduct public prospecting activities only within designated areas at commercial premises. They will also need to appoint suitably qualified individuals to oversee the conduct of their representatives at such events. Representatives will be expected to inform consumers clearly at the outset that they intend to market financial products or services, and to obtain consumers’ consent before continuing the engagement. Street canvassing and door-to-door prospecting will remain prohibited.
The measures combine location restrictions, supervisory oversight, and a consent requirement, placing responsibility on institutions as well as individual representatives. By requiring representatives to disclose their purpose and obtain consent before proceeding, the framework addresses the risk of consumers being approached without understanding that a sales conversation is taking place. Further details on the consultation feedback and the final safeguards are set out in MAS’s response paper.
Timeline and wider conduct framework
MAS will update its Guidelines on Standards of Conduct for Marketing and Distribution Activities to incorporate the new safeguards. The updated Guidelines are set to be issued in 2027, after which financial institutions will have a nine-month transition period to implement the requirements. The measures complement the safeguards for digital advertising activities that MAS introduced in September 2025, reinforcing its expectation that financial institutions and their representatives engage consumers responsibly and professionally across all marketing and distribution channels.
Lim Tuang Lee, Assistant Managing Director (Capital Markets) at MAS, stated that consumers should not feel pressured or caught off guard when approached about financial products and services. According to Lim, the safeguards strengthen standards of conduct for public prospecting, helping ensure consumers are treated fairly and professionally, while still allowing financial institutions to engage consumers through appropriate channels. With rules for digital advertising already in place, the update extends MAS’s conduct framework to cover in-person marketing activities as well.
