MAS announces new initiatives for responsible financial content
The Monetary Authority of Singapore (MAS) will issue advisory letters to five content creators for allegedly providing financial advice without a license.
This comes after the central bank introduced a set of guidelines on the responsible sharing of financial content online.
Source: Monetary Authority of Singapore
Content creators must be responsible when sharing financial information
MAS made the announcement via a press release on Thursday (25 Sept), but did not identify the content creators or how they were asked to adjust their content.
Lim Tuang Lee, MAS Assistant Managing Director of the Capital Markets Group, stated that content creators “must adopt the appropriate safeguards to adhere to regulatory requirements”.
Noting the increasing reliance on digital platforms, Mr Lim added that content creators must be responsible when sharing financial information and advertising products and services.
According to The Straits Times, this is the first time MAS has issued advisory letters to content creators.
Warnings to content creators come with new guide on offering financial advice
To assist content creators with responsible financial content creation, MAS has collaborated with the Advertising Standards Authority of Singapore (ASAS) to create a guide titled “7 must-knows when sharing financial information online“.
The guide outlines key considerations for content creation, such as:
- When an MAS license is needed
- What to do before promoting a product or service
- Disclosure of compensation
MAS also published a new set of guidelines for digital advertising aimed at encouraging responsible sharing of financial content online.
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Featured image adapted from Monetary Authority of Singapore.
