The Monetary Authority of Singapore (MAS) is taking a proactive stance to ensure the integrity and reliability of financial information shared online. In a significant move to protect consumers from misleading financial advice, MAS has introduced a comprehensive set of new guidelines aimed at regulating digital financial advertisements and holding online content creators accountable.
This initiative comes as digital platforms continue to proliferate as primary sources of financial information, often leading to a landscape where distinguishing credible advice from unregulated promotions can be challenging for the average consumer. The new regulations seek to establish a clearer framework for responsible digital marketing activities within the financial sector.
New Guidelines for Digital Advertising Activities
MAS officially released its Guidelines on Standards of Conduct for Digital Advertising Activities, which are set to become effective on 25 March 2026. These guidelines are far-reaching, impacting not only financial institutions but also their appointed third parties, including a wide array of digital marketers such as influencers, affiliate marketers, and advertising agencies. The core objective is to ensure that all parties engaged in promoting financial products or services online conduct their activities with a high degree of responsibility and transparency.
Key pillars of these new guidelines include:
- Enhanced Governance: Financial institutions are now required to implement stronger governance frameworks over their online campaigns, ensuring that all digital marketing efforts align with regulatory standards.
- Proportionate Safeguards: The guidelines mandate the application of safeguards that are proportionate to the unique characteristics and potential risks associated with different digital platforms. This acknowledges the diverse nature of online content delivery, from social media posts to blog articles.
- Clearer Disclosures: There is a strong emphasis on making key product risks more prominent and easily understandable. This move aims to prevent consumers from overlooking critical information due to obscured disclaimers or complex jargon.
- Tighter Oversight of Digital Marketers: MAS will be exerting closer scrutiny over digital marketers to guarantee that the content they produce is neither deceptive nor incomplete. This ensures that the information presented to the public is accurate and holistic.
Empowering Content Creators with Knowledge
Recognizing the influential role of online content creators, MAS has also collaborated with the Advertising Standards Authority of Singapore (ASAS) to publish a crucial guide titled “7 Must-Knows When Sharing Financial Information Online.” This guide serves as an invaluable resource for individuals who frequently share financial insights and recommendations through their digital platforms.
The "7 Must-Knows" guide addresses several critical aspects:
- Licensing Requirements: It clarifies situations where a license from MAS might be necessary for providing financial advice, thereby delineating the boundaries of permissible activity for creators.
- Legal Liabilities: A significant point highlighted is that a simple disclaimer such as “this is not financial advice” does not automatically absolve creators of legal liabilities if their content is found to be misleading or harmful. This underscores the serious responsibility that comes with sharing financial information.
- Due Diligence: Creators are advised on the necessary steps to take before endorsing or promoting any financial products or services, emphasizing the importance of thorough research and verification.
- Transparency: The guide stresses the importance of openly disclosing any sponsorships, partnerships, or compensation received for promoting financial products, ensuring transparency with their audience.
- Verification of Legitimacy: It instructs creators to verify that financial institutions are legitimate and to avoid entities that appear on MAS’s Investor Alert List, which flags unregulated persons or entities.
Enforcement and Future Outlook
As part of its commitment to enforcing these new standards, MAS has already initiated action by issuing advisory letters to five content creators. These individuals are believed to have potentially provided financial advice without the requisite license. They have been strongly urged to modify their content and practices to align with the regulatory requirements. MAS has made it clear that continued non-compliance could lead to severe enforcement actions, reiterating its resolve to maintain a robust and compliant financial information ecosystem.
Lim Tuang Lee, Assistant Managing Director (Capital Markets) at MAS, encapsulated the essence of these new measures, stating, “In today’s digital age, where there is increasing reliance on digital platforms that transmit information rapidly, financial institutions and content creators must ensure that the sharing of financial information and advertising of products and services are performed responsibly. They must adopt the appropriate safeguards to adhere to regulatory requirements and uphold consumer interests.” This statement highlights MAS’s dedication to safeguarding consumer interests in an ever-evolving digital landscape.
These new rules signify a crucial step towards fostering a more accountable and trustworthy environment for financial content online in Singapore. By setting clear expectations for financial institutions and empowering content creators with essential knowledge, MAS aims to create a safer and more transparent digital space for financial discussions and product promotions, ultimately benefiting all market participants.
