http://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html#t
| From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. These persons may target Singapore consumers, or overseas consumers by giving them the false impression that they are operating in Singapore. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS. Consumers should exercise care when dealing with these persons. Overseas consumers who receive solicitations by persons who claim to have an operation in Singapore should also exercise care and check if they are in fact dealing with persons who are regulated by MAS. Below is a list of persons, on whom MAS has received information, who are not authorised by MAS in respect of the carrying on of regulated activities. The list is not exhaustive and will be updated. |
Respectfully, can anyone please tell me what does this list mean?
ReplyDelete1. I have been warned, so "buyer beware"?
2. MAS has a long backlog of work to do in regulating these companies?
3. You can easily set up shop in Singapore to offer financial advice without having to worry about MAS regulations?
4. MAS does not regulate. MAS just publishes lists?
I'm really confused by the existence of such a list.
My initial thoughts after I had viewed the list were;
- "I'm a paper tiger, hear me roar!"
- So why does anyone need to fear MAS?
- I did not expect to see such a long list of companies who are "fearless" of MAS.
A better approach is for the Parliament to define the investments that have to be regulated, such as land banking, time sharing, etc.
ReplyDeleteWith a positive approach, most "investment scams" can be easily identified and caught in the net. There is no need to prepare a long list of companies that are not regulated.
I doubt very much the usefulness of such a list. For example, I detected only one landbanking firm in the list, does it mean the rest are ok?
ReplyDeleteI agree a better approach is to define specifically the kind of investments that have to be regulated.
But even then, regulation may not mean much if the policies are pro big power and con the lay people. For example, banks are certainly regulated but that doesnt stop them from operating an unequal and pyramid-like structure of fractional reserve banking system.
Anon 1 said "I did not expect to see such a long list of companies who are "fearless" of MAS."
ReplyDeleteIf you click on the links in the list many of the companies have gone. I think the problem is the list is not maintained or structured.
I also do not understand the process that the list should be a part of.
Presumably to get on the list the MAS must have reasonable proof against you that you have done something bad.
What is the next step in the process? Do you have to clean up within 3 months or be shutdown ? Are you taken to court? Must you stop selling until you have cleaned up?
A food hawker selling S$3 bad food that makes you sick for a few days can be shut down instantly and may get very bad press.
A land Banking company selling S$20,000 bad investments that can make you sick for life can operate for many years without trouble.