Monday, October 06, 2008

Monetary Authority of Singapore - Consumer Complaint

If you wish to lodge a complaint against an agent or a financial institution, you can refer to this guide in MAS website:

http://www.moneysense.gov.sg/contact_us/Consumer_Portal_Contact_Us.html#

Here is an extract from the webpage:

(IV) REPORTING A MATTER TO MAS

As the financial sector regulator, MAS' role is to ensure that financial institutions conduct their businesses in an appropriate manner and in accordance with the law. MAS is not able to resolve commercial disputes between you and your financial institution, or order the financial institution to pay compensation to you. We are, however, interested in matters that may raise issues of supervisory concern. These include violations of our rules and regulations, and breaches of other relevant codes of practice and guidelines.

MAS can...
Investigate wrongdoings by financial institutions (e.g. market misconduct like giving inappropriate or misleading advice, misrepresentation and lack of disclosure).
Take regulatory action against financial institutions that have breached our rules and regulations.

MAS cannot...
Intervene in matters relating to service standards, commercial decisions such as pricing policies of financial institutions, contractual arrangements and civil disputes.
Give legal advice or comment on cases that have been heard in court, adjudicated by FIDReC or are pending legal action.
Order financial institutions to compensate you.
Disclose the outcome of any investigations or actions taken against individual financial institutions.

If you wish to report a problem you have with your financial institution, please click here or write to
Monetary Authority of Singapore
Consumer Issues Division
Capital Markets Department
10 Shenton Way
MAS Building
Singapore 079117

Fax : (65) 6225-9766

1 comment:

Anonymous said...

Where would someone complain on a non-regulated investment offered by a non-financial institution .
For example Land Banking products ?

Blog Archive