BOX 6
EMPOWERING CONSUMERS - MAS PUBLISHES INVESTOR ALERT LIST

In July 2004, MAS published an Investor Alert List (IAL) on its website. The IAL provides information on persons conducting regulated financial services activities in Singapore without the requisite licence or approval by MAS. Some of these unregulated persons, based either in Singapore or overseas, target consumers in Singapore. Others, known as boiler room operations, may engage a Singapore-based secretariat or corporate services to create the false impression that they are regulated in Singapore to target overseas investors.

MAS’ regulatory regime safeguards the interests of consumers by ensuring that only competent persons who meet appropriate standards of business conduct can provide financial services. Consumers who choose to deal with an unregulated person will not be fully protected under laws administered by MAS. The IAL makes investors more aware of the existence of such operations. This is in line with our move to empower consumers to assess and assume for themselves the risks of their financial decisions.

Consumers who receive "cold calls" or other investment solicitations should refer to the IAL and Financial Institutions Directory on the MAS website to check that the person they are dealing with is regulated by MAS.