THE FINANCIAL SECTOR:
KEY SUPERVISORY AND REGULATORY INITIATIVES
     
Content Page
Supervision
Regulation
Risk-based Regulatory Regime
Fine-Tuning Regulatory framework
Ensuring Sound Market Conduct
Innovative Systems for Efficient Payment
and Settlement
 
 
ENSURING SOUND MARKET CONDUCT
 
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Publishing Unlicenced Operators . Box 6 – Integrated Dispute Resolution Scheme
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Enhancing Management of Insurance Agents . Helping Consumers Better Understand “Critical Year”
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Consulting Industry on CIS . Box 7 – MoneySENSE – Singapore’s Financial Education Programme
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Health Insurance and Changing Demographics . Box 9 – Coping with E-Banking Risks
 
Box 7
MONEYSENSE – SINGAPORE’S FINANCIAL EDUCATION PROGRAMME
 
To enhance the basic financial literacy of consumers, the government launched a national financial education programme called MoneySENSE in October 2003. MoneySENSE is spearheaded by a public sector Financial Education Steering Committee comprising the Ministry of Community Development and Sports, Ministry of Education, Ministry of Manpower, Central Provident Fund Board and People’s Association. A private sector
MoneySENSE Industry Working Group, comprising representatives from the major industry associations and community organisations, has also been set up to work with the MAS-led Financial Education Steering Committee to implement a series of financial education initiatives. The MoneySENSE programme covers three tiers of financial literacy:
 
Tier I – Basic Money Management covers skills in budgeting and saving, and provides tips
on the responsible use of credit.
Tier II – Financial Planning equips Singaporeans with the skills and knowledge to plan for
their long-term financial needs.
Tier III – Investment Know-How imparts knowledge about the different investment products
and skills for investing.
 
To kick-start the programme, seed money of S$1 million per year for the first three years has been set aside to co-fund financial education initiatives.

MoneySENSE aims to reach out to all segments of the population through community talks and seminars, educational brochures and guides, and mass media activities.

Since its launch, MoneySENSE has supported a wide variety of programmes including a series of interactive skits on money management held at community venues; free seminars on life insurance and financial planning; a 12-part series on credit cards in a local newspaper; and a series of consumer guides on life insurance, health insurance, credit cards and car financing.

In 2003, MAS developed two consumer guides under MoneySENSE:”Dealing with a Financial Adviser: What to Look Out for?” and “Getting It Right: How to Resolve a Problem with Your Financial Institution”.

In conjunction with MoneySENSE, MAS launched a new “For the Consumer” portal on our website. The portal serves as a central repository for all financial education materials, including activities and events that are organised under MoneySENSE. It also serves as an online feedback channel for consumers. Going forward, the portal will be enhanced with new content and interactive tools.

Over the next few months, MoneySENSE will conduct a national financial literacy survey to benchmark the current level of financial literacy among Singaporeans.