|Besides institution-specific inspections,
MAS conducted a series of thematic inspections to assess specific
risks that the financial system faces. With rising defaults
on consumer loans, MAS conducted inspections of major retail
banks unsecured lending to consumers.
MAS also began on-site inspections of financial advisers to
enforce the standards established under the Financial Advisers
Act (FAA) and ensure that consumers benefit from higher quality
advice on investment products.
In addition, we carried out market-wide inspections of intermediaries
undertaking diverse activities. The activities covered exempt
fund management, securities research, corporate finance advisory,
and Collective Investment Scheme (CIS) managers.