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B THE FINANCIAL SECTOR: KEY SUPERVISORY
AND REGULATORY INITIATIVES
 
  Market and Business Conduct 51
 
Enhancing Market Discipline  
51
 
Survey on Establishment and Maintenance of
 
the Insurance Broking Premium Account  
51
 
 
Box 11 – MoneySENSE  
52
 
Enhancing Consumer Recourse  
54
 
Financial Industry Disputes Resolution Centre Launched  
54
 
Box 12 – Investigating Across Borders  
55
 
  MARKET AND BUSINESS CONDUCT

Box 11 MONEYSENSE

MoneySENSE – Enhancing Financial Education
 

MoneySENSE is spearheaded by the Financial Education Steering Committee (FESC) comprising the Ministry of Community Development, Youth and Sports, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, People’s Association and MAS. The MAS-led FESC works with the MoneySENSE Industry Working Group, made up of representatives from the major industry associations and community organisations, to implement financial education initiatives.

Since its launch in October 2003, MoneySENSE has organised more than 140 talks, seminars, courses and workshops for over 15,000 Singaporeans, and published over 100 educational articles in the media. In the last year, MoneySENSE launched several new initiatives.

In March 2005, MoneySENSE commissioned the first national financial literacy survey. The findings showed that Singaporeans have healthy attitudes toward managing their finances but lack an understanding of common financial products. Singaporeans could also improve in their planning for emergencies and retirement. Respondents also indicated that they preferred to receive financial education through the mass media.
To address these areas, MoneySENSE launched MoneySENSE Matters, a quarterly newsletter in the main newspapers, to highlight simple steps that Singaporeans can take to better manage their finances. MoneySENSE also developed worksheets that consumers can use to draw up their budgets and assess their debt commitments.
To enhance Singaporeans’ understanding of common financial products, MoneySENSE worked with the local media to publish fortnightly columns featuring common financial documents and key areas that consumers should take note of. MoneySENSE also partnered industry associations to organise seminars on health, motor and investment-linked insurance, unit trusts and securities investments.
To further extend its reach, MoneySENSE held the inaugural MoneySENSE 2006 Roadshow at the HDB Hub from 31 March to 2 April. The event, which attracted over 89,000 visitors, disseminated simple financial tips and messages through games, skits and seminars.
To complement MoneySENSE’s broad-based programmes with targeted initiatives, MoneySENSE developed a worksheet to guide senior citizens in managing their retirement funds, and worked with the Securities Investors Association of Singapore (SIAS) and the Singapore College of Insurance to launch a new series of “Financial Planning for Families” talks. MoneySENSE also launched radio programmes, with key messages for different audiences, in the first quarter of 2006.
MoneySENSE has been working closely with Community Development Councils (CDCs) to organise basic money management workshops for low-income families. To further build up capabilities, Southeast CDC implemented a train-the-trainer workshop for CDC officers and family service centre social workers.