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OUR MISSION
OUR OBJECTIVES
 
Supervision
Inspections and
Supervisory Reviews
New Legislation
Enhancing Regulatory Frameworks
Market and Business Conduct
Risk Management
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

Enhancing Consumer Recourse
 

The Consumer Protection (Fair Trading) Act (CPFTA) came into effect in March 2004. It seeks to protect consumers who lack the expertise or financial resources to guard against unfair trade practices, and empower consumers who encounter unfair practices to obtain civil remedy.

As part of the overall review of the CPFTA by the Ministry of Trade and Industry (MTI), MAS is currently working with MTI to implement the inclusion of financial services under the CPFTA. MAS will join MTI and the relevant government agencies in a public consultation on the proposed changes to the CPFTA. Specifically, MAS will consult on the application of the Act to financial services, the modifications proposed to certain provisions in the Act, as well as the proposed draft financial services regulations.