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
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.