HOME
CONTENTS
EMERGING FROM THE
GLOBAL RECESSION
MONETARY POLICY
LIQUIDITY
MANAGEMENT
ENSURING SAFETY
AND SOUNDNESS
OF FINANCIAL INSTITUTIONS AND
FINANCIAL SYSTEM
SINGAPORE AS AN
INTERNATIONAL
FINANCIAL CENTRE
ENHANCING
OPERATIONAL
CAPABILITIES
AND RESILIENCE
CURRENCY AND
PAYMENT SYSTEM

Fostering a Sound and Reputable Financial Centre

Achieving Fair Dealing Outcomes

In the Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers (Fair Dealing Guidelines) issued on 3 April 2009, MAS emphasised that the Board and Senior Management of a financial institution are responsible for setting its corporate culture and direction to align business practices with the fair dealing outcomes. The Board and Senior Management of all financial institutions are required to complete a review of their financial institutions’ business models as well as sales and business processes. They are expected to put in place action plans to ensure that they meet the standards set out in the Fair Dealing Guidelines.

Over the past year, MAS has embarked on a series of initiatives to assess financial institutions’ progress in achieving the fair dealing outcomes. These initiatives include letters addressed to the Chief Executive Officers/Principal Officers of major financial institutions, requiring them to furnish information on their Board and Senior Management’s involvement as well as actions taken in delivering fair dealing outcomes. MAS has also communicated its expectations on fair dealing at dialogues with industry associations and will continue its engagement with financial institutions to assess their implementation and delivery of fair dealing outcomes.

back to top