Monetary Authority of Singapore Annual Report 2012/2013

PROTECTING CONSUMERS

Enhancing Credit Cards and Unsecured Credit Rules

On 21 December 2012, MAS issued a consultation paper on proposed changes to credit cards and unsecured credit rules. The changes were aimed at improving financial institutions’ lending and disclosure practices, empowering individuals to make better borrowing decisions, and helping individuals at risk of credit problems avoid getting into greater debt. MAS is fine-tuning the proposed rule changes in view of the feedback received, and will issue the revised rules in the second half of 2013.