MAS Seeks Industry Comment on Draft Consumer Protection (Fair Trading) Bill
Singapore, 29 January 2003. The Monetary Authority of Singapore (MAS) today issued a consultation paper on a draft Consumer Protection (Fair Trading) Bill ('draft Bill') and invites comment from the industry.
2 MAS' industry consultation follows from a public consultation conducted by the Ministry of Trade and Industry (MTI) from 18 October to 15 November 2002. The scope of the MTI's draft Bill excluded financial investments. The purpose of MAS' consultation is to gather feedback on applying the draft Bill to transactions involving financial investments and services, as well as on consequent modifications proposed to certain provisions of the draft Bill.
3 The primary focus of the draft Bill is to protect consumers who lack the expertise or financial resources to guard themselves against unfair trade practices and empower consumers who encounter unfair practice by providing recourse to civil remedies. The draft Bill is an important piece of consumer protection legislation that will complement MAS legislation which seeks to achieve investor protection and regulate market conduct through a disclosure-based regulatory framework.
4 Feedback received from the industry consultation will be carefully considered before the Bill is finalised for tabling at Parliament.
5 The consultation paper is available on the MAS website at www.mas.gov.sg. Comments should be submitted to MAS by 3 March 2003.