Singapore, 26 July 2004...The Monetary Authority of Singapore (MAS) today announced the publication of an Investor Alert List (IAL) on its website www.mas.gov.sg under the section "For the Consumer". (Click here to view the IAL) This is in line with our move to empower consumers to assess and assume for themselves the risks of their financial decisions.
2 The IAL lists persons whom MAS receives information on as undertaking financial services activity in Singapore without being licensed or authorised by MAS. Some of these unregulated persons, based either in Singapore or overseas, target consumers in Singapore. Other persons, known as boiler room operations, may engage Singapore-based secretariat or corporate services to create the false impression that they are regulated in Singapore to target overseas investors.
3 MAS' regulatory regime aims to safeguard the interests of consumers by ensuring that only competent persons who meet appropriate standards of business conduct can provide financial services. Consumers who receive "cold calls" or other investment solicitations should refer to the IAL and Financial Institutions Directory on the MAS website to check that the person they are dealing with is regulated by MAS.
4 In publishing the IAL, MAS does not conclude that the person has contravened the law. Our aim is to provide early warning to consumers by highlighting to them that if they choose to deal with an unregulated person, they do not have all the protection under laws administered by MAS. MAS may, in addition, take regulatory or other enforcement action if warranted.
5 MAS has also issued a consumer alert (Click here for the guide) that highlights common techniques used by unregulated persons to solicit business and the risks involved. It also informs consumers on the steps they can take to protect themselves. The consumer alert is available on the MAS website.