MAS issues letters to 5 fiancial advice content creators

26-Sep 2025 Friday 2:45 PM (7 days ago)

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MAS issues advisory letters to five content creators who provided financial advice
The logo of the Monetary Authority of Singapore is pictured on the side of its building in Singapore on Apr 9, 2025. (File photo: AFP/Roslan Rahman)

SINGAPORE: Advisory letters will be issued to five content creators who may have provided financial advice without a licence, the Monetary Authority of Singapore (MAS) said on Thursday (Sep 25), as it announced new guidelines aimed at promoting responsible online financial advertising.

The new guidelines, which will come into effect on Mar 25, 2026, will establish safeguards that financial institutions are expected to adopt to manage risks associated with digital advertising, MAS said in a media release.

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26-Sep 2025 Friday 2:45 PM (7 days ago)

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They will apply to all financial institutions and their appointed third parties, including online content creators.

MAS and the Advertising Standards Authority of Singapore (ASAS) have also developed a guide to aid content creators in the creation of responsible financial content.

The five content creators, whose identities were not disclosed by MAS, have been advised to adjust their content and practices to be in line with regulatory requirements, the central bank said.

Individuals who continue to provide financial advice without a licence will face enforcement action, MAS added.

"In today's digital age, where there is increasing reliance on digital platforms that transmit information rapidly, financial institutions and content creators must ensure that the sharing of financial information and advertising of products and services are performed responsibly,” said MAS capital markets assistant managing director Lim Tuang Lee.

"They must adopt the appropriate safeguards to adhere to regulatory requirements and uphold consumer interests."

When asked if MAS would name the five content creators, it said: "We are unable to share further details of our review as it is confidential."

MAS later added that it does not intend to publish the names of the content creators "as the letters are advisory in nature, and not a formal enforcement action".

CNA understands that such advisory letters from MAS may be taken into account in any future investigations or enforcement actions against the same person.

SAFEGUARDS ESTABLISHED
Established following a public consultation, the new guidelines will, among other things, address the challenges and limitations of digital media, ensure that advertising has clear disclosures and set appropriate policies and procedures for the monitoring of digital advertising activities.

MAS said that financial institutions and their digital marketers are increasingly using digital media, particularly social media platforms, for advertising activities.

While this can help these institutions reach a wider audience, a number of issues can arise if the use of digital media is not properly managed, it added.

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These include the dissemination of misleading and unbalanced advertisements, the inappropriate use of social media and the use of digital media for advertising without prior authorisation.

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MAS said it will hold financial institutions' boards and senior management accountable for the institutions' digital advertising activities. Though they may delegate their responsibilities regarding such activities to other parties, their accountability cannot be delegated.

As such, financial institutions "should exercise strong governance and close oversight over their digital advertising activities, including any such activities conducted by their digital marketers", MAS said.

The central bank added that financial institutions are responsible for all content that they and their digital marketers repost or share, including customer testimonials and third-party endorsements.

"The act of reposting or sharing content constitutes dissemination of an advertisement," it said.

When selecting digital marketers, financial institutions should also ensure that they have relevant qualifications and understand their target audience.

The marketers should also be kept informed of all updates to financial institutions' practices and relevant regulatory requirements.

Financial institutions will be expected to monitor and keep track of all their digital advertising activities, including those conducted by external digital marketers, to ensure compliance with regulatory requirements.

Under the guidelines, financial institutions should report any unauthorised advertising to the authorities, such as the police, while customers should be alerted via official channels about such unauthorised activity.

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They are also advised to take disciplinary action against digital marketers who commit misconduct or fail to adhere to regulatory requirements.

"Financial institutions should escalate the severity of disciplinary actions meted out against repeat offenders," said MAS.

"More severe actions, such as suspension or prohibition from digital advertising activities, (strengthen) deterrence against malpractices and errant conduct."

Consumers Association of Singapore president Melvin Yong said that the new guidelines will make it clear that financial institutions and online content creators have the responsibility to ensure that products and content disseminated to consumers are accurate and appropriate.

"When financial institutions and online content creators do the necessary checks and adopt the safeguards in the guide, they in turn protect the interests of consumers. Ultimately, this will go a long way in ensuring consumers are not harmed as they make financial decisions," he said in a social media post on Thursday.

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