Staff Reporter

, Singapore

Gan told Parliament connected 12 February nan regulator will support watching marketplace shifts.

The Monetary Authority of Singapore (MAS) does not scheme contiguous changes to nan rule to reside nan waste of security products done e-commerce platforms, but said it will proceed to show developments.

In a written reply to a Parliamentary Question for nan sitting connected 12 February, Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry and Chairman of nan Monetary Authority of Singapore, responded to Melvin Yong Yik Chye, MP for Radin Mas SMC.

Melvin had asked whether nan MAS intends to amend nan Insurance Act to guarantee consumers’ interests are protected arsenic security and financial services firms partner e-commerce platforms to administer their products.

Gan said financial institutions whitethorn administer a scope of financial products done different channels, including e-commerce platforms. 

He added that each financial institutions and their intermediaries are expected to uphold due behaviour and put successful spot user safeguards erstwhile distributing products. 

When advertizing connected e-commerce platforms, they are besides expected to measure whether nan platforms tin comply pinch their integer advertizing practices.

Under nan Insurance Act, wide security agents distributing wide security products, including done e-commerce platforms, must beryllium registered pinch nan Agents’ Registration Board of nan General Insurance Association of Singapore and comply pinch its rules connected professionalism, behaviour and competency standards. 

Agents that neglect to comply whitethorn look disciplinary action, including cancellation of registration.

Gan said existent safeguards are adequate, but nan regulator will proceed to measure changes successful nan marketplace and present caller safeguards if necessary.
 

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