|
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
Source: Monetary
Authority of Singapore Press Release 26 Jul 2004
|
|
Related Stories:
|
|
The Straits Times attempted to
reach eight investment firms with Singapore contact details on the MAS' list
of 25.
|
|
Receptionists or taped
voice-recordings at five of them identified the occupants as having a
different name from that on the list.
|
|
The contact details for another
two - Global Capital Management and Lombard Grand - turned out to be for
business centres at Prudential Tower and Centennial Tower.
|
|
They used to be clients with the
business centres but not anymore.
|
|
A spokesman at the Prudential
Tower business centre said Global Capital never had a physical presence there,
but was a "virtual client".
|
|
Source: Straits Times 27 Jul
2004 (1)
|
MAS publishes investor alert list
