News & Insights
MAS Proposes to Simplify and Facilitate Greater Access to Insurance Products
February 8, 2024
The Monetary Authority of Singapore (“MAS”) has on 2 February 2024 published a consultation paper proposing a reduction in the amount of information collected by financial institutions from their clients when making recommendations for selected insurance policies. The MAS intends to do so by promoting the adoption of the Basic Financial Planning Guide (“Financial Planning Guide”) by the financial advisory industry.
In addition, MAS has proposed to introduce accompanying safeguards for the collection of a reduced set of information items.
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