MAS - Monetary Authority of Singapore

Who is MAS?

The Monetary Authority of Singapore (MAS) serves as Singapore’s central bank and integrated financial regulator. MAS performs a dual role:

Central Bank: It conducts monetary policy, issues currency, manages Singapore’s official foreign reserves, oversees payment systems, and provides banking services to the Government of Singapore.

Integrated Regulator: It licenses and supervises all financial institutions in Singapore, ranging from banks and insurance companies to fund managers and capital markets.

MAS was established in 1971 to take over monetary and banking functions previously performed by various government departments. The primary objective of this consolidation was to develop a more conducive legal framework and environment for Singapore’s growth as an international financial centre.

MAS is governed by a Board of Directors chaired by the Minister for Finance, comprising members from both the public and private sectors. The Managing Director is responsible for the authority’s day-to-day operations.

What Does MAS Regulate?

MAS exercises its regulatory authority through several key functions:

Monetary Policy: Formulates and implements monetary policy to maintain price stability, thereby fostering sustainable economic growth.

Licensing and Supervision: Licenses financial institutions operating in Singapore and subsequently closely supervises their operations to ensure their soundness, stability, and compliance with regulations. MAS adopts a risk-based supervisory approach.

Rule-making and Enforcement: Develops and enforces a comprehensive legal framework for the financial services industry. Key Acts and regulations enforced by MAS include:

Banking Act: Governs the operations of banks.

Insurance Act: Regulates the insurance industry.

Securities and Futures Act (SFA): Regulates capital market activities and trading of securities and derivatives.

Payment Services Act (PS Act): Regulates payment services, including digital payment tokens and money remittance.

Financial Advisers Act (FAA): Governs the provision of financial advice.

Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT): MAS is the primary agency responsible for overseeing compliance with AML/CFT regulations within the financial sector.

Financial Sector Development: MAS actively promotes the development of Singapore as a leading financial hub by attracting investments, fostering technological innovation (FinTech), and nurturing talent.

Official Foreign Reserves Management: Manages Singapore’s official foreign reserves.

Consumer Education and Protection: Provides information and resources to consumers and investors to enhance financial literacy and protect them from risks.

How to Resolve a Dispute with a Broker/Financial Service Provider Regulated by MAS?

If you have a dispute with a broker or financial service provider regulated by MAS, the resolution process typically involves the following steps:

Step 1: Contact the Financial Institution (FI) Directly.

All financial institutions licensed by MAS are required to have an internal complaints handling process for their customers. This is always the first and most effective step to resolve an issue. You should contact the FI’s customer service or complaints department to detail your issue and seek a resolution.

Step 2: Escalate the Complaint to the Financial Industry Disputes Resolution Centre Ltd (FIDReC).

If a satisfactory resolution cannot be achieved directly with the FI, you can escalate your complaint to FIDReC. FIDReC is an independent and impartial institution that provides mediation and adjudication services to resolve disputes between consumers and financial institutions in Singapore.

FIDReC offers free services to consumers for eligible complaints within certain limits. Financial institutions are members of FIDReC.

Step 3: Report Misconduct to MAS (if necessary).

Similar to the FMA, MAS does not directly resolve individual disputes or provide compensation to customers. MAS’s role is to supervise, license, and enforce regulations to ensure the stability and integrity of Singapore’s financial system.

However, if you believe that a financial institution has breached MAS’s regulations, engaged in misconduct, or its actions could adversely affect the broader market, you may report the matter to MAS. Your information will assist MAS in its supervisory, investigative, and potential enforcement or policy reform actions if deemed necessary.

You can find information on how to submit a report to MAS under the “File a complaint” or “Whistleblowing” sections on their official website.

MAS Contact Link (including feedback/complaint submission options): https://www.mas.gov.sg/contact-us