Development of Conduct Regulation: Fair Market Conduct
Financial services is a sector in which effective and efficient regulation is critical to consumer welfare, to businesses and to the economy as a whole. It is vital to ensure that consumers are well-informed about the products they are purchasing and also that the businesses are treating consumers fairly. The FSC observed the following concerns:
It is presumed that fair market conduct in every phase of the financial product life cycle will ensure fair outcomes for consumers. Therefore, firms are expected to adopt a treating customers fairly culture framework and show evidence of the same in their dealings with consumers.
During the period, as part of its 'Fair Market Conduct Programme', the FSC embarked on the development of competency standards for the market as well as guidelines for advertising and marketing of financial products.