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Fair Dealing

The purpose of this course is to provide an overview of the fair dealing obligations imposed on the financial services sector when interacting with customers. It focuses on the Monetary Authority of Singapore’s (MAS) Fair Dealing Guidelines and the five fair dealing outcomes financial institutions are expected to achieve. The course also provides the learner with practical examples based on the Guidelines. 

Geography Covered: Singapore | Duration: 30 minutes

Summary

The 2008 financial crisis led lawmakers and regulators around the world to closely scrutinise the interactions between financial institutions and their customers. These efforts included a renewed and heightened focus on the concept of 'fair dealing'. Were firms being open and honest with their customers? Were they providing customers with products suited to their needs? Were they taking customer complaints seriously? Many regulators and commentators indicated that firms were falling short in these and other areas.

In 2009, the Monetary Authority of Singapore (MAS) introduced the 'Guidelines on Fair Dealing - Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers' to promote fair dealing by financial institutions when they conduct business with their customers. The Guidelines incorporate lessons learned from the financial crisis as well as public comments on earlier MAS draft proposals.

The Guidelines establish five fair dealing outcomes that MAS expects firms to achieve: (1) a culture of fair dealing, (2) clear and relevant disclosures to customers, (3) suitable products, (4) competent representatives, and (5) independent and fair complaint handling. MAS expectations are supported by clear recommendations for training, internal compliance, remuneration systems and recordkeeping.

The Guidelines also reflect the MAS’s view that everyone in a financial institution is responsible for ensuring that customers are treated fairly. All employees therefore have legal and ethical obligations to make fair dealing an integral part of every customer interaction. 

The topics covered in the course include:

  • Introduction to Fair Dealing Outcomes
  • Outcome One: A Fair Dealing Culture
  • Outcome Two: Suitability
  • Outcome Three: Competent Representatives
  • Outcome Four: Clear, Relevant and Timely Information
  • Outcome Five: Proper Complaint Handling
    • Fair Dealing (Singapore)
  • Like with all our courses, the Fair Dealing training course was written by experts and powered by world-leading regulatory intelligence, which tracks more than 900 regulators and exchanges globally to ensure the course content is always up to date.

    All our training courses are driven by practical examples and interactive scenarios to ensure users truly understand and recognize the issues of most importance to your business and learn to instinctively act to support them.

    We employ instructional design techniques optimized for risk and compliance training, enabling your business to educate in a way that reduces risk and helps you build a culture of integrity and compliance.

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