{"id":171706,"date":"2025-09-27T01:59:12","date_gmt":"2025-09-27T01:59:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/171706\/"},"modified":"2025-09-27T01:59:12","modified_gmt":"2025-09-27T01:59:12","slug":"mas-to-warn-5-content-creators-in-spore-who-may-have-given-financial-advice-without-a-licence","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/171706\/","title":{"rendered":"MAS to warn 5 content creators in S\u2019pore who may have given financial advice without a licence"},"content":{"rendered":"

SINGAPORE – The Monetary Authority of Singapore will issue advisory letters to five content creators who may have provided financial advice without a licence. <\/p>\n

They have been told to adjust their content and practices to meet regulatory requirements, with MAS warning that those who persist in offering unlicensed advice will face enforcement action. <\/p>\n

The Straits Times understands that this is the first time MAS is issuing advisory letters to content creators.<\/p>\n

The central bank did not identify the five content creators or specify how their content should be adjusted. <\/p>\n

ST understands that future enforcement measures may be taken under Section 6 of the Financial Advisers Act, which provides that a person who acts as a financial adviser without a licence is liable to a fine of up to $75,000, imprisonment of up to three years, or both.<\/p>\n

The move comes after <\/p>\n

MAS released a set of guidelines on Sept 25<\/p>\n

<\/a> to promote responsible sharing of financial content online. <\/p>\n

It sets out the central bank\u2019s expectations for financial institutions and their digital marketers to conduct digital advertising activities in a responsible and professional manner. <\/p>\n

In separate guidelines, developed in collaboration with the Advertising Standards Authority of Singapore, for content creators sharing financial information online, MAS said content creators should encourage informed decision-making by emphasising fundamentals such as understanding personal risk tolerance, conducting independent research and seeking professional advice when needed. <\/p>\n

They should also promote budgeting, caution against overspending, and remind their followers to read the fine print and terms and conditions. <\/p>\n

The regulator also urged content creators to build trust with their followers by presenting accurate information and explaining both risks and rewards clearly. They should be mindful of their impact, avoid exploiting fear of missing out or inducing panic, and always consider their followers\u2019 financial interests and well-being.<\/p>\n

MAS noted that a licence may be required when recommending the purchase, sale or holding of specific investment products, or when tailoring information to an individual\u2019s circumstances. <\/p>\n

Simply adding a disclaimer such as \u201cthis is not financial advice\u201d does not absolve one from legal liabilities, the authority said. Those unsure should consult MAS\u2019 Guidelines on the Provision of Financial Advisory Service or seek legal advice.<\/p>\n

The authority said a licence may also be required for dealing in capital market products, such as when helping investors submit buy or sell orders, or when soliciting or inducing investors to buy or sell such products.<\/p>\n

Content creators should choose their collaborations carefully and verify the legitimacy of the financial institution by looking into its credibility and business viability. They should also check that it is listed in MAS\u2019 Financial Institutions Directory, and exercise caution if asked to promote entities on MAS\u2019 Investor Alert List.<\/p>\n

MAS said promotional content should comply with the Singapore Code of Advertising Practice. Those promoting on behalf of licensed financial institutions should also check directly with the institution, and any form of sponsored content should be disclosed to build trust with followers. <\/p>\n

The authority pointed to several resources for guidance, including its Guidelines on the Provision of Financial Advisory Service, the Financial Institutions Directory, the Investor Alert List, and the Advertising Standards Authority of Singapore\u2019s codes and guidelines.<\/p>\n

<\/p>\n

Eight complaints against financial influencers, or \u201cfinfluencers\u201d,<\/p>\n

<\/a> were made to MAS in 2025 as at April, up from an average of five a year over the past five years. <\/p>\n

Most of the 2025 complaints arose from comments by two influencers who shared their reasons for liquidating their investments on a financial platform.<\/p>\n

Content creators and industry players told ST they welcome the new guidelines.<\/p>\n

Mr Gerald Wong, chief executive of financial platform Beansprout, said the new guidelines are a timely step by MAS to set clear standards on how financial content is shared online. <\/p>\n

\u201cI see this as a positive development for the content creation circle \u2013 it raises the bar for the industry and helps distinguish between credible financial insights and content that may be inaccurate or misleading,\u201d he said. \u201cUltimately, it will strengthen trust between content creators, consumers and the broader financial ecosystem.\u201d<\/p>\n

Ms Sara Wee, co-founder of The Weeblings, a sibling duo who produce bite-sized personal finance content on TikTok and other social media platforms, said the guidelines give creators a clearer framework to work with. <\/p>\n

She added that while The Weeblings have always taken a \u201cconservative approach\u201d when creating content, the clearer guidelines will help put their minds at ease.<\/p>\n

\u201cFinance plays a big part in Singaporeans\u2019 livelihoods, so these guidelines could potentially help shield the public from poor or unsolicited financial advice, as well as bad actors,\u201d said Ms Wee. <\/p>\n

Mr Reginald Koh, founder and head of content at financial podcast The Financial Coconut, said the guidelines are a welcome measure, but highlighted that even regulated individuals do not always provide good advice.<\/p>\n

\u201cAdvice and insights \u2013 financial or otherwise \u2013 only go as far as our wisdom and abilities… So do not simply see \u2018regulated\u2019 or \u2018approved\u2019 information from financial advisers as the be-all and end-all,\u201d he said. <\/p>\n

Mr Koh also noted that some companies have strong incentives to push their financial products, and often do so by engaging influencers and content creators. But many of these individuals may have little understanding of what they are saying or promoting, as they are lifestyle personalities better known for entertainment than financial expertise.<\/p>\n

\u201cAsk yourself if you really want to take their \u2018advice\u2019 on money,\u201d said Mr Koh.<\/p>\n

Meanwhile, Consumers Association of Singapore president Melvin Yong said he had called in Parliament for greater clarity on the duty of care that such influencers should have, given the potential harm to consumers when \u201cfinfluencers\u201d promote unsuitable financial products to them.<\/p>\n

\u201cI am heartened that MAS has launched the new guidelines, in collaboration with the Advertising Standards Authority of Singapore. This will make clear that financial institutions and online content creators have the responsibility to ensure the accuracy and appropriateness of content and products being disseminated to consumers,\u201d he said. <\/p>\n

The 7 things Singapore\u2019s content creators must know before sharing financial tips online<\/p>\n

Present accurate information, explain both risks and rewards clearly. <\/p>\n

Be mindful of your impact; don\u2019t exploit FOMO or induce panic. <\/p>\n

Consider your followers\u2019 financial interests and well-being.<\/p>\n

Encourage informed decision making. <\/p>\n

Emphasise fundamentals like understanding personal risk tolerance. <\/p>\n

Conduct independent research; get professional advice when needed. <\/p>\n

Encourage budgeting and caution against overspending. <\/p>\n

Advise reading the fine print and T&Cs.<\/p>\n

You may need a licence by the Monetary Authority of Singapore (MAS) when you:<\/p>\n

Recommend to buy, sell or hold specific investment products; or <\/p>\n

Tailor the information to an individual\u2019s circumstances. <\/p>\n

Note: Simply disclaiming \u201cthis is not financial advice\u201d does not absolve you from legal liabilities. If you are unsure, please consult the MAS Guidelines on Provision of Financial Advisory Service (FAAG17) or seek legal advice.<\/p>\n

You may need a licence by MAS when you: <\/p>\n

Help investors submit their buy\/sell orders for capital markets products to another person; or <\/p>\n

Solicit or induce investors to buy\/sell capital markets products from\/to another person.<\/p>\n

Verify credibility and look into business viability. <\/p>\n

Check that it is listed in MAS\u2019 Financial Institutions Directory.<\/p>\n

Exercise caution when asked to promote for entities flagged on MAS\u2019 Investor Alert List.<\/p>\n

Follow the Singapore Code of Advertising Practice. <\/p>\n

Check with the MAS-licensed financial institution when promoting for them.<\/p>\n

Be transparent with any form of compensation. This will build trust with your followers.<\/p>\n","protected":false},"excerpt":{"rendered":"SINGAPORE – The Monetary Authority of Singapore will issue advisory letters to five content creators who may have…\n","protected":false},"author":2,"featured_media":171707,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,184,185],"class_list":{"0":"post-171706","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/171706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=171706"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/171706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/171707"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=171706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=171706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=171706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}