MAS to warn 5 content creators in S’pore who may have given financial advice without a licence

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

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.

The Straits Times understands that this is the first time MAS has issued advisory letters to content creators.

The central bank did not identify the five content creators, nor specify how their content should be adjusted.

ST understands that future enforcement measures may be taken under Section 6 of the Financial Advisers Act 2001, 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.

The move comes after

to promote responsible sharing of financial content online.

It sets out the central bank’s expectations for financial institutions and their digital marketers to conduct digital advertising activities in a responsible and professional manner.

In separate guidelines 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.

They should also promote budgeting, caution against overspending, and remind their followers to read the fine print and terms and conditions.

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’ financial interests and well-being.

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’s circumstances.

Simply adding a disclaimer such as “this is not financial advice” does not absolve one from legal liabilities, the authority said. Those unsure should consult MAS’ Guidelines on the Provision of Financial Advisory Service or seek legal advice.

The authority said a licence may also be required for dealing in capital markets products, such as when helping investors submit buy or sell orders, or when soliciting or inducing investors to buy or sell such products.

Content creators should choose their collaborations carefully, and verify the credibility and business viability of any financial institution by ensuring it is listed in MAS’ Financial Institutions Directory. They should exercise caution if asked to promote entities on MAS’ Investor Alert List.

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.

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’s codes and guidelines.

were made to MAS in 2025 as at April, up from an average of five a year over the past five years.

Most of the 2025 complaints arose from comments by two influencers who shared their reasons for liquidating their investments on a financial platform.

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