The Monetary Authority of Singapore (Amendment) Bill 2007

MAS :News Room, Policy Statements and Speeches:
The 2nd reading of the MAS (Amendment) Bill has passed. Of particular interest to the consumer would be the point below

"Powers to approve a dispute resolution scheme
12. A key aspect of consumer empowerment is to provide consumers with recourse to an affordable, accessible and independent dispute resolution mechanism. It is therefore important for MAS to have the authority to approve schemes for the resolution of disputes arising from the provision of financial services in Singapore. The proposed new powers will also enable MAS to require a financial institution to be a member of an approved dispute resolution scheme and to comply with the prescribed terms of that membership."