Why banks should not push older fixed-deposit customers to invest

Quick Summary:

It goes against guidelines aimed at uplifting customer confidence and safeguarding their interests.

The MAS expects banks to not actively promote other products to customers who are visiting a branch to renew fixed deposits.

The days when vulnerable customers were at the mercy of bank employees pushing unsuitable products are hopefully behind us in the light of clearer guidelines for the sector.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: 99/month Fixed Products Bank Subscriber-only Unlimited Access Stories Deposits Customers Renew

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-21 @ 05:00:00 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 177 words

Reading Time: 1 minutes read

Sentences: 11 lines

Sentence Length: 17 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 21700788

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About The Straits Times

Main Topics: EconomyBusiness

Official Website: straitstimes.com

Update Frequency: 2 posts per day

Year Established: 1845

Headquarters: Singapore

News Last Updated: 1 days ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #25

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