Bank employees cannot push for other parties' products: MAS

Customers are also encouraged to call the bank's hotline if they have queries or concerns about purchases they have made.
Customers are also encouraged to call the bank's hotline if they have queries or concerns about purchases they have made.PHOTO: ST FILE

SINGAPORE - A bank relationship manager can sell or recommend only products of his employer and cannot act for other unrelated parties unless he has obtained prior approval from the regulator.

The excuse that he is doing so in his own time will not wash either because the mere act of advising others on investment products requires a licence.

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