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Why banks should not push older fixed-deposit customers to invest
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The MAS expects banks to not actively promote other products to customers who are visiting a branch to renew fixed deposits.
ST PHOTO: KEVIN LIM
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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.
These forbid bank staff from promoting investment products after inviting older and less sophisticated bank customers, many with a poor command of English, to visit the bank to renew fixed deposits.
