Forum: Extend SkillsFuture safeguards to financial marketing
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I refer to your Oct 8 report “ SkillsFuture training providers barred from using third-party promoters from Dec 1
The SkillsFuture rule change addresses two recurring concerns in consumer marketing: inducement and misleading claims. Both have close parallels in financial advertising that affect borrowers in the same way – by distorting decisions through incentives and selective presentation.
On inducements, for instance, banks and their digital partners still promote sign-up perks, welcome gifts and cashback offers that resemble the very incentives now banned for training enrolments.
These perks may seem minor but they push borrowers towards quick sign-ups rather than careful comparison. A person might choose a loan not because it fits his needs, but because a $200 rebate or a “cheap” teaser rate made it seem more attractive.
The second parallel lies in presentation. Just as how some training ads exaggerate course eligibility or discounts, financial portals sometimes display partial truths.
Both types of tactics steer choices away from informed judgment. If inducements and selective framing can distort educational choices, they can just as easily distort financial ones.
The Monetary Authority of Singapore’s Guidelines on Standards of Conduct for Digital Advertising Activities already remind financial institutions that they remain responsible for the conduct of their affiliates, influencers and comparison partners.
Regulators need to extend the new SkillsFuture safeguards to financial marketing, ensuring accountability across every affiliate and partner. Consumers, too, must play their part and exercise vigilance by scrutinising the offers.
Transparency works only when both sides – regulators and the public – refuse to reward tactics that mislead.
Daniel Tan
