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From Komfie Manalo, Opalesque Asia:
The Singaporean government has strengthened the Consumer Protection Fair Trading Act (CPFTA) to allow consumers to seek redress and civil remedies against unfair practices by financial institutions.
In a statement in Nov-08, the Ministry of Trade and Industry said the CPFTA would be extended to certain financial products and services as a result of amendments (made to the CPFTA), which will take effect on 15-Ap-09. They include the following:
1 - the CPFTA prescribed limit for claims brought by consumers for unfair practice will be raised from US$13,000 to US$19,435 (S$20,000 to S$30,000) taking into account larger consumer transactions;
2 - the limitation period for actions for unfair practice under the CPFTA will be extended from one year to two years;
3 - inclusion of financial products and financial services regulated under legislation administered by the MAS (namely, Banking Act, Finance Companies Act, Financial Advisers Act, Insurance Act, Monetary Authority of Singapore Act, Money-changing and Remittance Businesses Act and Securities and Futures Act).
Amendments on regulated financial products and services
The ministry issued the following clarifications with regards to the extension of the CPFTA coverage to include financial products and services:
- a court may look into the risks of the financial products or services in determining w...................... To view our full article Click here
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