THE Monetary Authority of Singapore said that
it does not regulate schemes that involve investors acquiring physical assets
like property, gold, art or wine
("MAS spells out regulatory criteria"; last Saturday).
It appears that the MAS knew about the activities of these companies
but decided to put their names on its website under its Investor Alert list.
If the MAS had investigated these companies at that time
to find out if they were infringing the law on deposit-taking,
it is likely that these activities would have been stopped earlier,
when fewer people were involved.
Tan Kin Lian
President
Financial Services Consumer Association
1 comment:
When Lehman brothers failed in 2008, MAS asked the banks to investigate their own products and staffs. I found it strange because MAS was asking the alleged wrong doers to inevestigate themselves!
If it is not MAS's duty to regulate and investigate financial products, then whose responsibility is it?
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