A YEAR has passed since the Lehman Brothers collapse. In Singapore, about 9,900 people invested in toxic products, and about 3,900 got back $107 million after a 'misleading sale' probe.

In the aftermath of a public outcry against the financial institutions which sold the toxic products, the Monetary Authority of Singapore (MAS) has realised the critical need for stricter financial regulation, and rolled out proposed changes related to the marketing and sale of financial products.

On Sept 8, the MAS said it would ban the use of terms like 'capital protected' or 'principal protected', as many investors do not understand the financial jargon.

Our financial institutions must abide by the basic principle of setting clear rules for the advertising, sale and promotion of various financial products, to promote transparency and accountability.

Mr Teo Kueh Liang

For more my paper stories click here.