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Advertising authority clamps down on misleading investment ads
New rules will be rolled out.
The Advertising Standards Authority of Singapore (ASAS) will will roll out new rules for ads on investments in financial instruments and properties.
The ASA is working with the Monetary Authority of Singapore and the Council of Estate Agencies to enhance the current Advertising Code.
Proposed enhancements include raising the standards of disclosure and strengthening measures to deal with advertisers who repeatedly place misleading ads.
"This will give members of the public a better understanding of the risks of the investment and greater protection against recalcitrant advertisers," said Tan Sze Wee, Chairman of ASAS.
Earlier, the Consumers Association of Singapore (CASE) reported that it received 13 complaints in 2013 and 2014 from consumers who had invested in foreign properties but were unable to get back their promised returns or payouts.
The group warned that investing in an unfamiliar foreign market holds high risks, such as foreign currency fluctuations, property market trends, sovereign risks and interest rate risks.
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