MAS rolls out digital ad guidelines for financial institutions, checklist for content creators

[SINGAPORE] The Monetary Authority of Singapore (MAS) has issued new guidelines spelling out financial institutions’ responsibilities when advertising in the digital space.

The Guidelines on Standards of Conduct for Digital Advertising Activities will take effect from Mar 25, 2026. A separate guide has also been released for online content creators.

Both documents follow a public consultation and serve as illustrative references; they are not legislation and carry no penalties.

“Digital platforms, including social media, have increasingly become sources of financial information for consumers,” said MAS in a media release on Thursday (Sep 25). “However, such platforms can also amplify misleading or inappropriate content that can lead to consumer harm.”

Five safeguards

For financial institutions, the guidelines set out five safeguards to address conduct risks in digital advertising, particularly on social media.

First, institutions should ensure their choice of digital platforms is appropriate. This includes checking if the platform’s policies permit financial ads, assessing potential reputational risks, and confirming that the institution has sufficient control to modify or remove ads if needed.

Second, they must account for the limitations of digital formats. Word or character limits should not result in the omission of key risks or caveats. For example, it would be misleading to highlight only a product’s benefits in an ad, while relegating risks to a separate webpage.

Third, institutions should carefully select digital marketers – such as influencers – based on qualifications, track record and communication style, and keep them updated on advertising rules through training or formal agreements.

Fourth, institutions must monitor all digital campaigns, including those run by external marketers. This can involve tools such as media monitoring, web crawls, social media listening and even mystery shopping.

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Finally, they should take disciplinary action when misconduct arises. This could range from stricter monitoring and warnings to suspensions or corrective measures.

Guidance for content creators

Separately on Thursday, MAS said it has issued advisory letters – which do not carry penalties – to five content creators who may have provided financial advice without a licence.

“They have been advised to adjust their content and practices to be in line with MAS’ regulatory requirements,” the regulator said. “Persons who continue to provide financial advice without a licence will face enforcement action.”

MAS did not disclose the identities of the content creators or the potential infractions.

To help creators comply, the regulator has launched a seven-step online checklist. It covers building trust with followers, understanding licensing requirements for financial advice and capital markets products, and selecting the right financial institution to collaborate with.

The checklist also includes five QR codes that link to resources such as MAS’ directory of financial institutions and the Advertising Standards Authority of Singapore’s social media guidelines.

“Content creators who are unfamiliar with legal requirements may be inadvertently conducting regulated activity and infringing regulatory requirements,” MAS said.