Book Title: Research Handbook on Asian Financial Law

Publisher: Edward Elgar Publishing

Abstract: Protection of the financial consumer in Singapore is achieved by the interaction of various statutes, regulatory instruments, codes of practice, government initiatives and common law principles, some of which are not specifically directed at consumer protection. This chapter examines these rules generally, with special emphasis on the increased protection that has become available since the global financial crisis of 2007–08. Financial transactions, which had previously been excluded from the ambit of the Consumer Protection (Fair Trading) Act, now come under the statute. Retail investors have the benefit of stricter rules and codes, and a wider right to private law damages for breach of statutory duty under the Financial Advisers Act. However, non-reliance and other clauses which may impact negatively on the consumer continue to be part of standard form financial contracts, and the important question of judicial attitudes towards the enforcement of such contractual clauses is also discussed.