Appropriate Market Conduct

1. 4.1.1.1To encourage Consumers’ trust in the safety and the integrity of the financial marketplace, Licensed Financial Institutions must conduct themselves with integrity and in a fair, honest, competent and transparent manner at all times.

Appropriate location for carrying out Business

1. 4.1.1.2When meeting Consumers in person on any location/premise for carrying out any business, the Licensed Financial Institution must ensure that the location/premise provides an appropriate physical space and environment that ensures confidentiality of the exchange of personal information and security in carrying out transactions.

Qualified Retail Staff

1. 4.1.1.3Licensed Financial Institutions must ensure that their Staff do not have any past criminal record for fraud or financial crimes or have been previously terminated for misconduct. Stated qualifications by Staff must also be verified.
2. 4.1.1.4Licensed Financial Institutions must ensure that Staff are appropriately qualified to fulfil their duties and remain at all times fit & proper.

Disclosure of Employer

1. 4.1.1.5Licensed Financial Institutions must ensure that their Staff clearly disclose their employee identification and whom they work for to the Consumer.
2. 4.1.1.6Licensed Financial Institutions must require Authorized Agents to ensure that their representatives disclose and explain to Consumers the relationship between the Licensed Financial Institution and the Authorized Agents.

Sales, Pricing and Financial Promotional Activities

1. 4.1.1.7Licensed Financial Institutions must act with integrity and in a fair, honest, transparent manner, and must take into account the best interests of Consumers in their sales and financial promotional activities. This Section must be read in conjunction with Article 5: Business Conduct of these Standards.

Monitoring of Market Conduct by Management

1. 4.1.1.8Licensed Financial Institutions must monitor their marketplace behavior of sales, marketing, financing / lending and advisory services. They must conduct and document, at minimum, monthly call backs on a sample of Consumers to detect any inappropriate conduct by Staff.
2. 4.1.1.9Licensed Financial Institutions must conduct regular mystery shopping and site visits of locations where the Licensed Financial Institution’s business is carried out in order to monitor and ensure that the Advertising, sales, financing / lending and advisory practices are conducted in line with their internal standards and control framework.
3. 4.1.1.10Monitoring must include collection and analysis of Consumer Complaints. Trend analysis reports from all monitoring activities must be reported monthly to Senior Management.
4. 4.1.1.11Licensed Financial Institutions must document their control framework for the monitoring activities described above. The findings and management reporting on monitoring must be documented and available to Central Bank for inspection on a demand basis.