In brief
On 15 May 2026, the Monetary Authority of Singapore (MAS) published its response (“Response Paper”) to feedback on a consultation paper on proposed enhancements to the PHS requirements and the complex products framework (“Consultation Paper”).
As set out in the Response Paper, MAS intends to proceed with the following changes:
- Changes to the design and prescribed content of a PHS to enhance its usefulness and readability to enable investors to make more informed choices.
- New PHS requirements for ILPs and Classification of ILPs as Complex Products for investors to have a better understanding of the product and to reflect their inherent structural complexity.
- A new complex products framework, including changes in terminology, changes to the Customer Knowledge Assessment (CKA) requirement, removal of mandatory advice and safeguards for selected clients. This will allow investors to make informed choices on investment products on their own, while catering to the needs of selected investors who may continue to require additional support and safeguards.
The changes to both the PHS requirements and complex product framework will be implemented through legislative amendments, to be published separately at a later date. MAS will separately publish a consultation paper addressing the legislative amendments to implement the complex product framework and the appropriate transition period.
If you have any questions on how this may impact your business or operations, please feel free to reach out to us.
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