Section 123
Standards on business conduct
of Financial Services Act 2013
(1)
The Bank may specify standards on business conduct to a financial service provider for the purposes of ensuring that a financial service provider is fair, responsible and professional when dealing with financial consumers.
(2)
Without limiting the generality of subsection (1), standards specified under that subsection may include standards relating to—
(a)
transparency and disclosure requirements including the provision of information to financial consumers that is accurate, clear, timely and not misleading;
(b)
fairness of terms in a financial consumer contract for financial services or products;
(c)
promotion of financial services or products;
(d)
provision of recommendations or advice including assessments of suitability and affordability of financial services or products offered to financial consumers; and
(e)
complaints and dispute resolution mechanisms.
(3)
The Bank may specify any class, category or description of persons for purposes of the definition of “financial consumer” in section 121.
(4)
Where the Bank specifies a standard on business conduct under subsection (1) which relates specifically to capital market products or capital market services as defined in subsection 2(1) of the Capital
Markets and Services Act 2007, such standard shall be specified jointly with the Securities Commission.