MAS to warn 5 content creators in S’pore who may have given financial advice without a licence

The Monetary Authority of Singapore will issue advisory letters to five content creators who may have provided financial advice without a licence.

They have been told to adjust their content and practices to meet regulatory requirements, with MAS warning that those who persist in offering unlicensed advice will face enforcement action.

The Straits Times understands that this is the first time MAS is issuing advisory letters to content creators.

The central bank did not identify the five content creators or specify how their content should be adjusted.

ST understands that future enforcement measures may be taken under Section 6 of the Financial Advisers Act, which provides that a person who acts as a financial adviser without a licence is liable to a fine of up to $75,000, imprisonment of up to three years, or both.

The move comes after MAS released a set of guidelines on Sept 25 to promote responsible sharing of financial content online.

It sets out the central bank’s expectations for financial institutions and their digital marketers to conduct digital advertising activities in a responsible and professional manner.

In separate guidelines, developed in collaboration with the Advertising Standards Authority of Singapore, for content creators sharing financial information online, MAS said content creators should encourage informed decision-making by emphasising fundamentals such as understanding personal risk tolerance, conducting independent research and seeking professional advice when needed.

They should also promote budgeting, caution against overspending, and remind their followers to read the fine print and terms and conditions.

The regulator also urged content creators to build trust with their followers by presenting accurate information and explaining both risks and rewards clearly. They should be mindful of their impact, avoid exploiting fear of missing out or inducing panic, and always consider their followers’ financial interests and well-being.

MAS noted that a licence may be required when recommending the purchase, sale or holding of specific investment products, or when tailoring information to an individual’s circumstances.

Simply adding a disclaimer such as “this is not financial advice” does not absolve one from legal liabilities, the authority said. Those unsure should consult MAS’ Guidelines on the Provision of Financial Advisory Service or seek legal advice.

The authority said a licence may also be required for dealing in capital market products, such as when helping investors submit buy or sell orders, or when soliciting or inducing investors to buy or sell such products.

Content creators should choose their collaborations carefully and verify the legitimacy of the financial institution by looking into its credibility and business viability. They should also check that it is listed in MAS’ Financial Institutions Directory, and exercise caution if asked to promote entities on MAS’ Investor Alert List.

MAS said promotional content should comply with the Singapore Code of Advertising Practice. Those promoting on behalf of licensed financial institutions should also check directly with the institution, and any form of sponsored content should be disclosed to build trust with followers.

The authority pointed to several resources for guidance, including its Guidelines on the Provision of Financial Advisory Service, the Financial Institutions Directory, the Investor Alert List, and the Advertising Standards Authority of Singapore’s codes and guidelines.

Eight complaints against financial influencers, or “finfluencers”, were made to MAS in 2025 as at April, up from an average of five a year over the past five years.

Most of the 2025 complaints arose from comments by two influencers who shared their reasons for liquidating their investments on a financial platform.

Content creators and industry players told ST they welcome the new guidelines.

Mr Gerald Wong, chief executive of financial platform Beansprout, said the new guidelines are a timely step by MAS to set clear standards on how financial content is shared online.

“I see this as a positive development for the content creation circle – it raises the bar for the industry and helps distinguish between credible financial insights and content that may be inaccurate or misleading,” he said. “Ultimately, it will strengthen trust between content creators, consumers and the broader financial ecosystem.”

Ms Sara Wee, co-founder of The Weeblings, a sibling duo who produce bite-sized personal finance content on TikTok and other social media platforms, said the guidelines give creators a clearer framework to work with.

She added that while The Weeblings have always taken a “conservative approach” when creating content, the clearer guidelines will help put their minds at ease.

“Finance plays a big part in Singaporeans’ livelihoods, so these guidelines could potentially help shield the public from poor or unsolicited financial advice, as well as bad actors,” said Ms Wee.

Mr Reginald Koh, founder and head of content at financial podcast The Financial Coconut, said the guidelines are a welcome measure, but highlighted that even regulated individuals do not always provide good advice.

“Advice and insights – financial or otherwise – only go as far as our wisdom and abilities... So do not simply see ‘regulated’ or ‘approved’ information from financial advisers as the be-all and end-all,” he said.

Mr Koh also noted that some companies have strong incentives to push their financial products, and often do so by engaging influencers and content creators. But many of these individuals may have little understanding of what they are saying or promoting, as they are lifestyle personalities better known for entertainment than financial expertise.

“Ask yourself if you really want to take their ‘advice’ on money,” said Mr Koh.

Meanwhile, Consumers Association of Singapore president Melvin Yong said he had called in Parliament for greater clarity on the duty of care that such influencers should have, given the potential harm to consumers when “finfluencers” promote unsuitable financial products to them.

“I am heartened that MAS has launched the new guidelines, in collaboration with the Advertising Standards Authority of Singapore. This will make clear that financial institutions and online content creators have the responsibility to ensure the accuracy and appropriateness of content and products being disseminated to consumers,” he said.

The 7 things Singapore’s content creators must know before sharing financial tips online

Build trust with followers

1. How do I share responsibly?

• Present accurate information, explain both risks and rewards clearly.

• Be mindful of your impact; don’t exploit FOMO or induce panic.

• Consider your followers’ financial interests and well-being.

2. What are some financial tips that I can consider sharing with my followers?

• Encourage informed decision making.

• Emphasise fundamentals like understanding personal risk tolerance.

• Conduct independent research; get professional advice when needed.

• Encourage budgeting and caution against overspending.

• Advise reading the fine print and T&Cs.

The licence lane: where do you stand?

3. When do I need to have a licence for providing financial advice?

You may need a licence by the Monetary Authority of Singapore (MAS) when you:

• Recommend to buy, sell or hold specific investment products; or

• Tailor the information to an individual’s circumstances.

Note: Simply disclaiming “this is not financial advice” does not absolve you from legal liabilities. If you are unsure, please consult the MAS Guidelines on Provision of Financial Advisory Service (FAAG17) or seek legal advice.

4. When do I need to have a licence for dealing in capital markets products?

You may need a licence by MAS when you:

• Help investors submit their buy/sell orders for capital markets products to another person; or

• Solicit or induce investors to buy/sell capital markets products from/to another person.

Choose collaborations carefully

5. How do I check if a financial institution is legit to promote?

• Verify credibility and look into business viability.

• Check that it is listed in MAS’ Financial Institutions Directory.

• Exercise caution when asked to promote for entities flagged on MAS’ Investor Alert List.

6. How do I keep my promotional content professional and compliant with advertising rules?

• Follow the Singapore Code of Advertising Practice.

• Check with the MAS-licensed financial institution when promoting for them.

7. Should I disclose sponsored content?

• Be transparent with any form of compensation. This will build trust with your followers.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.

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