Knowing Your Rights And Responsibilities As A Financial Services Consumer

Your rights: 

  1. You have a right to be informed; in simple and clear terms how the financial product or service work and how it will meet your needs. 
  2. You have a right to purchase financial services products or service from a service provider of your choice. 
  3. You have a right to professional service by your financial service provider. 
  4. You have a right to be treated fairly by your financial service provider. 
  5. You have a right to be given written reasons if you have been denied service. 
  6. You have a right to receive and keep a copy of your contract document or the documentation of the product or service you have purchased from the service provider. 
  7. You have a right to be informed in writing if your contract is not being renewed, cancelled or altered. 
  8. You have a right to cancel your contract at any time subject to fulfilling what is required on your part. 
  9. You have a right to be advised of the consequences of cancelling your contract and any breach of the contract, including failure to pay the due amounts. 
  10. You have a right to prompt and fair handling of your claims. 
  11. You have a right to register to complain and should first file the complaint with your respective FSp and if you are not satisfied with the response then lodge a complaint with the Office of the Ombudsman of Financial Services. 
  12. You have a right to confidentiality and assurance that your information will be kept safe. 
  13. You have a right not to be discriminated against. For example, not to be treated differently because of your race, sex, disability or sexuality. 

Your responsibilities: 

  1. You must avoid dealing with unlicensed entities. Always request for proof of license before committing yourself to purchase any product or service. 
  2. You must honor your obligations on time as agreed between you and the financial service provider (e.g. loan repayments, insurance premium payments etc.). 
  3. You must give true and accurate information to your service provider. 
  4. You must provide your service provider with updated information. 
  5. You must provide all documentation required by your service provider that are reasonably necessary to evaluate your application or claim. You must ask questions and share information so that you understand what your contract includes and your obligations under it. This includes reading and making sure that all your information is correct in the contract. That is, terms and conditions.