The Advertising Standards Authority of Singapore (ASAS) is setting up new guidelines to standardise advertisements on investments in financial instruments and properties. ASAS is an advisory council to the Consumers Association of Singapore(CASE). Working with the Monetary Authority of Singapore (MAS) and Council of Estate Agencies (CEA), the goal is to improve the advertising guidelines on these.
This was according to the Straits Times. These will involve any financial instruments expected to generate future profits or benefits for the buyer, said the article. This is aimed at protecting the public and helping them understand the risks of investment.
Such enforcements are also being considered for marketing of foreign properties. Earlier, CASE received 13 complaints regarding foreign property purchases within the past two years, the article added.
While a list of particulars for any ad in a local housing project needs to meet certain requirements, there are none such government advertisements for foreign properties at present. CASE is proposing that developers selling foreign properties provide proper valuations of the properties well as pertinent information that includes the financial standing of the developer.
Some of the proposed enhancements will include raising the standards of disclosure and strengthening measures to deal with repeat offenders who put up misleading advertisements, Tan Sze Wee, chairman of ASAS, told The Straits Times.
Marketing reached out to ASAS for more details on the ruling and how it will work with media owners and agencies.
"ASAS comprises members from advertisers and advertising agencies, media owners, government agencies and other supporting organisations. ASAS is also empowered to request that media owners support the decisions of ASAS, including sanctioning advertisers who offend against the Singapore Code of Advertising Practice (SCAP)," Tan said.
He added: "Upon receipt of feedback, which could come from members of the public or businesses, ASAS would review the advertisements and follow-up with advertisers for evidence to support their claims. Where necessary, ASAS would draw upon a resource pool of experts in their various fields for advice on content in advertisements."