The Monetary Authority of Singapore (MAS) has clarified its policies regarding the employment of ex-offenders in the financial industry.
The statement follows a parliamentary inquiry by Chua Kheng Wee Louis, Member of Parliament for Sengkang GRC.
The inquiry sought to understand the number of ex-offenders hired by banks and financial services firms over the past five years, as well as the measures in place to ensure fair hiring practices.
It brings to light a recent case involving a financial adviser in Singapore who was sentenced to eight months in prison for forging multiple insurance policy documents in an effort to meet sales targets.
Responding to the parliamentary inquiry on behalf of MAS, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, who also chairs MAS, stated that the authority does not impose a universal ban on hiring ex-offenders.
However, MAS does issue prohibition orders to individuals who have committed significant offenses within the financial sector. These orders temporarily restrict the individuals from engaging in regulated financial activities or holding management positions in financial institutions (FIs).
Gan noted that ex-offenders who are not subject to prohibition orders, or whose prohibition orders have lapsed, may be considered for employment by financial institutions if they are deemed suitable for the roles in question.
The financial institutions are responsible for evaluating the relevance of past offenses to the job duties and determining the candidate's overall fitness for the role.
“MAS does not track the number of ex-offenders hired by FIs or require FIs to inform MAS of the rejection of candidates,” Gan said.
He said that all employers, including those in the financial sector, are required to comply with Singapore’s Tripartite Guidelines on Fair Employment Practices (TGFEP). These guidelines advocate for merit-based hiring and discourage discriminatory practices.
“Ex-offenders who encounter discriminatory hiring by the FI can approach the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) for advice and assistance,” he said. “Where there are breaches of the TGFEP, TAFEP will require the employer to address the complaints and correct its employment practices. In egregious cases, TAFEP will report the case to the Ministry of Manpower to take further action.”
