The MAS Equitable Loss Sharing Framework which allocates losses suffered as a result of scams has been further delayed.
The framework, which has been in progress since July 2021, would spell out how losses are shared between consumers and financial institutions as well as other key parties, possibly payment service providers and technology infrastructure owners.
A consultation paper and public feedback exercise is expected to be undertaken once the relevant documents are prepared. Suffice to say, industry is very interested and concerned about this proposal and would watch it closely, together with the consumer groups. They will all undoubtedly pay close attention to developments.
It is believed that this framework is a world’s first and will also be watched closely by other regulators.