Hiring of Ex-offenders in Financial Services Sector and Recourse for Those Not Issued Prohibition Orders under MAS Act

Mr Chua Kheng Wee Louis asked the Prime Minister and Minister for Finance (a) for each year over the last five years, what is the number of ex-offenders who have been hired for positions in (i) banks and (ii) other financial services firms respectively; (b) whether MAS reviews the grounds on which relevant persons have been rejected on the fit and proper criteria; and (c) what is the recourse for ex-offenders, who have not been issued prohibition orders under any Act administered by MAS, should they experience discrimination in the hiring process.

The Monetary Authority of Singapore (MAS) does not restrict the hiring of ex-offenders in the financial industry in all instances. Rather, it issues prohibition orders to specific individuals who have committed serious offences or misconduct in the financial industry. These individuals are, for a period of time, barred from conducting regulated financial activities and may not take part in the management of a financial institution (FI) or act as its director.

An ex-offender who has not been issued any prohibition order or an individual whose prohibition order has expired may be employed by an FI if he or she has been assessed to be fit and proper for the role. The FI may consider the seriousness and circumstances of the previous offence, and time elapsed since the offence, if relevant to the duties and responsibilities of 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.

All employers in Singapore, including FIs, are expected to adhere to the Tripartite Guidelines on Fair Employment Practices (TGFEP). They should recruit fairly on the basis of merit and in a non-discriminatory manner. Employers may also consider previous offences, if relevant to the role that the individual is applying for. 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. Where there are breaches of 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.