Competition watchdog ends review of proposed framework after DBS, OCBC, and UOB withdraw joint application
The Competition and Consumer Commission of Singapore (CCCS) has halted its review of a proposed framework for the Supplementary Retirement Scheme (SRS) following the withdrawal of DBS, OCBC, and UOB’s joint application. The initiative, initially proposed in November 2023, aimed to streamline the onboarding and management of SRS product providers, potentially expanding the product range to help individuals grow their retirement savings.
The plan sought to increase competition by allowing more financial institutions to offer SRS products, thus broadening options for investors. However, the banks withdrew their application, and the CCCS stated there would be no changes to the current SRS operations. This ensures no impact on existing account holders.
The banks assured customers that they would continue providing the SRS service to support retirement needs, allowing investment in products such as bonds, Singapore Government Securities, fixed deposits, unit trusts, stocks, and single-premium insurance.
