The new code is being drafted by the ABS in conjunction with its member banks and is expected to be ready by March.
Justin Barry, chief operating officer, TBWA\Singapore, said: "I believe a bank should be able to sell its products to achieve standout and impact like any other kind of product - but at the point of purchase, the bank must provide proper and fair disclosure. It is here that the disclaimers and technicalities need to be brought to light."
Meanwhile, Leo Burnett Singapore managing director John O'Shea said that he believed the proposed code should cover all communication between banks and customers, not restricted to just advertising.
"Advertising in print and television is more visible and therefore the advertisers are more likely to be scrupulously correct," said O'Shea.
"It is in less visible areas like telephone sales and street marketing that 'faster' practices may occur and therefore the customer needs more protection."
However, Anthony Kang, 4As president, took a more positive view on the code, saying that the association welcomed the new code "especially at a time when the banking industry is a key advertiser and the Government has, in recent years, granted permits for foreign banks to conduct consumer banking".
He added that the 4As would like to work closely with ABS on the new code if called upon.
Singapore banks did not seem perturbed by the impending regulation. Said Sim Puay Suang, executive vice-president, personal financial services at UOB: "The proposed advertising code will serve as a useful guide to advertisers and should be easy to implement."
