COMMENT POSTED IN MY BLOG (edited)
Dear Mr Tan,
In your opinion, is there a need for MAS to license insurance agents? For those IFAs operating in a licensed financial firm, why do they need a license individually to practice?
I feel that MAS is trying to distinguish these 2 groups of advisers but doing it slowly over time. I do hope the licensing requirements (including renewals) do help to weed out unethical advisers.
Also, i feel that there is a conflict of interest in the insurance companies trying to enforce compliance issues on their representatives and watching their bottomline.
I share your vision where advisers operate in a fee-based model and salaried advisers. Free of commissions and conflict of interests.
My view is:
* There is a need for MAS to licence insurance agents, and not leave it to the insurance company. Currently, MAS licence independent financial advisers only.
* There should be clear standards of products and practices that are fair for consumers. Currently, some financial products are designed to make a lot of commission for the distributor and the product issuer (i.e. the insurance company or investment bank), and give poor value to consumers (who are not knowledgeable).
* There should be stronger enforcement of the practices, to make sure that the financial advisers and act in the interest of the consumers (which is their duty anyway).
* We need standards similar to the medical and legal professions.
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- People are living longer
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- Investing CPF savings
- Investing after a market correction
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- Suitable products
- Reverse mortgage
- Whole life and endowment policies sold by NTUC Inc...
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