Dear Mr. Tan,
A consumer survey conducted by MAS showed that only 33% are satisfied with the financial product that they have bought. 67% are neutral or dissatisfied.
In your opinion, does this reflect a general state of unhappiness among consumers?
Consumers have been unhappy with the low interest rate paid by the banks for the past years. The interest rate is insufficent to offset inflation. The large increase in inflation rate this year has worsened the situation.
Many consumers switched to structured financial products and obtained an equally low return. Life insurance and investment linked products also incur high charges and will take a long time to reach the break-even point.
The negative experience of consumers on financial products has been reflected in their answers to the consumer survey.
MAS has now issued a proposed guideline to make the board and senior management of financial institutions to be more accountable for giving fair dealing outcomes to consumers.
- ► 2013 (299)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
03/02 - 03/09
- Poll: Preferred type of term insurance
- Subprime losses could reach USD 400 billion
- High charges
- Credit card debt
- Earnings of Global Insurers
- Growth Policy
- Selamat Datang
- Term insurance with income benefit
- Taxis Stands in Central Business District
- Finance Your Passion Workshop
- Consumers are dissatisfied with financial institut...
- Buying life insurance in Singapore
- Speculative investment
- Computing the yield
- How to invest in this environment?
- Yields on Singapore Government bonds
- How To Maximize our R & D Investments
- Questions on existing life insurance policies
- Low Cost Life Insurance Policy
- Accumulate short term savings in a bank account
- Poll: Saving for a child's education
- Fair remuneation for an adviser
- Charges on your Investment Linked Policy
- Poor cash value for this whole life plan
- Poor products and unethical sales techniques
- A very poor deal
- Poll: Attitude towards savings
- Article: Don't expect another bull market
- Poll on savings and insurance
- Life insurance for a child
- Lower premium on motor insurance
- Life policy taken by a parent
- Guaranteed renewability
- Coping with future increases in medical insurance
- Pay off a housing loan
- Earn a return of 6% to 24% a year
- Benchmark premium rates for Term Insurance
- Save for your future needs
- Value of Life Insurance
- Spread in Flexi-link
- ▼ 03/02 - 03/09 (41)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)