Tuesday, March 25, 2008

Know What's Ethical

Minister for Health Khaw Boon Wan said,

"Doctors should be aware that they should not prescribe procedures of dubious benefits to their patients, exposing them to unnecessary risk or financial cost. If they do so, they will be considered unethical."

I hope that MAS Chairman Goh Chok Tong will say the following:

"Financial advisers should be aware that they should not prescribe financial and insurance products of dubious benefits to their clients, exposing them to unnecessary risk or financial cost. If they do so, they will be considered unethical."

This message, coming from the highest level in MAS, will address the marketing abuses in the financial services market.
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7 comments:

  1. AnonymousMarch 25, 2008 9:16 AM

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  2. AnonymousMarch 25, 2008 9:36 AM

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  3. AnonymousMarch 25, 2008 11:33 PM

    I am surprised that many useless products escape MAS sieve.Is it because the holes are getting bigger to let unethical products pass through. If not how come we have a lot of cashback products in the market. These products don't benefit the consumers in real term. They are like "masak masak' products for the aunties and unwary old men to fool around. They have fanciful names but with dubious benefits..

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  4. AnonymousMarch 26, 2008 6:51 PM

    I believe that the context of your statements in red are already covered in the Financial Advisors Act.

    R.

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  5. AnonymousMarch 26, 2008 7:22 PM

    This question should be posed to all ceos of insurance companies.Ethical companies should have ethical products and should monitor the activities of thier salesmen.Bottom line or market share should not be achieved at the expense of customers.

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  6. AnonymousMarch 26, 2008 9:39 PM

    All the cash back products in the market have dubious benefits. MAS should stop the marketing of these before more people get trapped and hurt.These people's money should have been put to better use, like retirement or funding their children's college or some needs. The money would have earned better return in other products than putting their hard earned money into these product with vague and dubious benefits.

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  7. AnonymousMarch 26, 2008 11:57 PM

    Brokers who lie, and more subprime nightmares
    Many homeowners who were subject to predatory lending practices - including brokers who misrepresented payments - are trying to rework their loans. Few are having any luck.

    Source:
    http://money.cnn.com/2008/03/19/real_estate/borrowers_cruz/index.
    htm

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