Sunday, April 06, 2008

Should MAS ban high cost products?

Someone posted a comment about an ILP product that gives poor cash value after two years. He asked, "Why doesn't MAS (i.e. Monetary Authority of Singapore) ban this type of product, or set some limit on the commission that can be paid to the agent?"

It seems that many consumers are not aware about the high charges of an ILP product, and now learn to their regret that so much of their savings is taken away from them.

If you are in this category, and you felt that the insurance agent has not been fair in disclosing this important point to you, should write to MAS. If enough people write to MAS, maybe, they will take actions to protect the interest of consumers.

Alternatively, you should write a letter of complaint to the newspapers and wait for MAS to reply to your letter.


Anonymous said...

Yes , those who have been aggrieved by insurance agents or mis-sold products, you must complain to MAS.
To let MAS know that insurance companies are playing punks with you with lousy product and use their greedy agents to push down your throats without you knowing it.
The companies don't care how their agents sell. They want sales only.They want to capture market share.
I know of a company who is only interested to be #1 and is using all all unethical lousy products and pay its greedy agents high commission to push them. This company and its agents have been in the news lately, the company sharing its lofty vision and the agents using unethical means and harassing the public at roadshows.
MAS must put a stop to this before the consumers' retirement go up in flame.

Anonymous said...

Not only IlPs, there are traditional products that are lousy, that short change the customers like those cashback products introduced by a local insurer.This kind of products should be banned too otherwise more consumers will be hoodwinked into buying it.
MAS should check stringently on products of this nature before allowing it to be sold to public. Leaving it to the insurance companies is paying lip service because the companies would not jeopardise their own business.
MAS should vet them before more consumers suffer in the hands of greedy insurance agents who would stoop to anything to earn high commission.

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