Monday, September 29, 2008

Diary of a Singapore mind - article on structured products

Read this article:


zhummmeng said...

`The market does not exist to serve the interests of financial intermediaries. It exists to serve the public.'' - Joseph Yam, CEO HKMA
``You need regulators to take a view. You need a health warning.'' - Joseph Yam

I strongly agree that it is NOT the objective of the market.
I want to add that the Financial Institutions also don't exist to serve the interest of the insurance agents, consultants, RMs,private bankers but the consuming public.

Anonymous said...

NTUC INCOME used to see its role as serving the public, especailly the man in the street.
Now it is to serve the agents and the company's goal of becoming #1.
The new products are meant for the agents to reach mdrt or tot so to raise the image of the company. The policyholders are left dry and locked in for long period to serve the company's revenue. What do the policyholders get? A token return enough to cut losses against inflation but not enough even to hedge let alone increase in wealth.
The bottom line? win-win-loss

a fan of the ceo of hong kong monetary authority

Anonymous said...

Yeh, in ntuc the focus is on the agents to reach mdrt or some incentive trip. The agents are free to rape the consumers in whatever way, eg. like selling revosave to pay for vivolife. It is nonsense.
Under Mr. TanKL. the culture was different. It was pro consumers.

Everlearning said...

Can someone tell me which bank has the interest of its customers? Surely, I will be glad to transfer my savings to this bank. None, right! Then, what choice do I have?

zhummmeng said...

MAS consultation Paper on the below.
BY next year all advisers will be licensed. There will be no exempt advisers. Fee=$200 +$10 application fee
A public register with the details of all advisers, past and present details, record of professional misconduct, suspension, fine and so forth will be made available to for the public to see and verify.

Another change is all the insurers will have the same right of nomination as the cooperatives.

Section 73 irrevocable insurance trust will come under insurance ACT section 49.No change to original intent.
Many more changes I hope especially section 27 of FAA will be given more power and enforced seriously this time in the wake of the current debacle.

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