Dear Mr Tan
Thank you for compiling this list of affected parties and the advice that you have rendered thus far. I like to take this opportunity to share my experience with others and hopefully more will be prompted to share about how they have dealt with this matter and the results obtained.
Over the last few days, I have written to my distributor and also to MAS regarding this matter. My letter is attached so you may have a better idea of how this fiasco has affected me.
Since sending out the letter on Thursday, I have received 2 seperate calls from MAS regarding the matter. I have been invited to attend an informal meeting with the authorities this coming Monday for them to better understand my situation.
Although they have stressed that the meeting should not be construed as MAS having started an investigation, they have assured me that they are closely monitoring the situation and that they would be getting in touch with the Bank head for her response and action.
I have also spoken to staff of the distributors about this matter and during those conversation, I was still provided with mis-information regarding my investment. I have documented the miscommunications and have written to the distributor again to highlight the present lack of knowledge by their staff and how they are continuing to twist and bend the truth about the investment with total disregard to the accuracy of information that is being dispensed to customers. The note to the distributor is also attached for your reference in understanding this issue better.
This being the case with my distributor, I am wondering whether other affected parties have also been subjected to such misinformation. If so, please share your experience so we can learn from each other.
I read in the papers that the respective distributors are supposed to set up seperate and independent bodies to investigate this matter. It was thus disturbing that I received a call from the branch manager informing me that they have received my letter and were looking into the matter. If the branch itself is involved in the such an investigation, I have serious doubts on how consumer interest can be protected. I will be following up with another letter to the distributor on this matter and seek their clarification.
Mr Tan, if you do have any other suggestion or advice on what can be done further, do let me know. Once again, I am deeply grateful for your assistance in this matter.
REPLY
Let me think over this matter. I think that it is better for MAS to appoint an independent party to receive the complaints, rather than let it be handled by the distributor.
The so called financial consultants , advisers and insurance agents are grossly under qualified.Some consumers are more qualified than them.
ReplyDeleteMAS must review the syllabus of the licensing exams and raise the standards . Other than College of Insurance as the sole licensing body others should be appointed. The syllabus should be revised from time to time to stay relevant.
Currently, SCI course are like 'history' courses.
The life insurance syllabus doesn't equip the agents to conduct insurance planning. It is nothing more than a study of different kind of 'products'. It is sale oriented.The exam is multiple choice format and most candidates 'tikam tikam'to pass, so with the other exams.
I know of many agents who have been in the business for many years yet they still DO NOT KNOW MUCH ABOUT INSURANCE. They are supposed to be 'experienced' but sad to say their 'experience' is same experience repeated over many years.It is a shame and yet people like them are allowed to 'advise' people on insurance.They are hit and run salespeople.It is dangerous to let them loose to screw up other people's financial life.
To advise on investment I would urge MAS to insist on minimum qualification of diploma in investment study.The study of basic concepts of derivatives and financial engineering should be included. Currently, the cert in ILPs is horribly , horrendously low and it is an INSULT to know that you have been advised by an 'expert' with such qualification.No wonder they screw up your investment.Many don't understand the meaning of the word investment. How can MAS allow them to screw CPF members' life saving?
The current market debacles should provide an opportunity for MAS to review the skills and competence of these 'advisers'(actually salesmen) before more people get hurt and to enforce the guidelines
in the FAA to ensure responsible advice.
MAS must ban selling and product pushing and enforce section 27 of the FAA if they are serious about it.
I fully agree the investors should deal with MAS or MAS-appoined independent party directly. There is conflict of interest to deal with FI now.
ReplyDeleteThere is a need to raise the standard
ReplyDeleteof financial advisory service.It is dangerous to leave your hard earned money in the hand of unqualified salespeople, be it life insurance, investment and other financial matters.
Authority must also clean up the industry of unethical and incompetent
salespeople, both have caused much damage to people's life.