MAS cannot be trusted as regulator any more. It has not enforced the laws that it enacted and that caused the debacle. FIs was free to sell any prducts that make money for them. Advisers or salesmen could use any means to make the consumers buy, from mis-selling to cheating. 7 years ago MAS issued guidelines with the laws to FIs and spelled out specifically the way advisers like RMs or insurance agents must follow before recommending the products.Very few followed. The rest pushed products and their sales pitch bordered on cheating and swindling . Insurance agents sell whatever products the companies produced without evaluating whether the products are suitable for their cleints . The agents only think of how to make the customers buy only and don't care whether they need or not. This is the problem and MAS doen't bother until troubles come. Never so much curses were thrown at MAS. Wonder the people in charge are qualified or not.
If the Human Factor is the flaw, then its perfectly normal for flaw in any system, dont you agree.
ReplyDeleteMAS cannot be trusted as regulator any more. It has not enforced the laws that it enacted and that caused the debacle.
ReplyDeleteFIs was free to sell any prducts that make money for them.
Advisers or salesmen could use any means to make the consumers buy, from mis-selling to cheating.
7 years ago MAS issued guidelines with the laws to FIs and spelled out specifically the way advisers like RMs or insurance agents must follow before recommending the products.Very few followed. The rest pushed products and their sales pitch bordered on cheating and swindling . Insurance agents sell whatever products the companies produced without evaluating whether the products are suitable for their cleints .
The agents only think of how to make the customers buy only and don't care whether they need or not. This is the problem and MAS doen't bother until troubles come.
Never so much curses were thrown at MAS. Wonder the people in charge are qualified or not.