Tan Kin Lian's Blog: Write directly to MAS and your MP

Sunday, November 16, 2008

Write directly to MAS and your MP

Dear Mr. Tan,

I am writing with a great deal of embarrassment. My husband and I are far from being uneducated. In fact, there are two phDs between us but that goes to show that stupidity doesn't discriminate against people with education. We sank $100 000 - half of it was with pinnacles 8.

I have the following questions:
(details deleted)

What we want to say is that there is definitely a history of misrepresentation in this case. However, we are also embarrassed by the fact that we were so gullible and trusting. In the news, much is made of the plight of retirees who couldn't have known better. However, the honest truth is - it is a very complex product and if we (someone like us) could not understand it, I suspect, many people will walk into this blindly.

My point - the law usually wouldn't allow anyone to sell lousy goods in bad faith. However, when it comes to banks - they can legitimately take millions off simple folks like us and walk away. This is what I find incomprehensible. Is MAS an innocent bystander?

Finally, I just want to thank your website for helping me understand the issues even though I feel more of a fool after reading what others are saying. What I want to say is that don't assume education is going to protect you from such blunders. (details deleted)

I hope this reaches your personal email account and not your blog. If for some reason it goes to your blog, I would be grateful if you could remove it.

REPLY
I advise you to write directly to the MAS and to your member of Parliament. I have a few hundred people writing to me on similar experiences. I do not have the power to do anything, except to post into my blog, speak at Hong Lim Park, and organise Petitions (which are ignored by MAS).

13 comments:

Anonymous said...: Sorry, what is the meanings of :

"there are two PHDs between us".

My english no good.; November 16, 2008 10:53 AM
Anonymous said...: it means each has a phd. or it could be one person has 2 phd in different field. however, the first case is likely.; November 16, 2008 12:29 PM
Anonymous said...: "I am writing with a great deal of embarrassment. My husband and I are far from being uneducated...

..we are also embarrassed by the fact that we were so gullible and trusting.

... many people will walk into this blindly.

...the law usually wouldn't allow anyone to sell lousy goods in bad faith...

...I feel more of a fool after reading what others are saying.

...don't assume education is going to protect you from such blunders."

True, You my be right on all counts

Except "MAS an innocent bystander"; November 16, 2008 12:39 PM
Anonymous said...: That means, the writer and her husband each has a Doctor of Philosophy, an advanced academic degree. It does not stand for "permanent head damage". - Yet another anonymous person.; November 16, 2008 12:58 PM
Anonymous said...: It means both have a PhD . It is so damaging to the head that the products like the Notes escaped their understanding; November 16, 2008 2:32 PM
Anonymous said...: Alamak!

Pinnacle 8?

Has anything happened to it?

I invested in it. Hope it has not gone bust like the others!; November 16, 2008 2:44 PM
Anonymous said...: I am sorry to read your case. Look at it as a lesson so that next time you avert , perhaps, a bigger disaster in future.

Given both your background, I think you can recover from it to be better investors in future. Let us all be better investors in future.

Let us all remind ourselves and teach our childern that in whatever we do, even though we badly need the commission income, we have to be ethical and be fair to our clients (to quote "do the right thing").

I had learnt my lesson, and I am glad I learnt it much earlier from experiences with my insurance policies - that we cannot trust the words of our insurance agents , but only the contract and the fine prints will prevail.

1134PM; November 16, 2008 6:29 PM
Anonymous said...: The insurance agents only think of the commission. What conscience?
Only high commission can help them to achieve MDRT or TOT and to earn oversea trips. Who cares whether the customers are protected enough or the return is good so long the agents' bank's account is full.
Consumers should realise by now that these salespeople who earn by commission never have your interest at heart.You die that is your business. The ceo doesn't care how they do so long they bring in the sales.Consumers must never trust the insurance agents and the RMs.; November 16, 2008 7:55 PM
Anonymous said...: U said u walk into it blindly but MM said all of u walked into it with your eyes open. Who is correct? U are correct lah. Those toxic peoducts are so complex that not many people can understand. I suspect our million dollar ministers also do not understand fully, that's why they passed those unkind remarks, probably just look at the disclaimer and said those words.Otherwise how the town council can get cheated, they lead the town council blindly into it???; November 16, 2008 8:34 PM
Anonymous said...: Write to MP, Mr Tan? - my personal experience says don't count on it. My complaint to my MP goes unheeded more than a month ago and he is a minister level. Even MAS, FIDREC and FI have the courtesy to acknowledge.; November 22, 2008 12:08 AM
Tan Kin Lian said...: Hi 12:08 AM

Your MP has the duty to represent the voters. If your complaint goes unheeded, you should persist. Get other voters to back you and see the MP again.; November 22, 2008 12:25 AM
Anonymous said...: No one wants to champion a headless cause.

They fear they may turn headless themselves; November 22, 2008 10:28 AM
Anonymous said...: To all those Caveat Emptor proponents:

How many of you out there go through every line when you are asked to sign the contract for your mobile phone? If everyone does that, or take home to study and then decide whether to sign up, how many can each telco sign up? So I hope these people don't talk rubbish!; November 23, 2008 8:32 PM