Tan Kin Lian's Blog: 70% willing to join FISCA

Monday, December 22, 2008

70% willing to join FISCA

140 people participated in the poll. 70% are willing to join FISCA and pay an annual subscription of $36. The remaining 30% do not wish to join FISCA. I consider that there is good support for FISCA.

4 comments:

Anonymous said...: Can someone differentiate the benefits of joining FISCA compared to joining SIAS? SIAS educates small investors, provides assistance in dispute resolutions etc ie the same objectives of the proposed FISCA. So, where is the value-added benefit that FISCA can deliver? I hope that FISCA is not trying to be another "me too" organisation that duplicates SIAS's functions.

SIAS has about 8 yrs experience. Its annual membership is $28, but that is not the point.; December 23, 2008 9:03 AM
Anonymous said...: Hi Mr Tan,

If you do set up the FISCA, i am keen to join and pay the subscription rate. Technology creates the ability for individuals to share their common pool of knowledge and the basis of creating fairness, something the world is lacking.

My current job is a bank auditor and definitely feels the need for greater governance towards unfair practises. I personally feel that even our watchdogs had serious oversights with regards to the recent reports worldwide.

First we had the Soc Gen trading matter, then we had carry trade activities.. Soon, Subprime.. then we had Lehman brothers, subsequently AIG. Frankly, everyone thought we should be near bottom until recently when Madoff comes online. 8 years ago, we had Enron and Global crossing and PCAOB was supposedly the governing board. That gave birth to SOX and attestation of internal controls.

The next decade until 2018 will be interesting, at least to me because we should be seeing more watchdogs, more framework and maybe more oversights.

History had proved that human hardly learn from mistakes..

Rgds,
J; December 23, 2008 11:17 AM
Anonymous said...: FISCA is different from SIAS in that SIAS deals with stocks and shares and valuation and interest of the small punters and other related issues.
FISCA is about life insurance,investment , retirement planning, ILPs , UTs and structured products and how they are to be sold to the man in the street. Review , advice and product education and comparison will be the mainstay of the assocaition.
The association provides more wide ranging services and topics pertaining to personal finance.; December 23, 2008 7:32 PM
Anonymous said...: I also have been thinking about this point, that we already have SIAS so why do we still need to setup FISCA.

However after checking out the "SIAS comments on Lehman fallout" video, I have the impression that SIAS is not taking care or fighting for the retail investor at all, at least not in the way that TKL has done.

SIAS does not even hold the view that there has been mis-representation, it implies it is investors fault for signing something that we do not understand.

So it does seem to me SIAS is not the right body that can represent and fight for the minibond victims.; December 23, 2008 9:10 PM