Dear Mr. Tan
I wanted to terminate my ID2 and was told that I have to pay a charge of 15% of the premium for 5 years, making a total of 75%. I was not aware of this charge, which was not disclosed to me by the adviser. Is it true that I have to pay this charge? Is it a fair charge?
During my time, I recall that the charge for ID2 is 15% for 3 years only. The total of 45% was much lower than an average of 150% charged in the market. I was not aware that the charge has been increased to 15% for 5 years. You can check with the adviser.
If you have not been informed by the adviser about the charge at the time that you bought the policy, you can lodge a complaint with MAS. The adviser is required to disclose and explain the charge to you, as set out in A5 of Q8 in this attached document from MAS:
- ► 2013 (302)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
12/07 - 12/14
- Public transport in Singapore
- Guide - how to lodge a complaint on credit linked ...
- Speaker Corner, 13 Dec 2008 Speech by TKL
- Rejection of travel insurance claim
- Petition Form for Elected Presidency
- HK: Minibond losers back on the street
- HK investors protest over mis-selling of Lehman-li...
- Speaker's Corner, 13 Dec 08, 5-7 pm
- SCMP:Troubled minibond investor attempts suicide
- Financial Talk and Counselling - Sat 13 Dec 2-5 p....
- Citigroup and UBS Agree to Buy Back Risky Securiti...
- Who should be retrenched first?
- A broad based approach towards re-training
- Hong Kong banks repay 30 million HK dollars in min...
- Why we need a minimum wage policy in Singapore
- Cheating - as defined in Penal Code of Singapore
- HK: Lehman losers eye US class action move - press...
- HK: DBS sued over investment losses
- SCMP:60 investors get HK$30m from banks on minibon...
- Mistrust of financial products
- Petition to Town Council - arranged by Gilbert Goh...
- Election into public office
- Survey results - consumer association for financia...
- Financial Services Consumer Association - Survey
- Giving a fair deal to policyholders
- Salaries of CEOs of Motor Companies
- Association to educate consumers on financial serv...
- SCMP:Gripes about banks double, but over what?
- Dealing with an adviser - what to look out for
- The Online Citizen celebrates its second anniversa...
- Adviser is required to disclose and explain the ch...
- Offer of 30% compensation
- The CDO time-bomb
- Spare a though for the foreign workers in Singapor...
- Two sources of loss on your investment
- ▼ 12/07 - 12/14 (35)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)