If you wish to serve in the pro-tem committee to set up this association, or to help as a volunteer in some capacity at a future date, or give some suggestions on the work of the association, you can participate in this survey:
http://www.surveymonkey.com/s.aspx?sm=mFi1bCabtn2VHpVrBPRuUA_3d_3d
I think we shld have an association of Noteholders to work out on only one thing - how to get our money back via class-action. All the general education etc. can come later.
ReplyDeleteI've replied to this survey/invitation, and I strongly encourage all who have financial, banking or insurance experience to come forth, and make this work.
ReplyDeleteOffer your expertise to help consumers understand about financial products and what they can do for them. Today financial products are miss-sold and misrepresented by insurance agents who themselves are ignorant and have no adequate knowledge of the products.
ReplyDeleteThe association can offer review services for people who want to know if they have been sold the correct products and given appropriate advice.
Consumers can also seek financial advice if they are not sure they can get objective advice from insurance agents.
The association will conduct research on products, from insurance to UTs ans ILPs and draw up a comparison table.
It will educate consumers their rights and expectation of financial advices and the way their needs are to be approached and not pushed products they don't understand.
The association will be staffed by qualified and competent financial practitioners, lawyers, accountants and investment experts.
It will be self funded from membership fees and revenues from courses, seminars,talks etc.
It is time consumers come together to take on the financial predators out there since the watchdogs are a castrated lot, toothless and have no interest to protect the man in the street..
ReplyDeleteThe association's roles will be to provide financial education, research ,advice and review for consumers and litigation.
Education: to equip members or consuming public about personal finance, the products , insurance and investment and what they should get from the insurance agents, the FAs and RMs.
Research: to research the products,funds and make comparison and to screen them for recommendation.
Advice: there are bound to be consumers who want indepedent and objective advice on their financial needs. We can have a pool of qualified, honest and competent advisers to provide this service for a low fee for members.
Review: this service is for consumers who want second opinion or unsure of what they bought to have their portfolio checked and reviewed for mis-selling, misrepresentation,conflict of interest and inappropriate recommendation.
Litigation: to guide or to help consumers who have been aggrieved by FIs and their sales representatives to institute legal proceedings.
This will be a self sufficient association so that members will have access to all the areas of personal finance.
What are the terms of reference of the association?
ReplyDeleteTan Ah Kow
are they not spelled out in the above?
ReplyDeleteeducation
research
advice
review
litigation
Nope.
ReplyDeleteNot spelt out: Who is funding this association?