65% of respondents like FISCA to get most of its funding from its members, to remain independent and act in the interest of consumers. 75% prefer to avoid getting advertisement and sponsorship from financial institutions. 20% welcome funding from Government for general expenses, and 35% for special projects.
90% feel that FISCA should encourage members to spend time to learn about financial matters.
56% like the subscription to be $36 per year; the remainder are willing to pay a higher subscription.
Proposed approach
We will set up FISCA with an annual subscription of $36.
Members are encouraged to log in each week and read the newsletter, educational and research materials. and assessment test.
Additional services will be provided to members at a modest fee:
a) Handle complaint on mis-selling
b) Handle complaints on insurance claims
c) Attend educational talk
d) Simple financial planning advice
e) Buying of recommended financial products
FISCA will encourage members to pay a modest fee for advice and service. This will save them several thousand dollars in paying the hidden charges embedded in financial products, such as life insurance and structured products. More importantly, members can avoid losing their capital in risky products that are not properly disclosed to them.
An important task for FISCA members is to spend time and be educated about financial matters and to make the correct decisions. FISCA will help members to achieve this goal by providing the relevant materials for members. FISCA will use as much volunteers as possible, but some full time staff have to be engaged for the research and administration.
It is important that FISCA should have funds to carry out their work. I hope that more members will come forward and be willing to pay a subscription to make it possible for FISCA to be effective in its work. Do not expect it for free.
It is important that the management staff or committee members of the association does not work with any financial institutions in order to remain neutral.
ReplyDeleteIt should provide review service for members of their existing polices to see if there had been mis-selling, inappropriate recommendation or products or advice in accordance with section 27 of the FAA.This will save members a lot of money and plug up shortcomings in their existing polices due to incompetent or unethical advice by insurance agents.
ReplyDeleteShould misconduct be found the assocaition can recommend actions against errant agents or FIs.
Soon will like SIAS
ReplyDeleteIf FISCA provides a review service then the V plan mis-selling or misrepresentation would not have happened or the loss would have been lesser if discovered earlier through a review. Perhaps this msi-seliing can be lodged with FIDREC and MAS.
ReplyDeleteSimilarly the case of lumpsum fund used to buy a Revosave or Harvest from ntuc can be complained to MAS for cheating
This insurance and investment policies review service to members and consumers is important because it will put a stop to unethical selling by insurance agents . Agents will be more careful and think twice before cheating.
There bound to be some overlappings with SIAS. FISCA focuses on life insurance and collective investment products and services to policyholders
Great effort. I will join. Hope the $36 fee will be kept affordable for the next 10 years.
ReplyDeleteI think it is important to also engage the institution.
"So it is said that if you know your enemies and know yourself, you will fight without danger in battles"