82 people replied to the poll. 65% are willing to join FISCA for an annual subscription of $36. Some people think that this rate is too low and are willing to contribute up to $60 or $120 to get better services.
35% do not wish to join FISCA. Among them are the insurance agents and relationship managers who feel that FISCA may affect the way that they do business now. The other respondents prefer to have the services for free, if possible.
I wish to encourage Singaporeans to be willing to pay a modest fee for service and advice. By spending some money, you can save a lot of money that is taken away through hidden charges (e.g. $2,000 or more on a typical financial contract) or can cause you to lose your entire principle (e.g. high risk credit linked notes).
Be willing to invest time and money to be educated. You can be much better off!
Yes, $36 is peanuts considering the wealth of information you can get from the association. You will also save a lot of money from mistakes and wrong products that you might have bought from the greedy insurance agents or RMs. It might serve as the first line of defence for many against the unscrupulous agents.
ReplyDeleteInsurance agents and RMs may not join and will discourage you from joining because it is right HERE that their misdeeds and sinister intentions and incompetence will be uncovered and for some their career may be in jeopardy .
The review of your policies bought many years ago may uncover the hidden secret skeletons, the dishonesty of the insurance agents. It will be their undoing. Their sins have caught up with them , so to speak.
Insurance agents are afraid of this association and they are trying to sabo the formation. They know the association will expose their mis-selling and dishonesty and lack of qualification. Worst, agents who mis-sold and misrepresented their clients in the past are shivering with fear that their dishonesty will not be revealed by the review service
ReplyDeletethat the association will be providing. It is pay back time for the insurance agents.
Mr. Tan,
ReplyDeletePlease tell me how join FISCA and payment method.
Thanks.
Best Regards
Wong
In order to reach out and help more people, need to do some PR activities like newspaper ads to create public awareness. Like SIAS when it was setup
ReplyDeleteGo man, go for the association. it is supposed to protect your interest from the unethical insurance agents and RMs..
ReplyDeletePlease, $36 is a paltry sum but you have much to gain.
Mr Tan, thank you for your precious time to make this enlightened proposal. Merry Christmas and a happy New Year. :-)
ReplyDeleteThe pro-tem Committee may want to consider and re-write [fee(s) and other due(s)] as [The entrance fees and subscriptions shall be determined by the General Meeting on recommendation from the Committee from time to time.] Also, I cannot rule out the possibilties, which the proposed Society may fall under Normal Registration Route and shall takes average 2-months to process. See www.mha.gov.sg/ros
ReplyDeleteIf there's a strong union looking after us workers, I'll gladly pay couple of hundred dollars to look after our welfare. Singapore's supposed to have 44 hours workweeks for its worker? Utter crap! I work 100+ hours workweeks!
ReplyDeleteLikewise, $36 on FISCA will be money well-spent for a good cause!!!
Come on, people support it! Don't wait until something like this to happen again before we regret.
This would be good for people with common financial interests to share information and questions.
ReplyDeleteThanks!!
Insurance agents and RMs, you are not going to get away with your crimes. We will expose you what you have been doing all these years. We are going to tell your policyholders that you have never had their interest at heart and it was the commission that you were after.
ReplyDeleteNot only you are dishonest you are unqualified and incompetent to be an adviser. You hide behind the so called titles and the so called sincerity you display ardently, thinking you can hoodwink the consumers that they can be substitutes and make up for your disability.The association will sound the death knell to your ruse.
Joining FISCA you can have your existing insurance policies reviewed and checked by a competent financial planner for mis-selling, inappropriate recommendation , misrepresentation and other conflict of interest. Also if you are buying insurance or investing for retirement and other concerns you can seek advice here.
ReplyDeleteFor $36 a year this is a bargain.
$36 per person per year is not going to be able to cover the cost to engage a competent financial planner to review the existing insurance policies.
ReplyDeleteThe subscription should be much higher otherwise the association run the risk of obtaining sponsorship and selling products. The association should never find itself selling any products directly or indirectly (like an introducer).
For planner's service there is a nominal fee for members.
ReplyDeleteIt will not involve in the implementation of the solution. The association 's service ends there.