From TKL: I have not been able to accuracy of this information yet.
Dear Mr. Tan
According to one writer, these type of products (ILPs) were designed and sold in the UK in the 1980's & 1990's. A super regulator was brought in called the FSA to clean up an industry that to date has paid compensation to investors in the UK who have lost money in the region of GBP 15,000,000,000 (billion) using these exact same products. That is why they are now 'offshore' so insurance companies can continue to sell these very profitable products in poorly regulated markets in Asia.
Now that they cannot sell in UK or US, they come to Asia and other developing markets like UAE to sell. A foreign insurer sells this plan in Singapore as an offshore product, and MAS is clearing not supervising these offshore insurers. They will bring great harm to our people.
Thanks for your help.
GT
The post is not accurate. In fact, a significant amount of investment products sold in UK and Europe are ILPs.
ReplyDelete- From an insider.
These products are the universal life and variable universal life variants of whole life. Rip off has taken new forms and local insurance companies are pushing them as kind of revolutionary products.A company will be lauching soon. There will be more miss-selling and misrepresentation because commission is big and customers will be ripped off big too. The insurance agents will be bolder to tell lies and adopt poker face when telling them.
ReplyDeleteConsumers, you will play an important role to see these products are nipped in the bud before allowed to rear their ugly heads.
Dont know about ILP's but this is a very accurate story for Land Banking. They bring these products to Asia after being shut out of the UK and sell them to relatively unsophisticated investors.
ReplyDelete