A pro-tem committee has been formed to plan the launch of FISCA (Financial Services Consumer Association).
The aims of FISCA are to eduate consumers on financial matters, help them to find the suitable financial products and to assist them on seeking redress on mis-selling and other complaints.
Are you interested to join FISCA? What are the services that you like to use? How much are you willing to pay towards the cost of running FISCA? Should FISCA be independent of funding by the business and Government?
Give your views in this survey:
http://www.surveymonkey.com/s.aspx?sm=NDbqLl_2bU_2bb6xxaIjGarfOw_3d_3d
Dear Mr Tan KL,
ReplyDeleteI saw in the papers recently that SIAS is going to publish soon some info on:-
* educating investors
* what are the things to ensure in place before investing (eg invest excess money that you have and do not need over the time frame)
* what are the pitfalls to look out for
* etc
How does the proposed FISCA differentiate itself from SIAS? Thank you.
It should be self funding otherwise it has to look over the shoulder each time an issue of public interest is raised or be beholden to any business which will give rise to conflict of interest.
ReplyDeleteWithin the laws it should be free to operate to give the best objective advice and benefits to the members on financial issues.
The primary objectives are to educate, provide advice on insurance and investment and review for members their existing insurance and investment policies to check for conflict of interest, mis-selling and misrepresentation.
Also can be included legal matters like helping members to seek redress from FIs or institute legal proceedings against the insurance agents, advisers, RMs, consultants and FIs when all other avenues fail.
Membership fee should be reasonable.
My personal view is this association should be operated so that the below can be achieved.
ReplyDelete1. Make business transparent and expose bad practices.
2. Focus on public education and awareness programs.
3. extend education to secondary schools, tertiary institutions and national service men.
4. Avoid or minimal membership fees. Do a pay-what-you-get approach. Or refund an up-front fee after purchase of product/service. Funding by other means including fund raising events, sponsorship by businesses, marketing of products and services, donations by the public, members, corporations and non-profit organizations, and advertising revenues from websites and publications etc.
5. Avoid or minimize government funding but have selective funding by honest businesses.
By RTA
RTA,
ReplyDeleteyou will be beholden if you take money from businesses or government.
It will be used as mouth piece and lose your independence and objectivity.Reasonable fee must be collected. No free lunch but you get free tit bits. Isn't it reasonable?
Education to school is not its business but to members , yes.
Independence is of paramount importance. We don't want to be highjacked.
I totally agree with the above and would like to add the following. This association pro-term committee should comprise of people who have no personal interest in any financial institutions. Like currently most of such associations havebosses of these companies.All protecting own interest.
ReplyDeleteThe scope should covers as wide as possible but strictly related to financial. L
et me give an example, currently when we buy a life product from an insurer through a Financial adviser we thought that we can change our servicing adviser should our adviser leaves the company to join another. The irony is that the insurer have no say and have to seek permission from the ex company to change. We buy from insurer through an intermediary and not the intermediary. I can imagine these intermediaries (FAs) have thousands of such clients with no one servicing and the company keeps on receiving the commission. Why
This is a 'time bomb' no one dares to address the issue with the insurer. The proposed association should bring the insurers to task.
If MAS also canNOT impose regulation on Insurer's one-sided change of Bonus payment on Back-Dated insurance policy, what can the FISCA do now?
ReplyDeleteCan FISCA restore the Bonus payment to original terms and conditions?
It is only fair that insurer change bonus payment on NEW insurance policy and NOT on exisint insurance policy.
This change of bonus payment is fundamental breach of the insurance agreement.
Education has no real value when fairness, justice, openness, transparency cannot be regulated and enforced.
ReplyDelete