My friend told me this story. A businessmen and a Government official were very happy. They have found a way to make a few million dollars for the businessman to import of rice into the country through a licence given by the official and to share the illegal profit in an overseas bank account.
My friend said that the illegal profit will have to be borne by the poor people who have to pay a higher price for the rice. He is sad that people can be so happy to make profit from the suffering of the poor people.
This does not refer to Singapore.
There is never a better time to overhaul the financial structure especailly those that regulate the the FIs , the products and the salespeople.
ReplyDeleteA new and stringent oversight regime to ensure the FIs and insurance companies don't cheat and compromise those guidelines, the internal controls and governance.
To enforce all the existing laws more seriously the ways the salespeople conduct their business and to make the advisory process compulsory.Any deviation from this process should be dealt with punishment.
Products information should be fully disclosed like what is required of medicine and drugs.
It is also time to get rid of unethical and incompetent insurance agents and RMs and salespeople.
Consumers should be wary of these salespeople. They should consult and seek advice from FISCA before buying and after buying. They should seek review of their existing policies for mis-selling and misrepresentation and unethical practices.
The time for all these is NOW. The impact will be lessened.
MAS should follow CHina in dealing with wicked and dishonest salespeople selling insurance and investemnt products like in the melamine milk case.Take swift action and tighten regulation to send a strong signal to other salespeople like insurance agents, FAs and RMs. Although nobody died of the toxic minibomb their suffering is worse than that. It is agonising.
ReplyDeleteThere is a story of a divisional manager at a property firm who conspire with his wife to rip off a customer. The customer paid for his services but instead got rip off over 200,000 as well as a 7,300 dollars commission to sell their house. In court, he claims that he was not aware that the house could sell for so much but his wife bought it using the number on her Identity card that is why the price was so low but sold it a few days later at over 900,000 dollars. His wife bought it at around 600,000 over dollars because the number matches her IC number. Is this another case of a foreigner who is taking advantage of our locals? Where is the sense of fair play since the customer paid for their specialised knowledge of the property market in getting the best price for their house?
ReplyDeleteI agree with Anonymous (January 23, 2009 3:35 PM) on the point about honesty and fair play.
ReplyDeleteWhat this couple did was unethical, to say the least.
But why bring in the question of foreigners? Are Singaporeans so naive to be taken advantage of by them? Would we feel better if we are cheated by another local?
The issue we see nowadays is that cunning and manipulative foreigners are coming to our shores in droves. Much like piranhas released in a pond full of goldfish and guppies. Your question then will be are the goldfish and guppies so naive as to let the piranhas rip them off? Now what kind of a question is that if seen in this light?
ReplyDeleteI am not particularly fond of foreigners either, but I don't just bash them for no reason, nor make generalised comments.
ReplyDeleteIs the uncalled for linking of the act of the couple to the foreigner issue "honesty and fair play"??
I agree with the posting of 12:22pm.
ReplyDeleteMany Singaporeans are working overseas too. I hope that they are not branded by similarly narrow-minded people in these overseas countries as foreigners out to take advantage of their locals.
The couple in question are foreigners. That is why the wife's IC number starts with 68XXXXX even though she is already so old. There is another news report of a man with a foreign accent ripping off a jewellery shop through deceit. Aren't all these foreigners who are preying on us? It is not just about foreigners. Sure, when we go overseas we are the foreigners, but do we do such things to others? Instead, we always make a good impression on the citizens of other countries so much so that they trust Singaporeans. But can we say the same of those foreigners who come to our shores? Narrow-minded? Do not pretend to be magnamous when it would be stupid or naive at best.
ReplyDelete