If we make a mistake, we should admit it. We should not try to find some angle to explain it away. We should not "rationalise" our action, which is what smart but dishonest people are quite used to do.
If we do not know the answer, we can state the fact. We can seek advice. Or just give it a try.
In an artilce in the Straits Times today stating that Franklin Roosevelt was not sure about how to bring America out of the depression in the early 1930s. He took some bold steps, but admitted that he did not know if it would work. Barrack Obama is now taking the same approach to overcome the global financial crisis 80 years later.
There are some people who have never made a mistake in their lives, because they are able to rationalise it, and explain it away.
Tan Kin Lian
Whistle Blowers 1.3.1d in the guidelines
ReplyDeleteIt is very interesting that MAS guidelines for fair dealing outcome to consumers has encouraged the FI Management to have a market conduct check system procedure for 'Whistle Blowers".
It is laudable but to be provided by Management is akin to shooting one's foot.
MAS should provide a DIRECT mechanism for insurance company staff or policyholders to blow the whistle if they have evidence or rumour of misconduct o breaches of FAA.MAS should also protect the whistle blowers if they are the company staff.
This is a clever ploy by MAS to keep tab on FIs to ensure that they comply with FAA especially the salespeople. Management and the insurance agents will think twice about committing malpractices and irregularities.
This is a good check and balance for the company as a whole.
A very interesting difference between US and Europe bankers as to the recent economic crisis.
ReplyDeleteUS bankers: We're not at fault
Europe bankers: We're sorry