My general impression is that the policyholders have been badly treated by the insurance company and have been made to lose money as a result of the unfair treatment.
I advise them to lodge a complaint with FIDREC. The website is www.fidrec.com.sg. If they need advice on how to lodge a complaint and is willing to pay $500 for the assistance, I can recommend someone to handle it for them. If they know how to handle the complaint on their own, they can save on this cost.
I am very sad to see so many consumers being badly treated by the financial institution. The situation seems to be getting worse in recent years. I hope that the Monetary Authority of Singapore will carry out an investigation into the practices of these financial institutions.
Tan Kin Lian
I am not hopeful the MAS will carry out an investigation into the practices of these financial institutions (FI).
ReplyDeleteWhy? If MAS do, they may have to take action against almost every FI as a matter of fairness and consistency. This will affect Singapore's reputation as a properly regulated financial centre.
Also if they do, they will be overwhelmed. Hence the best is not to do anything!
As an analogy, if only 20 people stage a street protest, the police will have no problem charging all in court! But if 10000 people protested, how to charge all in court? See the picture?
In Singapore, i know that when you want to lodge a formal complaint against a big organisation (public or private) you ll need a MP letter.
ReplyDeleteBesides, the only person who is a bigwig and commoners have access to, are MPs.
Is this true? No one takes a commoner seriously...