Tan Kin Lian's Blog: FISCA - Verification of Financial products

Monday, September 21, 2009

FISCA - Verification of Financial products

FISCA wish to look for volunteers to help consumers to verify the financial products (including insurance policies) that they have bought.

The consumer will be asked to state what they have been informed about the product and the materials that were provided.

The volunteer (who must have the required certificate in insurance or investments) will check through the materials to explain if the verbal representations correspond with the written materials.

The volunteer will also point out if there are other facts (such as high upfront charges) contained in the materials that were not explained to the consumer.

If there was mis-representation or failure to provide satisfaction explanation by the person who sold the product, the volunteer will help the consumer to write a complaint to the relevant body. The admin fee will be $50.

If you are interested to be a volunteer, please write to kinlian@gmail.com.

9 comments:

Anonymous said...: Dear Mr Tan
Here's a suggestion on term insurance.

Maybe FISCA can do for term insurance what Mr Khaw Boon Wan did for hospital charges.

Put up all the term insurance on FISCA's website (divided into categories eg car, term life etc) and the corresponding cost.

That way consumers can easily do comparison shopping among the different insurance companies and policies.

Term insurance (I think) is more cost-effective and transparent. So should be easier to compare. Insurers can be invited to write in to FISCA if they think the policies on FISCA's website are not representative of their better products (and to offer better alternatives).

If this is possible, I can't even begin to calculate how much money you will be saving for consumers.; September 21, 2009 10:58 AM
Tan Kin Lian said...: Hi 10:58 AM
Your idea is already being developed and will be made available to FISCA members. But it may take a few months to be ready.; September 21, 2009 11:02 AM
Anonymous said...: Mr Tan

Thanks for taking this bold step. The availability of this service will create fear among the greedy agents. They will now be caught, if they mislead the consumer.

Their days are numbered. They will realise that they cannot continue to push products and earn a big commission. They have to give value to the consumer.

Even if nothing happens, this fear of being caught will keep the agents more honest, I hope. FISCA would have achieved its goal already, without taking anything drastic.

Those who want to challenge FISCA better watch out. See who wins in the end. Don't fool around with Mr. Tan,; September 21, 2009 12:29 PM
Anonymous said...: Mr. Tan, try to ask volunteers with CFP and CFA designation.These are tertiary professional qualifications .
CFP can reveiw the financial planning process to check for mis-selling, inappropriate recommendation and conflict of interest and many other malpractices in insurance and investment.
CFA can check the investment for inappropriate recommendation, fund peddling, charges and mis-management of portfolio etc.
I hope financial advisers with these qualifications can come forward to volunteer your national service to help many consumers who were conned by the insurance agents and financial product salespeople..; September 21, 2009 2:42 PM
Tan Kin Lian said...: I have blocked another comment that is quite rude and abusive to insurance agents. For the poster, please stop these personal attacks, as you are causing stress to me (in having to read the rubbish).

Similarly, I ask insurance agents who disagree with my views to stop visiting here .My blog is for consumers who find my views to be useful to them.; September 21, 2009 2:42 PM
Anonymous said...: Mr. Tan, the agents might be from ntuc who are not happy with your views on medishield and critical illness insurance. They are maligning you in their forum and one old hag agent has threatened to write to the ST Forum .These were the people whom you helped and they are turning against you with their vicious attack.; September 21, 2009 3:14 PM
Anonymous said...: Ignore these ungrateful agents. They'll never get any further than their mouth. This female old hag is known for this kind of cursing.
FISCA is great under your leadership. You are natural leader. These agent have lost a great leader and FISCA will their undoing.; September 21, 2009 5:56 PM
Anonymous said...: FISCA will the undoing of many insurance agents, especially the product pushing agents.Their unethical practices will be exposed.
Consumers will know the true color of their trusted agents, their dishonesty and incompetence. Consumers will know that that have been taken a ride by their own agents.They will know that their agents are actually salesmen and product peddlers disguised as some CONsultant unqaulified.
Consumers should have their existing policies reviewed to check for mis-selling before it is too late.You might have many rubbish policies that you don't need and that you have mis-allocated your resources depriving you of other needs.
I encourage you to have your policies reviewed
by qualified financial planners.; September 22, 2009 10:09 AM
Anonymous said...: The review of existing policies is a fantastic idea.The policyholders will now know what they have bought and whetehr these products will meet their needs.
I suggest those who bought cashback anticipated endowment to come for review. They will be shocked to discover that their agents misrepresented the products and hid a lot of things from them .
Those who bought 'buy one get one free' from ntuc will know that they don't get any enhancement.; September 22, 2009 7:47 PM