Many consumers have lost a lot of money due to unfair trading imposed by financial institutions and intermediaries. They should get a lawyer to see if these parties have infringed the CPFTA. If you are not able to engage a lawyer, you can do some research on your own or get assistance from FISCA.
If you have done some research and wish to share your views with other consumers, please send them to kinlian@gmail.com.
12 comments:
Consumers have lost a lot of money in life insurance either due to lapses becuase premium has become a burden, wrong product,early surrender becuase of financial crunch or taking a loan etc.
The amount can come to billions and the minibond loss pales in comparison.
For this reason there is even a greater need to regulate the insurance agents and the companies more stringently for they have not been responsible.
I hope MAS is not an ostrich.
FIs hv inflicted heavy losses on consumers in the "minibomd" saga.
Many would take 10 years, 20 years, 30 years, 40 years, or a life time to recover.
Some even cannot recover forever.
Regulation and enforcement , regulation and enforcement and more stringent regulation and enforcement.
No point having those fancifool statutory Acts to fool consumers that they are protected from the RMs and insurance agents. These predatory salesmen and women have to be shackled or put in the jail to keep them out from menacing the consumers.
The con artists disguised as financial consultants have to be unmasked and shamed and put away.
Hi
You can share stories about how other countries protect their consumers. For example, in USA, Congress has passed certain legislation that make it unlawful for bank to have excessive charges on credit cards or to impose high fees for late payment.
In the US, it can be very costly to bounce a check. The bank can charge you something like US$30 bad check fee, and the payee (e.g. a shop or company) can charge you another something like US$30 for their inconvenience (not forgetting that they may sue you for the full amount of the check bounced). Usually when your check bounces, it means that your bank account balance is below account maintenance minimum. Expect the bank the charge another something like US$30. All these means your account is probably deep into negative balance by now. Expect the bank to charge you maximum interest rate for unsecured credit. If you're too busy to visit your bank to sort it out within one or two weeks, expect another something like US$30 charged for late payment.
Furthermore, the bank and the corporate payee (to whom you bounce the check) will report you to the credit bureaus and the rest of your financial life will be very inconvenient and miserable.
Compared to the US retail banking system, what we have in Singapore is relatively lenient and inexpensive. However, it's those who abuse or take advantage of the system that drives the system more and more towards the US model.
In Singapore, the government is EXTREMELY pro-business.. it is so easy to set up shop here. For that reason, there is very poor enforcement.
The Government has been very focused on Jobs. "create jobs" is the driving mantra.. from the early days, this has been the perspective.Insurance industry creates jobs, therefore, they ( gov) will not do anything to kill it or to cause injury so that jobs will be affected.
This is also the reason why people do not pursue their "rights".. we have been told that having jobs is paramount. Nothing else matters.
Leave the "rights" to the unions to defend. This is the Tripartite principle.
It will take a long time more before this young country can reflect and earn some self respect.
We are very focused on jobs... nothing else matters.
If a few years down the road, some long-term policyholders get much reduced special bonuses when their policies mature, how are these consumers protected? Yes, 4:42pm is correct. Only CORPORATIONS are always correct, the consumer always wrong.
If spore can accomodation 5 million people, then China might be able to accomodation 10 bln people.
If more people means more money.
If more people means more revenue.
If more people means higher property prices.
If more people means better for the people/country, then many cities in china may start a recruitment drive soon to lure people all over the world to live in china??
"... long-term policyholders get much reduced special bonuses...'
How can there be complaints when by that time, policyholders will be too old or could not remember what was promised? All that matters then would to get some money back and try to live life in the best way possible.
Many talk about suing and taking legal action to get recompense.
So far, none has done so and none will succeed. This is an arguement about ethics, and there is no recourse under the law.
The score remains 1-0 in favour of business... consumer scores zero.
Just think carefully before committing to any financial pursuits.. do not believe that you are going to die of cancer.. so what if you do anyway? the world will continue and your loved ones will grief.. they may not have 2million dollars but they will remember you anyhow.
There is this notion of leaving behind a legacy.. what? are we some English Duke? or pretending to be one? Yah! right.. protect my loved ones.. as though they are totally incapable and unresourceful.
My Dear Foot
"... policyholders will be too old or ..." Some truth to that. A friend pointed out by time retired, may be unable to recognise a five-dollar note so spend while can appreciate.
Sue and legal action? Dunno about argument abt ethics. Check policy for unfair practice.
Singapore should follow US and some countries to enable lawyers to charge clients on "no win no pay basis" (or so called contigency) so that even poor members of the public can sue big giants like banks.
MPs, please help us!
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