An elderly bank officer told me. He spent a few years as a wealth manager of a bank. He knew the risks of the financial products and were careful in explaining the risks to his clients.
These same products were given to young bank officers to sell to their clients. The young officers did not understand the products but they were bold in recommending them to their clients. They were driven by the commission that comes with the sales and were keen to meet the sales targets.
Why are these young people allowed to play with fire? We need a better way of regulating the sale of financial products. Surely, risky and complex products cannot be allowed to be sold by inexperienced people?
Imagine someone who takes a 3 week course in medicine who is then allowed to prescribe drugs!
- ► 2013 (310)
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12/20 - 12/27
- Dangers of Big Banks
- Paul Volcker on Financial Innovation
- Temasek review reported on my views about MM Lee's...
- Glass Stegall Act
- High retail price
- Advice on making insurance claims
- Pop star: Boymongoose
- About the father of modern day Singapore
- Good and bad regulation
- Today in Singapore
- Bad snow storms
- Need to tax fat bonuses
- Why roulette is better than land banking
- SCMP: Investors offered 80 pct payout for Lehman p...
- Repaying bailout funds
- Goldman Sachs and synthethetic CDO
- Quality of life and occupation
- Insuring a home for the right value
- Are Singaporeans less hard working and hard drivin...
- Confidentiality agreements
- Did the investment banks benefited at the expense ...
- Old and new citizens
- Will Goldman Sachs sue Thomas Adams?
- Merry Christmas and Best Wishes for 2010
- Playing with fire
- Churning the CPF savings
- Rechargeable torchlight and shape quiz
- Vera and Nadya
- Helping the poor
- Ask about the charges
- Get full facts about the financial product
- The Fed's regulatory errors
- Observations about Hong Kong
- Stress at FIDREC hearngs
- Avoid ETF with steep fees
- Need for savings and liquidity
- Shape Quiz at $2
- Climbing stairs as an exercise
- Time to scrap the White Pages
- Coping with unemployment
- Investing in properties
- Understanding fund brochures
- Why pay Singapore TV licence?
- Need to investigate AIG
- Bonus of bankers
- Panda in zoo in Chengdu, China
- Pearl Shaol Falls in Jiuzhaigou, China
- Take care of customers
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