Saturday, April 04, 2009
1. Customers have confidence that they deal with financial institutions where fair dealing is central to the corporate culture
2. Financial institutions offer products and services suitable for their target customer segments.
3. Financial institutions have competent representatives providing customers with quality advice and appropriate recommendation.
4. Customers receive clear, relevant and timely information to make informed decisions.
5. Financial institutions handle customer complaints in an independent, effective and prompt manner.
What are your views on the existing situation and the new MAS guide? Survey.
They are happy to receive a remuneration of 3 to 10 times of the average wage of their ordinary people. They do not expect a remuneration that is 100 times or more (i.e. the salary paid in the private center for top exectives).
By accepting the modest remuneration of the public service, they are able to exercise some moral control over the excessive and unjustified salaries paid in the private center.
Tan Kin Lian
Friday, April 03, 2009
And market sources say the Securities and Futures Commission is pushing big banks to follow in the footsteps of Sun Hung Kai Investment and settle with disgruntled customers.
HKMA executive director Raymond Li said yesterday that "a few cases are already at a very advanced stage of investigation,'' he said adding, "Should any case be concluded we would definitely tell the public."
According to procedures, anyone accused of misselling will have at least 30 days to make a representation and another 21 days to appeal if their explanations are rejected before their case goes public. As of yesterday, the HKMA had got 20,642 complaints, and 20,443 had cleared initial assessment.
So far, files have been opened for just 5,772 cases, of which 4,178 have gone through a preliminary investigation. Only 418 complaints relating to 16 banks were referred to the SFC.
Li blamed the slow progress on the reluctance of complainants to provide useful information in most of the cases.
But he reiterated that the authority will complete investigating at least 70 percent of complaints by March 2010.
"We are recruiting more staff both part-time and those on secondment to accelerate the process," he said. About 200 staff will be involved.
Li said a client's interest was the HKMA's priority, and if a settlement without punishment was the best solution it would get the authority's support.
May I know which company you'd recommend for buying "Term", "Decreasing Term" and "Living Benefit" policies you described in your FAQ: http://www.tankinlian.com/faq/choice.html
You can buy Term insurance from NTUC Income (they call it i-Term). But do not allow them to convince you to buy other life insurance policies.
You can also buy i-Term from Philips Securities. They sell i-Term offered by NTUC Income. You can find out from their website. All the best!
Thursday, April 02, 2009
Wednesday, April 01, 2009
1. Lee Hsien Loong - Singapore Salary in dollars - $2.47 million
2. Donald Tsang Yum-Kuen - Hong Kong Salary in dollars - $516,000
3. Barack Obama - United States Salary in dollars - $400,000
4. Brian Cowen - Ireland Salary in dollars - $341,000
5. Nicolas Sarkozy - France Salary in dollars - $318,000
6. Angela Merkel - Germany Salary in dollars - $303,000
7. Gordon Brown - UK Salary in dollars - $279,000
8. Stephen Harper - Canada Salary in dollars - $246,000
9. Taro Aso - Japan Salary in dollars - $243,000
10. Kevin Rudd - Australia Salary in dollars - $229,000
I have been following with interest your blog on and off especially during the period of "minibonds". I respect your sense of social justice and your courage and willingness to fight for the underdogs.
I myself have always been neutral to politics. I only write today because on the spur of the moment, I want to pass a few observations about the passing away of the Singapore I grew up in.
I am in my 30s. When I am young, I felt that the government was willing to develop us Singaporeans. Life was simple, relations with people were sincere.
That Singapore is no more. In almost any job I have worked, foreigners equal Singaporeans in number, sometimes they exceed. Even when you interact with people, the locals don't care for and about the locals. Money is all everyone thinks about. Perhaps it is because we are all forced to struggle with the influx of so many FTs.
When we need employers to give us a chance, we find that the job has gone to some more experienced FT. But they were given chances, even sponsored to take courses, back in their own countries to hone the skills that they have today.
I am neither bitter nor resigned. I am just sad that I cannot identify this country with the one I knew and grew up in. You might tell me I am being sentimental, we must all adapt to the world, there is no free lunch. Yes I have heard that many times. And home-grown Singaporeans are largely a docile bunch willing to bend over backwards with the govt. But why does it seem that the govt makes our problems worse instead of better?
You are very capable man. By writing to you, I don't dare to aspire for anything. I have signed your petitions and I have written encouraging messages on your blog. I just want to share with you, Singaporean to Singaporean, the loss of the soul and essence of my country.
Tuesday, March 31, 2009
Mark Lim, Executive Director of GIA has posted a comment to my views about motor insurance claims. I thank Mr. Lim's for his comments.
I think that Mr. Lim as not understood the part of my comments regarding personal injury claims. The increase in personal injury claims is not because of fraud by lawyers, doctors, workshops and members of the public working together. I never said or implied this.
I do not know why Mr. Lim is suggesting that I should make a police report. I put the increase down to injured parties being better informed of their legal rights. Even if the injury was a minor one, the injured party has the right to seek legal recourse. So, in the example given by me, there was nothing wrong in the conduct of the workshop owner referring the injured motorist and his wife to a lawyer to claim for damages. There is no criminal misconduct.
In the past some insurers have screamed fraud at some of the soft tissue injury claims, but a further anlysis and examination by their own appointed specialists revealed nothing untoward and the injured parties were awarded damages by the courts.
In this respect, I agree with Senior Counsel Michael Hwang (in his letter in the ST Forum) that if there was nothing the lawyers and doctors would not be able to make out something and the courts would not have agreed.
We need to think out of the box regarding the escalating personal injury claims. For example, when I was heading the Claims Department in NTUC Income, we had a unit that took the pro-active approach in handling personal injury claims. Injured parties were offered fair compensation even before they submit their claims. We also give them a list of running down firms which were not in the NTUC Income's legal panel for them to check on the fairness of our offers. In taking this approach, we saved on legal costs which can add 50% to 100% to the final payout amounts on those cases that we closed successfully..
If insurers cannot handled the personal injury cover profitably, maybe this portion should be handed over to the State like in New Zealand, (where the State handles and the claims are paid out on a no fault basis.)
I have just received an affirmation last week (24/3/2009) from Mr. Tan Kin Lian, that "[w]hile you were in Income, we must have made more than $40 million in profits over the few years that you headed the department." So I do know what I am talking about!"
Former general manager, NTUC Income
What can be done to solve the housing crisis in USA? Some measures being proposed include the following:
a) Government to take over the mortgages
b) Help for borrowers to repay their debts
c) Incentives to encourage new buyers of houses
What is the solution? Singapore faced a similar crisis between 1996 to 2003, when the property market dropped by 30% for private and HDB properties. An effective measure was introduced by MAS, which stablilised the market and led to a recovery in 2007.
What is this measure? Perhaps a similar measure can be introduced in USA ?
Monday, March 30, 2009
I joined an insurance company recently and left within a year. The way the head of the life division managed was totally unacceptable to me. Due to the financial crisis, they reduced the headcount by half. I took the retrenchment package and left.
It was a very bad experience to work with this global bank but realised that the dark side of the truth. I am not surprised why the world financial system came to a sudden breakdown. Many so-called highcaliber management were only keen to spend, take fat bonus and use creative was to present result and figures. They cover up the losses and shown the revenue figures. To me, the bubble should have been burst long ago.
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