I spoke to a professor in a UK university who was previously an actuary working in the insurance industry. He told me about the background of the regulatory environment and the mis-selling over the past decades.
For many years, the authority in the UK regulated the sales process, disclosure of information and expected financial advisers to observe ethics and professionalism. It did not work. Many agents sold bad products to their customers to earn high commisison. The regulator imposed heavy fines on the financial institutions but it still did not solve the problem.
The regulator has finally decided to ban the payment of commission to agents. This will take place in the near future.
Singapore followed the UK approach in regulation. But the authority in Singapore did not impose the heavy fines on the institutions for mis-selling. The situation is quite bad in Singapore and many consumers are offered bad products that gave them a poor return on their savings. What will Singapore do, now that they role model (UK) has found their approach to be a failure?
Tan Kin Lian
- ► 2013 (302)
- ► 2012 (1270)
- ► 2011 (1873)
03/14 - 03/21
- Problem with private insurance
- Experiences with websites
- Overseas orders for my books
- FISCA website
- A responsive call center
- Decreasing term assurance for 25 years
- Courtesy of a reply
- Avoid tele-marketing call
- Suggestion to regulate all types of investments
- Red light area gets out of line
- Danger on Asian Buses
- Inflation rate, measured by Reader's Digest
- Parker Korean Restaurant, 209 Upper Thomson Road
- Sense a trap
- MAS Investor Alert
- Resort World Sentosa - how's business?
- Lower standard of service in Singapore
- Good service in Singapore
- Taglines used by trourist promotion agences elsewh...
- Bring tourists to Singapore
- View from a local consultant
- Many orders in i-Shop
- Consultants and Government
- Video on the Shape Quiz
- A reader's view - importance of financial planning...
- Why do you visit my blog?
- Spend $12 and save a lot of money
- Do not accept a poor deal
- Puzzle - find the safe path
- Credit card points
- Improve a corporate website
- Video on Financial Education
- Postings on Land banking
- Debt and delusion
- Postings on Benefit Illustration
- Life insurance - effect of deduction
- Need for stronger regulation
- False hope
- Trapped in a bad investment
- Singapore's Big Bet is about to Pay Off
- Leaders should address important issues
- Unwillingness to take responsibility
- Professional fees and moral values
- Coffee shop and the bank
- Sands Resort Complex to open in April
- Interest in a sales career
- Opposition chief tells Singaporeans: Don't be afra...
- Commission paid to financial advisers
- High pay of Singapore Government Leaders - a view ...
- Review of GST
- History of productivity in Singapore
- Count on PM Lee - Dick Lee
- Land banking in UK
- The Consummate Joker
- Pay of Government Leaders
- Willingness to change
- ▼ 03/14 - 03/21 (56)
- ► 2009 (1655)
- ► 2008 (2105)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)