Tan Kin Lian's Blog: Consumer Financial Education Body, UK

Thursday, April 29, 2010

Anonymous said...: FISCA should play the same role.

1. educating the public on products
2. educating the public what they should receive from the insurance agents.
3.educating the public the right process the agents should use to appraoch their needs.
4.educating the public on their rights under the FAA and the recourse to legal redress
5.educating the public on their rights to responsible and competent financial planning and not product pushing by insurance agents.
6.provide service to review consumers' existing policies and check for mis-selling and conflict of interest
7. help the consumers to lodge complaint with regulator and help take legal action against the insurance agents and the insurers for misconduct.
8.provide an advisory service for public who are not sure about what they need.
9. provide second opinion on financial products; April 29, 2010 9:26 AM
Tan Kin Lian said...: Reply to 9:26 AM
I believe that the CFED UK is funded by the state. FISCA does not get this funding from the state, so our resources are limited.

This role can be played by MoneySense and CASE, which receive state funding. I hope that they will take the challenge.; April 29, 2010 9:36 AM

Thursday, April 29, 2010