It means more people got more money to be conned.The latest con or scam products are limited payment endowment. The term of payment ranges from 2 to 5 years and then hold until 5 to 10 years. These products are scam if you look at the return which is below inflation and the real return is LOSS. Many salesmen pitch them as better than the bank rate. Despite being banned by MAS and illegal many insurance salesmen still use this comparison to make their products look better to con unwary and stupid customers.The latest to join the fray is A company with fixed rate, non participating endowment. Sometimes , I wonder what MAS is doing. If they have sent mystery shoppers out to gather evidence against the agents and the companies they would have gotten lots of evidence to prosecute them. It is definitely unpleasant to expose the inadequacy of enforcement of the compliant department of the companies but MAS 's own too.It is embarrassing but that is what regulator must do. The sale has gone up because the product pushing agents are pushing more aggresively and the more affluent customers are less wary because they have more money.You can see this in your blog.People are still asking about whole life products and all those scams.
I have asked a person that is with some bank about why our SGS, singapore government securities have such low interest rate. One reason is that our cpf money are mostly parked in the SGS. Another reason is that many of the banks and insurance companies are obligated to place their huge assets into so called low risk assets like the SGS. I suspect that the reason the MAS do not wish to implicitly ban such practice is either they are totally incompetent or that they want the insurance companies to sell lots of products so that they can continue to park their money in the SGS allowing the government to be able to continue to have cheap credit.
It means more people got more money to be conned.The latest con or scam products are limited payment endowment. The term of payment ranges from 2 to 5 years and then hold until 5 to 10 years. These products are scam if you look at the return which is below inflation and the real return is LOSS. Many salesmen pitch them as better than the bank rate. Despite being banned by MAS and illegal many insurance salesmen still use this comparison to make their products look better to con unwary and stupid customers.The latest to join the fray is A company with fixed rate, non participating endowment.
ReplyDeleteSometimes , I wonder what MAS is doing. If they have sent mystery shoppers out to gather evidence against the agents and the companies they would have gotten lots of evidence to prosecute them. It is definitely unpleasant to expose the inadequacy of enforcement of the compliant department of the companies but MAS 's own too.It is embarrassing but that is what regulator must do.
The sale has gone up because the product pushing agents are pushing more aggresively and the more affluent customers are less wary because they have more money.You can see this in your blog.People are still asking about whole life products and all those scams.
I have asked a person that is with some bank about why our SGS, singapore government securities have such low interest rate. One reason is that our cpf money are mostly parked in the SGS. Another reason is that many of the banks and insurance companies are obligated to place their huge assets into so called low risk assets like the SGS. I suspect that the reason the MAS do not wish to implicitly ban such practice is either they are totally incompetent or that they want the insurance companies to sell lots of products so that they can continue to park their money in the SGS allowing the government to be able to continue to have cheap credit.
ReplyDelete