Tuesday, November 02, 2010

SM Goh & NTU Forum [3]

More comments about the NTU Forum can be found at General Election Portal
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2 comments:

Unknown said...

It is interesting that SM acknowledged if that is what Singaporean feel as stated by the student, it is a serious problem. Meaning that SM acknowledge that the Govt needs to look at it if this is the case. However, it is also disappointing that SM also posted back a question asking himself why is he there working for the people if this is the case. Is SM expecting to hear good feedback only or is he really acknowledging that if Singaporean feeling that he is thinking of stepping down since Singaporeans on the ground is feeling this way? I really hope SM can clarify his reply further. I think this is something for SM and Singaporean to think about serious in the coming election.

November 03, 2010 12:04 PM
zhummmeng said...

Acknowledging the problem is serious is one thing and not fixing it is even more serious.
SM Goh is the chairman of MAS . Surely he has read the feedbacks and experienced himself how these industry has been operating is against the interest of the consumers.But how much is done to get rid of these problems.It has been proposed to MAS that to level the the playing field and to get rid of the ills and greed and the fraud of the insurance agents and companies MAS must do the following.
1. overhaul the processes and make need based compulsory and ban product pushing option 3.
2. ban commission to follow US, Uk, Australia and Hong KOng which is in the process of legislating.
3. enforce the FAA and section 27 stringently to weed out these fly by night insurance salesmen.
Someone told me if MAS were to adopt these changes many insurance agents will have to leave the industry or many will not join ...the answer is...only the right people who care and passionate about financial planning for the conumsers should join and MAS should prosecute the errant agents and the companies directly to get rid of them and leave the competent , honest and ethical ones to serve the needs of consumers.. 6000 good advisers is enough and not 30,000 rogues who are unqualified, who peddle for commission only and ignore their clients' interest and scammers.
Wonder SM Goh is serious about it.

November 07, 2010 12:58 PM

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