Tan Kin Lian's Blog: MAS and whistle blowing

Sunday, December 12, 2010

MAS and whistle blowing

View by zhummmeng

It has been suggested umpteen times that MAS should have whistle blowing channel for the public or a hot email to tip off the malpractices of insurance agents and the companies.. No use having one in the company.Who dares to report the CEO or a senior manager or an agent to compliance officer who is an employee of the company?

MAS should plant a mole in every financial company. MAS should know in the insurance company the way they comply with the FAA is like a conspiracy to cheat MAS..Eg. the fact find forms, writing the fact find forms, the recommendations, the reasonable basis requirement are all rubbish.

MAS should check all of them. Not surprised that the fact finds are used as cover up to push products. If there has been true fact find why whole life or endowment or anticipated endowment products are still 'recommended'? No way can these products be recommended if the fact find is real and the products recommended according to reasonable basis.

Don't trust the insurance companies. They are all in cahoot to cheat the consumers. Have a whistle bowing channel for the public to complain against the insurance agents and the companies.

4 comments:

Lye Khuen Way said...: Hate to second-guess, but am sure someone will suggest the CPIB or some other. Whatever the branch/authority is there enough political will to procecute, should "wrong-doings" be un-covered ? Sure would like to see some actions: Maybe they care to bring back Mr Glenn Knight.....; December 12, 2010 6:15 PM
yujuan said...: The prevailing atmosphere here between Govt and citizens, and between citizens themselves, is die die your own business, you do not open your eyes wide, wide enough,and so you yourself deserve it. So why cry over split milk, blame your own stupidity, mate. Do not blame others. My sole aim is to fleece you.; December 12, 2010 9:33 PM
zhummmeng said...: Another area MAS must look into, ie the titles the insurance companies give to their salesmen.
NONE of the insurance salesmen deserve these financial titles. Obviously the companies' intention is to cheat the public. The titles are misrepresenting, eg. these salesmen are NOT any where near the title Executive Financial Consultants. They are NO financial experts. They may be execute only salesmen at best if not conmen and conwomen.
MAS should not allow these salesmen from passing off as some financial experts. They are just financial product salesmen like other product salesmen.
It is an insult to the real consultants. They should now be known as the 'appointed Rep' of the company, licensed by MAS.; December 12, 2010 10:32 PM
Vincent Sear said...: Zhummmeng, ironically according to my experience in late 90s and early 2000s, even commercial company agents used simple titles like field representative, senior agent, executive agent, supervisor or manager. It was MAS that changed those to insurance advisor, financial advisor, financial director etc.; December 13, 2010 7:21 PM