Thursday, February 24, 2011

Donation to FISCA

I helped a consumer to prepare a complaint against an insurance agent who cheated her. The agent convinced her to invest $50,000 and instead of putting it into a single premium policy, the agent changed the application, without her knowledge, to an annual premium policy. After a lengthy investigation, which was quite stressful to the consumer, the insurance company finally agreed to refund the full payment of $50,000. She was grateful for my help.

I asked her to make a donation of $200 to $1,000 to FISCA. She sent in a cheque for a larger sum. I appreciate her generosity. I hope that other consumers, who has got my free time and assistance, will also make a donation to FISCA.

Tan Kin Lian
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2 comments:

zhummmeng said...

This should be reported to MAS.
I am wondering why this has escaped the 'check' of the agent's supervisor and the compliance department of the company. This is a very serious misconduct involving not just the agent but many others too. This lady should receive more than the capital. There is a 'loss' in term of opportunity cost and 'damages'.
This type of case is rampant in insurance companies. Many have gone unreported. MAS should be notified if not MAS thinks that insurance companies are all compliant.

February 24, 2011 5:56 PM
Lye Khuen Way said...

Yes, first of all the lady involved acted like a lady after some effort by Mr Tan and the reluctant "effort" of the Insurance Co. Yes, I also agreed with zhummeng that she is entitled to more. MAS need a Formal Complaint ? How to be proud of ... ?

February 24, 2011 6:56 PM

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