In the past, banks built their reputation by winning the trust of their customers. In recent years, the banks were willing to betray the trust in their pursuit of greed and profit. Singapore should follow the example of America and Hong Kong in holding the banks to be accountable for their greed and dishonesty.
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Let me add another one to greed and dishonesty...it is INCOMPETENCE.
ReplyDeleteAll these 3 combined the result is disasters.
I see these traits in insurance agents and other financial product salesmen.
1.They are greedy because they ONLY push product with high commission disregard the customers' goals.
2.They are dishonest because they ONLY tell half truth and conceal other truths and substitute with lies.
3.They are incompetent because they are unqualified in finance and insurance planning. They know they are NOT competent and yet they don't want to upgrade in the interest of their clients and they substitute their inadequacy with lies and falsehood.
They have dud degree and designation after their name hoping to con their customers into beleiving they are financial experts.
They have title that misrepresents their competence and expertise.
They are dishonest, incompetent and greedy insurance salesmen disguised as executive financial consultants to deceive people.
MAS must stop them before more consumers kenna conned by them into buying dud products that are unsuitable to their goals.
Of our local banks, only OCBC & UOB were of the "Honourable" beginings. DBS ?
ReplyDeleteAs regards to our regulators, if you count SGX as one, they are too busy most of the time. We aspire to be a Financial Hub. Nothing wrong with that.
Maybe we can also aspire to be the #1 gambling hub as well.
in free-market capitalism, greed is being balanced by fear.
ReplyDeleteunfortunately, the govt has removed the fear element, with things like deposit guarantees. this is why banks dare to take more risks with depositors' money.
And depositors themselves do not care what the banks do to their money, since the govt insures them anyway. Nowadays people do more research when they buy their camera than when they are choosing a bank to deposit money in.
Also, banks get a lot of money because interest rate is too low. Money is too loose. Without the central banking system, this would not have been possible.