The policyholder was not told about the high management fees and the heavy penalty on early termination of the plan. This fact become apparently only after 18 months. A few policyholders have been caught in this type of trap. The adviser did not disclose the actual structure, which was quite complicated. Read the facts here and avoiding falling in this type of trap with complicated investment linked policies.
Ask Mr. Tan
My blood boils whenever I heard such stories of supposedly "safe" investment with decent 5-6% returns.
ReplyDeleteIn 2008. I were introduced to managed account, whereby a quarterly wrap fee of 0.25% on the total portfolio value is incurred, regardless of the performance of the portfolio.
When I want to get out of it, the financial adviser gave lots of excuses like renovation, not in office, etc.
Finally, I decided to educate myself financially and invest in supposedly "risky" investments that gave me much better returns.
future-explained.com
You should lodge with MAS your complaint against the adviser for mis-selling and non disclosure. How could you make informed decision when you knew nothing much about the product? Complaining with MAS not only does you good but also others who might be in similar situation kenna conned. Also wake up MAS that mis-selling and unethical practice are blatantly committed and yet MAS is doing nothing.How can we trust MAS as regulator to protect the consumers against the insurance product salesmen who disguised as financial advisers and consultants.
ReplyDeleteMAS, do the right thing and do the thing right.