Monday, April 16, 2012

Submission to the FAIR review panel

I sent this submission to the review panel set up by MAS on the "Financial Advisory Industry Review (FAIR). See www.fisca.sg.

http://www.easyapps.sg/assn/Org/file.aspx?id=219




2 comments:

zhummmeng said...

Dear consumers,
if you want your views to be considered please go to the www.mas.gov.sg to offer your feedback.
If you don't want to be conned by insurance agents anymore this is an opportunity to tell the panel what you like to see for the future industry.
It is easy to give your views. Just answer according to the questions asked.
There are 5 areas to be changed.
Ban commission and move to fee based. Remember fee based is NOT on top of the commission embedded in the product. If it is fee based the products will have no commission and you pay fee only if you agree. It is transparent. It is told to you UPFRONT plus the advice you will recieve. You can reject if you feel the fee is too high.Compared to commission driven model fee based puts your interest first and most of the times it is cheaper than the commission. You get value for money. If you worry about having to pay all the fee upfront you can arrange to pay by installments as if you are paying the regular premium.
In the commission model you recieve NOTHING and you don't know what you buy too. As most of you are not insurance savvy your getting good and best advice depends on the honesty and competence of the advisers. But unfortunately, most of the times you get a SALESMAN unqualified, incompetent, worse dishonest, only interested in pushing a high commission product to you and which leaves you under insured and a rotten saving plan.
Please remember to feedback to protect yourself from the many rogue agents out there.

Daljit Kaur said...

Informative and supportive blog..
life insurance

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