Tuesday, November 06, 2012

Do not sell unregulated products

2 November 2012

Forum Page
Straits Times

Ms Grace Tan (ST 1 Nov, MAS spot on in handling buyback firm Genneva) said that a financial professional had
been urging her to invest in the Genneva Gold scheme for two years. 

I have also heard that financial advisers had been actively involved in the marketing of unregulated investment
schemes, such as several land banking products that are also now under investigation.

The public may be told that the financial advisers are licensed by the Monetary Authority of Singapore and 
may not be aware about the difference between regulated and unregulated financial products.

I suggest that licensed financial advisers should be disallowed from selling unregulated products, to avoid
misleading the public.

Tan Kin Lian
Financial Services Consumer Association

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