Thursday, January 17, 2013

Recommendations of FAIR Review Panel

Here are the recommendations of the FAIR Review Panel. The key benefit to consumers are:

a) Website to buy standard products directly
b) Reduced commission on sale by agents (about 50% reduction)

This is the full report


T Lee said...

I think MAS can do far more to protect the consumers. Putting up an online portal is useless cos people are gonna search for quotes for Whole Life and Endowment (or even ILP)!! Most people who haven't attended your talks or read your blog do not see the point of buying a term, hence even if they can compare quotes they are still buying the wrong product.

And MAS not imposing fee-based advisory only goes to show that they support the actions of those commission-grubbing agents. This is a sad day for our insurance industry.

zhummmeng said...

A lots of agents will have to eat grass soon because product peddling agents have to justify the product sold if they don't redirect their customers to buy direct from the insurer.

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