LAS in Hong Kong is the same as ILP in Sigapore. The consumers in Hong Kong are angry that these products are being mis-sold to them.
http://www.scmp.com/business/money/investment-products/article/1262327/hong-kong-consumers-angry-after-being-sold
http://www.scmp.com/business/money/investment-products/article/1262327/hong-kong-consumers-angry-after-being-sold
MAS should ban insurance agents from 'selling' of ILPs without the necessary investment qualification. Investing is not simple and knowledge and skill is important and not just matching the clients' risk appetite with a fund and risk profiling questionaire.. It is far more than this.
ReplyDeleteWhat do the agents know about investment? They peddle these products like wholelife and endowment.
I advise consumers against engaging insurance agents with their investment planning because the agents don't plan but peddle.