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Reported in the Straits Times on Monday a woman was conned into buying a Prudential 5 year limited pay endowment with annual premium of $40K and which is more than her executive job annual salary of $30K. After paying for 2 years she is now faced with a problem, she is unable to continue.
ReplyDeleteHow? the bank said she can have her premium adjusted lower but but but she has to lose what she paid in excess of the adjusted premium.
What a con job is this !!!!!!This is not her fault.. she was NOT properly advised probably no proper fact find was done.
This is a case for MAS to act against tha bank and the agent/RM/personal banker whatever they are called. Very obvious this agent is a salesman if not conman. The bank must be held responsible too. MAS must help this poor customer. There is no need for any lengthy investigation or FIDREC mediation and all those craps. Isn't MAS empowered to prosecute the case? Just Do it, MAS. Don't waste
time. There have been too many cases of this nature and if the regulator doesn't protect the customers what the heck it is supposed to be. Protect the sellers?, the insurance companies ?, the banks? and let them rob and cheat the public of their hard earned money.