Many financial advisers are not aware that they will get into serious trouble in the near future.
Many consumers were misled into buying bad financial products. They were not able to take a case against the financial adviser for the bad advise in the past.
They can now take a case based on section 7.2 and 7.3 of the Financial Advisers Act. If a consumer wins the case, and this outcome is quite likely, a few tens of thousand of advisers will be in serious trouble.
http://www.fisca.sg/Login2.aspx…
Do you agree?
Many consumers were misled into buying bad financial products. They were not able to take a case against the financial adviser for the bad advise in the past.
They can now take a case based on section 7.2 and 7.3 of the Financial Advisers Act. If a consumer wins the case, and this outcome is quite likely, a few tens of thousand of advisers will be in serious trouble.
http://www.fisca.sg/Login2.aspx…
Do you agree?
1 comment:
MAS should 'hang' some to deter the rest. But unfortunately MAS has no balls or it has vested interest in some insurance companies, or it has incompetent staff manning the compliance department.
All talks without enforcement is like having their balls castrated. Check ALL the MDRT< COT< or TOT qualifiers I gaurantee 99% of these qualifiers miss-sold to achieve them. But as I have said MAS has no balls to check on them because MAS is beholden to the insurance companies.
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