tag:blogger.com,1999:blog-11702093.post816282830843528604..comments2024-03-28T22:56:40.743+08:00Comments on Tan Kin Lian's Blog: UK to ban commission on investment products (i.e. life insurance policies) from 2012Tan Kin Lianhttp://www.blogger.com/profile/00617069056914635271noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-11702093.post-91003110473722641402010-12-20T22:26:02.609+08:002010-12-20T22:26:02.609+08:00The insurance policies that are exempted are expla...The insurance policies that are exempted are explained below, i.e. <br />"pure protection" policies, such as life and health insurance, can still be sold on a commission basis.Tan Kin Lianhttps://www.blogger.com/profile/00617069056914635271noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-80583434883057090552010-12-20T22:16:02.735+08:002010-12-20T22:16:02.735+08:00Small correction: looks life insurance will not be...Small correction: looks life insurance will not be affected. <br /><br />Quote:<br /><br />The new policy will apply to the sale of investments such as pensions, annuities and unit trusts but not to mortgages and insurance policies.Vitali Zagorodnovhttps://www.blogger.com/profile/09520128133624106160noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-42365199196586283632010-12-20T13:21:33.363+08:002010-12-20T13:21:33.363+08:00Unlikely for S'pore to ban commissions for fin...Unlikely for S'pore to ban commissions for financial sales due to strong lobbying by financial industry and linkages with GLCs and TLCs --- too many vested interests. Also will contribute to more unemployment as at least 50% will not survive in a fees-only environment.<br /><br />Just look at property agents --- it took the govt many decades to decide to simply "register" them, even though such a move doesn't affect the profits of big property developers and govt-linked companies like CDL and KepLand. At most maybe make the life of property agencies slightly more troublesome by 10% or 20%. Govt only made this cosmetic move after property became such a hot political potato in the last 2-3 years.Spurhttps://www.blogger.com/profile/11824813457786462446noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-44336612518207557422010-12-19T22:31:25.624+08:002010-12-19T22:31:25.624+08:00The insurance agents are up in arms against the ba...The insurance agents are up in arms against the ban on commission, because it is their livelihood. <br /><br />But the regulators in these countries have the courage to make a stand and protect the consumers from the unscrupulous agents. I admire their courage. (Not all agents are unscrupulous, but there are many who are - and they are bleeding the consumers).Tan Kin Lianhttps://www.blogger.com/profile/00617069056914635271noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-72355711748606074362010-12-19T19:57:59.092+08:002010-12-19T19:57:59.092+08:00Just maybe with the GE coming up, MAS may also ann...Just maybe with the GE coming up, MAS may also announce a similar rule or two ! We aim to be Financial Hub, no ?Lye Khuen Wayhttps://www.blogger.com/profile/15902519116110277038noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-21388132356261007382010-12-19T19:17:05.527+08:002010-12-19T19:17:05.527+08:00Australia will ban in mid year 2011.
Also entry to...Australia will ban in mid year 2011.<br />Also entry to the profession is a degree in financial studies.<br />New Zealand is tightening the rules first to see if banning commission is necessary.The insurance agents are already up in arms over these new requirements.<br />Hong Kong and Malaysia should follow suit.<br />What about Singapore, the aspiring financial hub? It should because malpractices are getting out of control and many of the agents are still option 3 product peddling salesmen and women who try to pass off as financial consultants to cheat the unwary consumers.<br />Surprisingly, India has started since 2009 some reforms including banning commission.zhummmenghttps://www.blogger.com/profile/11494903461266369989noreply@blogger.com