Sunday, February 12, 2012

High termination charge under Vista plan

I received this e-mail.
Dear Sir,
I saw on your blog that you were looking for unhappy Vista customers. I am one of them. Although it was my responsibility to find out the terms and conditions, it is only now clear to me know how much I am really paying for relatively little result.
I have moved out of Singapore and have to pay extremely high penalties to terminate the contract. If I continue the contract, I face high transaction cost and currency risk.
I dislike the sales incentives that are driving agents to get people to sign up for longer and higher amounts than they can afford. This practice should be examined.
Here is my reply:
A few people had approached me on this matter, but they gave up after a few rounds. They decided to take the loss and did not want to fight the injustice that they suffered, i.e. having to lose a large sum of money due to mis-representation or non-disclosure by the sales agent. I do not know if there was  a case where they were paid off on the undertaking not to disclose the compensation.  If they were, they did not tell me.

2 comments:

Anonymous said...

Don't blame MAS if aggrieved investors dare not report the mis-selling.

Anonymous said...

Yes, investors never learned. They repeat same mistakes of others despite knowing it.
They should become a member of FISCA to save them lots of wasted money on useless insurance products.

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