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While we don’t really use the concept of pensions in Singapore, people still plan for their retirement and therefore we have a suite of products being sold to consumers in the spirit of “retirement planning”.
Some products are decent while others might contain excessive charges just like the ones featured here.
Always know what you are paying for.
If am not wrong, to keep up the already low return Equitable Life Insurance resorted to ponzi scheme until it busted.Reply
Our regulator should emulate the FSA, come down heavy on the insurers and the agents.
Although 2013 is when commission is banned if FSA is not vigilent the insurance agents will go all out to rob their consumers to beat the deadline.. I wonder how many consumers will fall victim.
MAS should start setting a deadline for banning the commission to the local insurance companies to give them enough time to revamp the remuneration structure.
Commission is a deadly evil and worse than inflation it eats a big chunk out of financial products without the consumers knowing it.
Although FAA requires greater transparency the BIs are no help to the consumers if the agents don’t walk through the BIs and help them to understand before making an informed decision. The problem the agents use boilerroom tactics, half truth and even lies when explaining to the customers. Even explained truthfully how many consumers can digest and understand . If they can’t how can they make informed decision. The right thing is to make the agents do the right thing, ie, fact find, analysis and recommendation based on the finding and the needs uncovered failing which is breaching the reasonable basis as required by section 27 of the FAA. The agents and his or her supervisor and the compliance are liable for any failing of the reasonable basis.
I beleive if the regulator is on the ball and the insurers don’t play play and send a few insurance agents to Changi to relearn ethics and honesty the indsutry will be cleansed of this filth and social menace.