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This will encourage more dubious and unscrupulous FIs into Singapore. Even brand name international players will adopt hardsell or shady tactics. Afterall it is caveat emptor or you die your business over here.
More people should start to get their investments and even insurance from proven pro-customer jurisdictions in developed countries. Most of my investments are already in large ETFs on the London and HK bourses. And in addition to the SAF insurance, I’ve taken up a term CI from a major US firm — even with additional overseas risk charges, it’s still comparable to the cheapest local version. And the US one has less onerous definitions of CI compared to Singapore’s.
ReplyToday, Hong Kong Court also states the banks’ fiduciary duty to their customers in Hong Kong. All minibond holders to get back almost all their failed investments, whether they are mom and pop or experienced types of investors.
Looks like other european courts including German, US and Hong Kong Courts are standing by their bank customers. What about Singapore? Caveat Emptor?
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