At the Life Insurance Association (LIA) 50th anniversary gala dinner yesterday, Ravi Menon, Managing Director of Monetary Authority of Singapore, made a few observations regarding the state of our financial advisory services. There is currently a large protection gap in the life coverage of the average Singaporean. Typically, they are covered for only a third of what their […]
It has been announced that CPF Life will be revamped from the year 2013 onwards. Instead of providing four options for CPF members to choose form, members will now be given only two choices – the existing basic plan, and a new standard plan which is a combination of the two current most popular plans (Balanced […]
Standard Chartered Bank has recently launched their Bonus$aver account, which offers an interest rate of 1.88% p.a. on the savings for the first S$25,000 in your Bonus$aver account. The account also comes with a Mastercard credit or debit card. To qualify for this special rate, you will need to spend at least $500 every month […]
About two months after it was officially announced, the Special Needs Savings Scheme by MCYS was launched this month. Under this scheme, beneficiaries will be able to get a monthly payout (of at least $250) from their deceased parents’ Central Provident Fund (CPF) savings instead of getting it in a lump sum. A parent’s CPF […]
Financial planning firm ipac has announced the closure of their Singapore and Hong Kong business. It puts an end to an unique advice-centric business model where advisers are paid a salary rather than commissions. Apparently, this model has not worked well for ipac, who made a loss of $4.5 million in 2010 and a cumulative […]