Friday, April 3, 2009
Health care reform in the USA
Will insurers once again scupple the health-care reform? Article in Economist.
SCMP: Details urged on Minibond saga
Lawmakers are still seeking Monetary Authority chief executive Joseph Yam Chi-kwong's disclosure of its full report on the Lehman Brothers minibonds saga, after he cited reasons of public interest in not revealing it. Raymond Ho Chung-tai, chairman of the Legislative Council subcommittee investigating the matter, said if Mr Yam insisted on his position at an April 14 hearing, he and deputy chairman Philip Wong Yu-hong would arrange a closed-door meeting to ask for an explanation.
MY COMMENT
It seems that the authority can hide the truth, by citing public interest. This seems to be the practice in Singapore as well. I hope that we can have a more honest, open society, with greater transparency.
Survey: MAS guide on treating customers fairly
MAS has issued a new guide to banks on treating customers fairly. The yardsticks are:
1. Customers have confidence that they deal with financial institutions where fair dealing is central to the corporate culture
2. Financial institutions offer products and services suitable for their target customer segments.
3. Financial institutions have competent representatives providing customers with quality advice and appropriate recommendation.
4. Customers receive clear, relevant and timely information to make informed decisions.
5. Financial institutions handle customer complaints in an independent, effective and prompt manner.
What are your views on the existing situation and the new MAS guide? Survey.
1. Customers have confidence that they deal with financial institutions where fair dealing is central to the corporate culture
2. Financial institutions offer products and services suitable for their target customer segments.
3. Financial institutions have competent representatives providing customers with quality advice and appropriate recommendation.
4. Customers receive clear, relevant and timely information to make informed decisions.
5. Financial institutions handle customer complaints in an independent, effective and prompt manner.
What are your views on the existing situation and the new MAS guide? Survey.
Public Service
I respect the political leaders in the democratic countries, especially those of Europe and North America.
They entered politics as a public service. They desire to make life better for the people. They have strong values and beliefs (whether leaning to the left, right or center) and wish to influence the future of their nation.
They are happy to receive a remuneration of 3 to 10 times of the average wage of their ordinary people. They do not expect a remuneration that is 100 times or more (i.e. the salary paid in the private center for top exectives).
By accepting the modest remuneration of the public service, they are able to exercise some moral control over the excessive and unjustified salaries paid in the private center.
Tan Kin Lian
HK: Relief appears to be near for Lehman minibond holders.
There are sufficient grounds for disciplinary action against some bank staff accused of misselling the minibonds, according to the Hong Kong Monetary Authority.
And market sources say the Securities and Futures Commission is pushing big banks to follow in the footsteps of Sun Hung Kai Investment and settle with disgruntled customers.
HKMA executive director Raymond Li said yesterday that "a few cases are already at a very advanced stage of investigation,'' he said adding, "Should any case be concluded we would definitely tell the public."
According to procedures, anyone accused of misselling will have at least 30 days to make a representation and another 21 days to appeal if their explanations are rejected before their case goes public. As of yesterday, the HKMA had got 20,642 complaints, and 20,443 had cleared initial assessment.
So far, files have been opened for just 5,772 cases, of which 4,178 have gone through a preliminary investigation. Only 418 complaints relating to 16 banks were referred to the SFC.
Li blamed the slow progress on the reluctance of complainants to provide useful information in most of the cases.
But he reiterated that the authority will complete investigating at least 70 percent of complaints by March 2010.
"We are recruiting more staff both part-time and those on secondment to accelerate the process," he said. About 200 staff will be involved.
Li said a client's interest was the HKMA's priority, and if a settlement without punishment was the best solution it would get the authority's support.
And market sources say the Securities and Futures Commission is pushing big banks to follow in the footsteps of Sun Hung Kai Investment and settle with disgruntled customers.
HKMA executive director Raymond Li said yesterday that "a few cases are already at a very advanced stage of investigation,'' he said adding, "Should any case be concluded we would definitely tell the public."
According to procedures, anyone accused of misselling will have at least 30 days to make a representation and another 21 days to appeal if their explanations are rejected before their case goes public. As of yesterday, the HKMA had got 20,642 complaints, and 20,443 had cleared initial assessment.
So far, files have been opened for just 5,772 cases, of which 4,178 have gone through a preliminary investigation. Only 418 complaints relating to 16 banks were referred to the SFC.
Li blamed the slow progress on the reluctance of complainants to provide useful information in most of the cases.
But he reiterated that the authority will complete investigating at least 70 percent of complaints by March 2010.
"We are recruiting more staff both part-time and those on secondment to accelerate the process," he said. About 200 staff will be involved.
Li said a client's interest was the HKMA's priority, and if a settlement without punishment was the best solution it would get the authority's support.
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