The wife of an ex-insurance agent shares the unhappy experience faced by her and her husband who quit his job to join an insurance company. She explains some of the unethical practices that the husband had to practice to meet the sales quota. She is glad that he has given up the insurance job and had returned to an ordinary job.
Ask Mr. Tan
Wednesday, December 1, 2010
CPF Life annuity - case study
Here is a case study of a person aged 58 who has to decide on whether to stay with the Minimum Sum scheme or to convert into a CPF Life Annuity.
Ask Mr. Tan
Ask Mr. Tan
High cost of operating a business in Singapore
Sent to Forum Page, Straits Times
I recently looked at the cost of renovating a small office of 1,300 sq ft and was shocked to receive several quotations exceeding $70,000, in spite of my modest requirements. This shows how costly it is to operate a business in Singapore.
Included in the cost is a sum of $3,500 to obtain the approval of the authority for fire safety. I learned later that this is the fee payable to professionals to certify the safety of the renovation. This same fee is charged for a small premise as well as a large premise of 10,000 sq ft.
It does not make sense to impose such a costly requirement for a small premise. I suggest that renovation of small premises should be exempted from the need to get the certification of a professional. Perhaps this certification should only be required in exceptional cases where the premises have activities that could impose a danger to fire safety.
Over the years, I have heard many complaints from small enterprises about the high cost of operating a business in Singapore. Several initiatives were taken to address these complaints. I am surprised to learn now that these initiatives did not seem to address this regulation, which seemed to be unnecessarily costly.
Tan Kin Lian
I recently looked at the cost of renovating a small office of 1,300 sq ft and was shocked to receive several quotations exceeding $70,000, in spite of my modest requirements. This shows how costly it is to operate a business in Singapore.
Included in the cost is a sum of $3,500 to obtain the approval of the authority for fire safety. I learned later that this is the fee payable to professionals to certify the safety of the renovation. This same fee is charged for a small premise as well as a large premise of 10,000 sq ft.
It does not make sense to impose such a costly requirement for a small premise. I suggest that renovation of small premises should be exempted from the need to get the certification of a professional. Perhaps this certification should only be required in exceptional cases where the premises have activities that could impose a danger to fire safety.
Over the years, I have heard many complaints from small enterprises about the high cost of operating a business in Singapore. Several initiatives were taken to address these complaints. I am surprised to learn now that these initiatives did not seem to address this regulation, which seemed to be unnecessarily costly.
Tan Kin Lian
Belgian court fines Citibank over Lehman sales
http://www.google.com/hostednews/afp/article/ALeqM5guCCBwmq2OmDxE3dhQH6df5BId-w?docId=CNG.10af55f3e3cb08c769737268f0f3bdbc.931
BRUSSELS — A Belgian court fined Citibank 165,000 euros (216,000 dollars) on Wednesday after determining it used "false advertising" to sell Lehman Brothers investment products without warning clients of risks. The court found that Citibank breached laws on commercial practices, having "minimised the risks" and having "led inexperienced investors to put money into the American bank." The tribunal said Citibank did not stop selling the products even though Lehman's credit rating had been downgraded.
Citibank sold 128 million euros worth of Lehman Brothers bonds to some 4,100 clients in Belgium. These bonds became worthless after the collapse of Lehman, the trigger for the world's deepest downturn since the 1930s Depression, in September 2008.
In February, Citibank said more than 97 percent of these clients had accepted a settlement, some of whom took a 65 percent redemption on the spot rather than wait for a potentially a higher figure later. For the remaining 120 or so clients who pursued the action, the court ordered Citibank to match the on-the-spot offer. A spokesman for the bank told Belga news agency it would appeal.
Belgium's Federal Economy Minister Vincent Van Quickenborne said the verdict was an "unequivocal condemnation."
BRUSSELS — A Belgian court fined Citibank 165,000 euros (216,000 dollars) on Wednesday after determining it used "false advertising" to sell Lehman Brothers investment products without warning clients of risks. The court found that Citibank breached laws on commercial practices, having "minimised the risks" and having "led inexperienced investors to put money into the American bank." The tribunal said Citibank did not stop selling the products even though Lehman's credit rating had been downgraded.
Citibank sold 128 million euros worth of Lehman Brothers bonds to some 4,100 clients in Belgium. These bonds became worthless after the collapse of Lehman, the trigger for the world's deepest downturn since the 1930s Depression, in September 2008.
In February, Citibank said more than 97 percent of these clients had accepted a settlement, some of whom took a 65 percent redemption on the spot rather than wait for a potentially a higher figure later. For the remaining 120 or so clients who pursued the action, the court ordered Citibank to match the on-the-spot offer. A spokesman for the bank told Belga news agency it would appeal.
Belgium's Federal Economy Minister Vincent Van Quickenborne said the verdict was an "unequivocal condemnation."
Declaring medical condition
This consumer is not sure if his medical condition needs to be declared and if it affects the underwriting of his application. What is the correct approach? What should he do, if the terms imposed are too harsh?
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Ask Mr. Tan
Victor Foo and SCCCI
I know Victor Foo personally and wish to endorse his effort to get elected into the SCCCI council.Victor is positive and reliable and will meet his promise more activities and representation for small businesses. I encourage my blog readers, who are members of SCCCI, to vote for Victor Foo.
Dear Members of SCCCI
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