Saturday, October 3, 2009
Sudoku Challenge, 7 and 14 Nov 2009
The Sudoku Challenge is held on 7 november (preliminary) and 14 November (finals) at Thomson Community Club. Registration through internet, www.one.pa.gov.sg or at Thomson CC Tel: 6251 6344 closing date: 23 october 2009.
National Service for citizens
I hope that the injustice done to Singapore born male citizens should be addressed soon. Read the views here and in The Online Citizen.
Here is another worrisome story. Read this article written by Seah Cheang Nee.
Here is my previous blog suggesting a review of National Service. This is a letter sent to the Straits Times that was long delayed and finally, rejected for publication.
Here is another worrisome story. Read this article written by Seah Cheang Nee.
Here is my previous blog suggesting a review of National Service. This is a letter sent to the Straits Times that was long delayed and finally, rejected for publication.
Difficulty of forming class action for Pinnacle investors
Dear Mr Tan,
I have been advised by few people to approach you for advice with regards to the Early Redemption of the Pinnacle Notes Series 1 (S1) by Morgan Stanley on 21 Aug 09.
Briefly, sometime in Aug 2006, my financial advisor approached me and recommended the Pinnacle Notes. Trusting the security firm and my financial advisor's assurance that this was a low risk product, we proceeded to purchase the Pinnacle Notes.
After the collapse of Lehman Brothers, we started receiving adhoc updates from the security firm in relation to the Pinnacle Notes. The update on the Early Redemption on 21 Aug 09 showed a meager 0.57388% payout.
I heard that there is an action group engaging lawyers to file a civil suit. I will like to seek your advice, as well as to find out more in order to assess what is a better option for me in pursuit of a settlement.
REPLY
To my knowledge, the investors of the Pinnacle Notes are not able to organise a class action. Many investors are in the same situation as you, and they are also at a loss. Some have lodged complaint at FIDREC and in nearly all cases, their complaint has been rejected by FIDREC.
Honestly, I do not know what you can do now. I tried to get the Government to help the same investors who were misled, but they also refused.
I have been advised by few people to approach you for advice with regards to the Early Redemption of the Pinnacle Notes Series 1 (S1) by Morgan Stanley on 21 Aug 09.
Briefly, sometime in Aug 2006, my financial advisor approached me and recommended the Pinnacle Notes. Trusting the security firm and my financial advisor's assurance that this was a low risk product, we proceeded to purchase the Pinnacle Notes.
After the collapse of Lehman Brothers, we started receiving adhoc updates from the security firm in relation to the Pinnacle Notes. The update on the Early Redemption on 21 Aug 09 showed a meager 0.57388% payout.
I heard that there is an action group engaging lawyers to file a civil suit. I will like to seek your advice, as well as to find out more in order to assess what is a better option for me in pursuit of a settlement.
REPLY
To my knowledge, the investors of the Pinnacle Notes are not able to organise a class action. Many investors are in the same situation as you, and they are also at a loss. Some have lodged complaint at FIDREC and in nearly all cases, their complaint has been rejected by FIDREC.
Honestly, I do not know what you can do now. I tried to get the Government to help the same investors who were misled, but they also refused.
Chee Soon Juan
I met Chee Soon Juan two years ago at a barbeque organised by The Online Citizen in East Coast Park. He brought his wife and three daughters with him. I had a friendly chat with him.
I met him on a few subsequent occasions. I gave some puzzles, quizzes and my books to him to give to his daughters. I have always wondered about how difficult life must be for his daughers in school.
I have spoken to Chee Soon Juan spoke on a few occasions and heard him speak at public meetings. He came across as being a sensible person and has some views about what is good for Singapore. I agree with his views on the need to have to promote democracy and to have a government that reflects the aspirations of the people and is accountable to the people.
The mainstream media has painted a negative picture of Chee Soon Juan. Many Singaporeans perceive him in a negative light, which I believe is a wrong perception. I hope that they will have the chance to meet him and listen to him, or read his views in this blog.
I met a friend at a coffee shop this morning. I told him about my views of Chee Soon Juan and his family. He agreed with me. He had heard a story that Soon Juan's daughter had to speak up in class and tell her classmates, "My father did not commit any crime". He was emotional; tears came down from his eyes when he said, "I wonder how any parent would feel if our own daughter had to face this kind of difficulty in the class".
I like to wish Chee Soon Juan, his wife and three daughters all the best as they face the difficulty of life in Singapore. I hope that more Singaporeans will come forward to express their support to him and his family.
Tan Kin Lian
I met him on a few subsequent occasions. I gave some puzzles, quizzes and my books to him to give to his daughters. I have always wondered about how difficult life must be for his daughers in school.
I have spoken to Chee Soon Juan spoke on a few occasions and heard him speak at public meetings. He came across as being a sensible person and has some views about what is good for Singapore. I agree with his views on the need to have to promote democracy and to have a government that reflects the aspirations of the people and is accountable to the people.
The mainstream media has painted a negative picture of Chee Soon Juan. Many Singaporeans perceive him in a negative light, which I believe is a wrong perception. I hope that they will have the chance to meet him and listen to him, or read his views in this blog.
I met a friend at a coffee shop this morning. I told him about my views of Chee Soon Juan and his family. He agreed with me. He had heard a story that Soon Juan's daughter had to speak up in class and tell her classmates, "My father did not commit any crime". He was emotional; tears came down from his eyes when he said, "I wonder how any parent would feel if our own daughter had to face this kind of difficulty in the class".
I like to wish Chee Soon Juan, his wife and three daughters all the best as they face the difficulty of life in Singapore. I hope that more Singaporeans will come forward to express their support to him and his family.
Tan Kin Lian
Target Marketing
If you are setting up a new business, such as a restaurant or service business, you will need to market to target customers living within a certain distance from your shop. We can give you particulars of the customers based on your selected profile. More details here.
High cost of switching funds
Dear Mr. Tan
I am currently on an Asset Builder plan. The agent has recently contacted me to
switch to another fund for better return, with one-time sale charge of 4%. The additional service provided is that the agent will switch the funds on my behalf, so that I do not have to monitor my investments. Is this true ? How can I monitor the funds by myself?
REPLY
Each time that you switched funds, you suffer a loss of 4%. A large part of this fee is paid as a commission to the agent. It is unlikely for any person to advice you on how to switch funds and earn an additional 4% to cover the front end fee.
There is no need to monitor your investments. You should invest for the long term and avoid the costly switches. You should consider making a complaint for this type of bad advice.
I am currently on an Asset Builder plan. The agent has recently contacted me to
switch to another fund for better return, with one-time sale charge of 4%. The additional service provided is that the agent will switch the funds on my behalf, so that I do not have to monitor my investments. Is this true ? How can I monitor the funds by myself?
REPLY
Each time that you switched funds, you suffer a loss of 4%. A large part of this fee is paid as a commission to the agent. It is unlikely for any person to advice you on how to switch funds and earn an additional 4% to cover the front end fee.
There is no need to monitor your investments. You should invest for the long term and avoid the costly switches. You should consider making a complaint for this type of bad advice.
A good endowment policy
Someone asked, "what is a good endowment policy available in the market?"
In my view, a good endowment policy has to meet all of the following:
a) has a reduction in yield of not more than 1%
b) distributes the bonus based on the asset share principle
c) can provide a net yield of at least 3.5% p. a. based on the current environment
I believe that none of the endowment policies in the market meet the above criteria. I hope that some insurance companies will introduce a good endowment policy in the future. They have to reduce the commission payable to agents to achieve the "reduction in yield" target.
However, if any person, including insurer or agent, considers that a specific product meets this criteria, please send an e-mail to kinlian@gmail.com.
Tan Kin Lian
In my view, a good endowment policy has to meet all of the following:
a) has a reduction in yield of not more than 1%
b) distributes the bonus based on the asset share principle
c) can provide a net yield of at least 3.5% p. a. based on the current environment
I believe that none of the endowment policies in the market meet the above criteria. I hope that some insurance companies will introduce a good endowment policy in the future. They have to reduce the commission payable to agents to achieve the "reduction in yield" target.
However, if any person, including insurer or agent, considers that a specific product meets this criteria, please send an e-mail to kinlian@gmail.com.
Tan Kin Lian
Property bubble in Singapore
The bubble in the property market during the past six months is due to the following factors:
a) perception that the economy will get better
b) low interest rate
c) marketing tactic of property consultants
d) lack of information for customers
These activities help to create a false market, leading to a speculative bubble. It is not sustainable.
Some of the risks that will lead to the busting of the bubble are:
a) second dip in global economy (quite likely)
b) higher interest rate (a certainty)
c) control over marketing practices (not likely)
d) government measures (already in place)
Consumers can get better informed by searching this portal or by investing $25 in a property report (and save much more by avoiding a costing mistake).
a) perception that the economy will get better
b) low interest rate
c) marketing tactic of property consultants
d) lack of information for customers
These activities help to create a false market, leading to a speculative bubble. It is not sustainable.
Some of the risks that will lead to the busting of the bubble are:
a) second dip in global economy (quite likely)
b) higher interest rate (a certainty)
c) control over marketing practices (not likely)
d) government measures (already in place)
Consumers can get better informed by searching this portal or by investing $25 in a property report (and save much more by avoiding a costing mistake).
Advertisements and public transport
We should restrict advertisements on public transport vehicles and stations. Read my views here.
Google Medical Records
Google has developed a system for a patient to enter his medical records. This is explained in the Youtube here.
TKL Central Medical Records system allows the doctors and clinics to update the records and to send the bills to the employers and insurance companies.
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