A worried citizen reply to PM Lee about his call to think of the future, in voting at the next general election.
Read here.
Sunday, March 27, 2011
FISCA - Guide to new website
Here is the guide on how to use the new website. Some of the information can be found in the webpages that can be seen by the public. Members can login and view the webpages that are reserved for members only - especially the evaluation of financial products.
FISCA and financial literacy talks
Here is a message sent by a FISCA member to his friends. I like to ask you to send this message to our friends also, and encourage them to join FISCA and attend the educational talks.
Dear
On the 26 March, I just attend a talk by Mr. Tan Kin Lian (a qualified actuary and was the CEO of a large life & general insurance company) entitled "Insuring Your Financial Security (Consumer Guide to Insurance) "
Mr. Tan is a sincere and knowledgeable gentleman who is well versed in insurance products and also overall financial planning due to his previous work. I have benefited so much from his talk and reading his books. His workshops (and books) are developed such that it is easily understood by the lay-person,
I have both his books
(1) Practical guide on financial planning
(2) Get Value from your life insurance
Please also consider joining http://www.fisca.sg/ as a member for $36 per annum. FISCA is a non-profit org. and its objective is to improve financial literacy among Singaporeans. (unlike many "free" seminar where one is expected to buy a stock trading software at the end of the talk) As a FISCA member, one get to attend useful talks at a discounted rate of $20 compared to non-members $30.
This is taken from FISCA website:
"FiSCA is committed to being an unbiased, up-to-date financial site with quality articles and advice to help improve financial literacy among Singapore consumers. Being a non-profit driven organization, FiSCA does not solicit sponsorship from commercial companies such as banks, nor do we get revenue through online advertising. We aim to be considered an objective and knowledgeable third party in financial-related issues, in order to provide quality, un-biased information on financial education to the general public. "
Dear
On the 26 March, I just attend a talk by Mr. Tan Kin Lian (a qualified actuary and was the CEO of a large life & general insurance company) entitled "Insuring Your Financial Security (Consumer Guide to Insurance) "
Mr. Tan is a sincere and knowledgeable gentleman who is well versed in insurance products and also overall financial planning due to his previous work. I have benefited so much from his talk and reading his books. His workshops (and books) are developed such that it is easily understood by the lay-person,
I have both his books
(1) Practical guide on financial planning
(2) Get Value from your life insurance
Please also consider joining http://www.fisca.sg/ as a member for $36 per annum. FISCA is a non-profit org. and its objective is to improve financial literacy among Singaporeans. (unlike many "free" seminar where one is expected to buy a stock trading software at the end of the talk) As a FISCA member, one get to attend useful talks at a discounted rate of $20 compared to non-members $30.
This is taken from FISCA website:
"FiSCA is committed to being an unbiased, up-to-date financial site with quality articles and advice to help improve financial literacy among Singapore consumers. Being a non-profit driven organization, FiSCA does not solicit sponsorship from commercial companies such as banks, nor do we get revenue through online advertising. We aim to be considered an objective and knowledgeable third party in financial-related issues, in order to provide quality, un-biased information on financial education to the general public. "
Hong Kong banks buy back Lehman Minibonds
Investors are likely to get back up to 96.5% of the initial investments. This settlement is much more generous than the payout to investors by Singapore banks.
HK banks unveil final resolution on Lehman minibonds
Hong Kong's Association of Banks announced Sunday
the 16 Hong Kong distributing banks of the so-called "minibonds" issued by Lehman Brothers
agreed on a final resolution to buy back the products.
HK banks agree on resolution for Lehman minibonds
Sixteen Hong Kong banks have agreed on a deal
to enable investors in structured products of the now bankrupt Lehman Brothers
recover a majority of their investments.
Damage to Singapore's reputation
A foreign professional came to work in Singapore She worked hard and saved a large part of her salary to be used by her husband in building his business later on. In the meantime, she wanted to invest the savings.
An independent financial adviser sold her an investment-linked policy designed for high net worth individuals. The adviser deliberately removed certain information about the charges in this policy and lied to her about the charges. After saving for 18 months, the policy started to take away a high monthly charge. She learned for the first time about this high charge, which would be taken away from her savings for the rest of the future years. If she terminate the saving plan now, she would lose more than 70% of the savings. It was quite heart-breaking.
She told me, "Mr. Tan, when I first came to Singapore, I was impressed with the Singapore system - honest government, a good standard of living. I never thought that I could be cheated by a respectable insurance company and by the financial adviser. After this experience, I have now changed my views about Singapore".
Tan Kin Lian
An independent financial adviser sold her an investment-linked policy designed for high net worth individuals. The adviser deliberately removed certain information about the charges in this policy and lied to her about the charges. After saving for 18 months, the policy started to take away a high monthly charge. She learned for the first time about this high charge, which would be taken away from her savings for the rest of the future years. If she terminate the saving plan now, she would lose more than 70% of the savings. It was quite heart-breaking.
She told me, "Mr. Tan, when I first came to Singapore, I was impressed with the Singapore system - honest government, a good standard of living. I never thought that I could be cheated by a respectable insurance company and by the financial adviser. After this experience, I have now changed my views about Singapore".
Tan Kin Lian
The honest way for marketing
It is better to use the educational approach to market a product. You can explain the pros and cons of the product and let the customer judge the product. If you are marketing a good product at a fair price, the customer is likely to buy the product. There is no need pay a high sales commission to market the product.
Many businesses have inferior products that can only be sold by high pressure sales techniques. The product is already inferior and higher priced than comparable products. The sales commission adds to the cost. This makes the product so bad that any sensible customer will avoid it. The product is then sold using misleading statements and outright lies.
In some countries, the authority will take action on deceptive practices. But in other countries, there is no action taken against deceptive practices. The marketing people become bolder and goes out to tell more blatant lies to market their product.
If you are in an environment of low protection of consumer rights, you have to avoid all types of marketing people who use high pressure techniques to sell their products. Just tell them, "I am not interested" and put down the phone (if it is a phone call) or walk away (if you meet someone at a mall). If they are honest, they can give you an educational material to allow you time to make your judgement.
Tan Kin Lian
Many businesses have inferior products that can only be sold by high pressure sales techniques. The product is already inferior and higher priced than comparable products. The sales commission adds to the cost. This makes the product so bad that any sensible customer will avoid it. The product is then sold using misleading statements and outright lies.
In some countries, the authority will take action on deceptive practices. But in other countries, there is no action taken against deceptive practices. The marketing people become bolder and goes out to tell more blatant lies to market their product.
If you are in an environment of low protection of consumer rights, you have to avoid all types of marketing people who use high pressure techniques to sell their products. Just tell them, "I am not interested" and put down the phone (if it is a phone call) or walk away (if you meet someone at a mall). If they are honest, they can give you an educational material to allow you time to make your judgement.
Tan Kin Lian
Property prices and affordability
Here is a gauge on the amount that you should pay for a property and to find out if the current property price is too high or acceptable. See Ask Mr. Tan or click here.
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