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1. FISCA - Funancial Services Consumer Assocation
2. Compensation for Credit Linked Notes
3. Regular visitors to Tan Kin Lian's Blog
4. Collect 100,000 signatures
Friday, December 19, 2008
Mis-selling of ILPs in the UK
From TKL: I have not been able to accuracy of this information yet.
Dear Mr. Tan
According to one writer, these type of products (ILPs) were designed and sold in the UK in the 1980's & 1990's. A super regulator was brought in called the FSA to clean up an industry that to date has paid compensation to investors in the UK who have lost money in the region of GBP 15,000,000,000 (billion) using these exact same products. That is why they are now 'offshore' so insurance companies can continue to sell these very profitable products in poorly regulated markets in Asia.
Now that they cannot sell in UK or US, they come to Asia and other developing markets like UAE to sell. A foreign insurer sells this plan in Singapore as an offshore product, and MAS is clearing not supervising these offshore insurers. They will bring great harm to our people.
Thanks for your help.
GT
Dear Mr. Tan
According to one writer, these type of products (ILPs) were designed and sold in the UK in the 1980's & 1990's. A super regulator was brought in called the FSA to clean up an industry that to date has paid compensation to investors in the UK who have lost money in the region of GBP 15,000,000,000 (billion) using these exact same products. That is why they are now 'offshore' so insurance companies can continue to sell these very profitable products in poorly regulated markets in Asia.
Now that they cannot sell in UK or US, they come to Asia and other developing markets like UAE to sell. A foreign insurer sells this plan in Singapore as an offshore product, and MAS is clearing not supervising these offshore insurers. They will bring great harm to our people.
Thanks for your help.
GT
Letter of confidentiality
Dear Mr. Tan,
The bank wishes to meet me on my complaint and asked me to sign the following letter of confidentiality. What is your view?
CONFIDENTIALITY UNDERTAKING
We refer to the meeting scheduled to take place today (“the Meeting”).
We agree that the Meeting will be held on a Without Prejudice basis.
By our signature of a copy of this letter we agree as follows:
1. We undertake:
a. not to record the proceedings or discussions during the Meeting (however we may take our own written notes during the meeting);
b. except as otherwise required by law, to keep the Confidential Information confidential and not to disclose it to anyone or use it for any purpose without our express written consent;
c. to ensure that the Confidential Information is protected from unauthorised disclosure or use.
2. We agree to inform you (to the extent permitted by law) of the full circumstances of any disclosure or upon becoming aware that Confidential Information has been disclosed.
3. The obligations in this letter shall survive the termination of any discussions or negotiations between the Bank and us.
4. We acknowledge and agree that each of the Bank and/or Related Person (defined to mean Bank’s officers, directors, employees, professional advisers or any of the Bank’s affiliates) may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you.
5. No failure or delay in exercising any right, power or privilege under this letter will operate as a waiver.
6. The undertakings given by us under this letter are given to the Bank and also for the benefit of each Related Person. We shall keep the Bank and each Related Person fully and effectively indemnified on demand against each and every claim, loss, liability and cost which the Bank and/or a Related Person may suffer or incur as a result of any breach of the provisions of this Letter.
7. If the Account is held in the name of more than one person, our obligations under this letter are joint and several.
8. In this letter "Confidential Information" means without limitation, all discussions, statements, materials, information, document and records in whatever form and any material derived or copied therefrom concerning the Customer, Account, services by the Bank, transactions with the Bank, and any other matters in relation thereto disclosed or furnished to us before, during or after the Meeting, as well as the fact discussions are taking place, that the Meeting is held, that further discussions may be contemplated, and that this confidentiality letter has been entered into.
REPLY
I suggest that you ask the bank to agree that the same conditions stated in the letter of confidentiality should apply to their side as well. It reflects fairness and natural justice. If not, you should not sign this undertaking.
The bank wishes to meet me on my complaint and asked me to sign the following letter of confidentiality. What is your view?
CONFIDENTIALITY UNDERTAKING
We refer to the meeting scheduled to take place today (“the Meeting”).
We agree that the Meeting will be held on a Without Prejudice basis.
By our signature of a copy of this letter we agree as follows:
1. We undertake:
a. not to record the proceedings or discussions during the Meeting (however we may take our own written notes during the meeting);
b. except as otherwise required by law, to keep the Confidential Information confidential and not to disclose it to anyone or use it for any purpose without our express written consent;
c. to ensure that the Confidential Information is protected from unauthorised disclosure or use.
2. We agree to inform you (to the extent permitted by law) of the full circumstances of any disclosure or upon becoming aware that Confidential Information has been disclosed.
3. The obligations in this letter shall survive the termination of any discussions or negotiations between the Bank and us.
4. We acknowledge and agree that each of the Bank and/or Related Person (defined to mean Bank’s officers, directors, employees, professional advisers or any of the Bank’s affiliates) may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you.
5. No failure or delay in exercising any right, power or privilege under this letter will operate as a waiver.
6. The undertakings given by us under this letter are given to the Bank and also for the benefit of each Related Person. We shall keep the Bank and each Related Person fully and effectively indemnified on demand against each and every claim, loss, liability and cost which the Bank and/or a Related Person may suffer or incur as a result of any breach of the provisions of this Letter.
7. If the Account is held in the name of more than one person, our obligations under this letter are joint and several.
8. In this letter "Confidential Information" means without limitation, all discussions, statements, materials, information, document and records in whatever form and any material derived or copied therefrom concerning the Customer, Account, services by the Bank, transactions with the Bank, and any other matters in relation thereto disclosed or furnished to us before, during or after the Meeting, as well as the fact discussions are taking place, that the Meeting is held, that further discussions may be contemplated, and that this confidentiality letter has been entered into.
REPLY
I suggest that you ask the bank to agree that the same conditions stated in the letter of confidentiality should apply to their side as well. It reflects fairness and natural justice. If not, you should not sign this undertaking.
California Governor order 2 day Unpaid Leave
www.bloomberg.com
By Michael B. Marois
Dec. 19 (Bloomberg) -- California Governor Arnold Schwarzenegger may force all state workers to take two days of unpaid leave each month to conserve money amid a record budget deficit and a legislative impasse over how to fix it.
The furloughs would begin in February and would last through June 1010, according to labor union officials who said they were briefed by the administration earlier today.
MY VIEW
This is an excellent way to deal with a downturn. Take unpaid leave, which applies to all employees!
By Michael B. Marois
Dec. 19 (Bloomberg) -- California Governor Arnold Schwarzenegger may force all state workers to take two days of unpaid leave each month to conserve money amid a record budget deficit and a legislative impasse over how to fix it.
The furloughs would begin in February and would last through June 1010, according to labor union officials who said they were briefed by the administration earlier today.
MY VIEW
This is an excellent way to deal with a downturn. Take unpaid leave, which applies to all employees!
Cost of banks
One year ago, Royal Bank of Scotland paid US$100 billion for ABN Amro.
Today, this sum could buy:
Citibank $22.5 billion (74% down)
Morgan Stanley $10.5 billion (-72%)
Goldman Sachs $21 billion (-67%)
Merril Lynch $12.3 billion (-77%)
Deutsche Bank $13 billion (-71%)
Barclays $12.7 billion (-71%)
... and leave a balance of $8 billion:
Today, this sum could buy:
Citibank $22.5 billion (74% down)
Morgan Stanley $10.5 billion (-72%)
Goldman Sachs $21 billion (-67%)
Merril Lynch $12.3 billion (-77%)
Deutsche Bank $13 billion (-71%)
Barclays $12.7 billion (-71%)
... and leave a balance of $8 billion:
Survey by FISCA - Financial Services Consumer Association
A pro-tem committee has been formed to plan the launch of FISCA (Financial Services Consumer Association).
The aims of FISCA are to eduate consumers on financial matters, help them to find the suitable financial products and to assist them on seeking redress on mis-selling and other complaints.
Are you interested to join FISCA? What are the services that you like to use? How much are you willing to pay towards the cost of running FISCA? Should FISCA be independent of funding by the business and Government?
Give your views in this survey:
http://www.surveymonkey.com/s.aspx?sm=NDbqLl_2bU_2bb6xxaIjGarfOw_3d_3d
The aims of FISCA are to eduate consumers on financial matters, help them to find the suitable financial products and to assist them on seeking redress on mis-selling and other complaints.
Are you interested to join FISCA? What are the services that you like to use? How much are you willing to pay towards the cost of running FISCA? Should FISCA be independent of funding by the business and Government?
Give your views in this survey:
http://www.surveymonkey.com/s.aspx?sm=NDbqLl_2bU_2bb6xxaIjGarfOw_3d_3d
No claim discount on motor insurance
Dear Mr. Tan,
Can you please advise me under what conditions can I request my motor insurance company to review their decision on my NCD. My NCD after one accident has been reduced to 20%
JW
REPLY
You can ask the General Insurance Association of Singapore or your own insurance company.
If you are not happy with the decision taken by your insurance company, you should find another insurance company.
Here are some telephone numbers you can call.
http://www.tankinlian.com/faq/motord.html
Can you please advise me under what conditions can I request my motor insurance company to review their decision on my NCD. My NCD after one accident has been reduced to 20%
JW
REPLY
You can ask the General Insurance Association of Singapore or your own insurance company.
If you are not happy with the decision taken by your insurance company, you should find another insurance company.
Here are some telephone numbers you can call.
http://www.tankinlian.com/faq/motord.html
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