A few policyholders have invested in the Zurich Vista plan. They are now unhappy that they have not been informed about the high surrender charges and other features of the plan. They wish to consider appropriate action. If you wish to join them, give your particulars here.
Wednesday, May 27, 2009
Monday, May 25, 2009
Flying over the glaciers in Juneau, Alaska
Getting into the seaplane.
View of glacier from the plane
Another view of the glacier
Tax incentive and commission
In some countries, there is tax incentive for saving in an insurance policy or to create an educational fund for a child. People are not aware about this incentive. The adviser helps them to gain access to the incentive through a suitable plan. The commission earned by the adviser is more than covered by the tax incentive. The customer gains from the plan, after paying the commission. All parties benefit.
In Singapore, where there is no tax incentive, the commission paid to the adviser is a burden to the consumer. It reduces the net return to the consumer. Some insurance companies do not care about the consumer and are willing to sell "poor value" products to them. They train their agents to "convince" the customer to buy these products. It is enethical to take advantage of the igonorance of the consumer.
All financial products with high upfront fees give poor value to the consumer. They include investment linked products, structured products, endowment and whole life policies.
Without any tax incentive, there is no justification for high commissions to be paid to financial advisers who sell the financial products. There is a pressing need for the regulator to set limits to the commissions that can be paid, so that the consumer's are given a fair deal.
Tan Kin Lian
Online Sudoku
Try this website for Sudoku games at 4 different levels and choice of symbols. Try solving with flowers.
Sunday, May 24, 2009
BOC HK's mini-bond holders demand settlement ASAP
May. 25, 2009 (China Knowledge) - Bank of China (Hong Kong) Ltd, the largest distributor of Lehman Brothers-linked products in Hong Kong, has been asked by hundreds of Lehman mini-bond holders to settle their cases faster, the Standard reported.
On Thursday the mini-bond holders gathered outside the Hong Kong Convention and Exhibition Centre, Wan Chai, during the annual meeting at the company's headquarters there, asking the bank to resolve the issue with the mini-bonds as soon as possible.
The bank has already deployed resources to deal with the matter, said President He Guangbei, adding that the bank is handling the issue actively and seriously and expects to wrap up the cases soon. The bank has set up an internal audit committee and continues to discuss the matter with regulators.
However, he provided no timetable.
http://www.chinaknowledge.com/Newswires/News_Detail.aspx? type=1&NewsID=23848
On Thursday the mini-bond holders gathered outside the Hong Kong Convention and Exhibition Centre, Wan Chai, during the annual meeting at the company's headquarters there, asking the bank to resolve the issue with the mini-bonds as soon as possible.
The bank has already deployed resources to deal with the matter, said President He Guangbei, adding that the bank is handling the issue actively and seriously and expects to wrap up the cases soon. The bank has set up an internal audit committee and continues to discuss the matter with regulators.
However, he provided no timetable.
http://www.chinaknowledge.com/
Brain Workout in The New Paper
A few readers have asked me where they can buy the TKL Intelligence Quiz book. The bookstores are listed in this website. Several have asked when the next volume will be available. They can also try the online version of the quiz here.
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