Wednesday, November 11, 2009
Gerrymandering and election
Gerrymandering is the redrawing of electoral districts to benefit the incumbent in an election. It is practiced in New York and is considered to be corrupt.
Consumer Protection and Fair Trading Act
There is a law in Singapore called the Consumer Protection and Fair Trading Act (CPFTA). This law, which was passed in 2003 did not apply to financial products initially. It was extended to include financial products in 2007.
Many consumers have lost a lot of money due to unfair trading imposed by financial institutions and intermediaries. They should get a lawyer to see if these parties have infringed the CPFTA. If you are not able to engage a lawyer, you can do some research on your own or get assistance from FISCA.
Many consumers have lost a lot of money due to unfair trading imposed by financial institutions and intermediaries. They should get a lawyer to see if these parties have infringed the CPFTA. If you are not able to engage a lawyer, you can do some research on your own or get assistance from FISCA.
If you have done some research and wish to share your views with other consumers, please send them to kinlian@gmail.com.
Motor insurance is compulsory
It is compulsory by law for the owner of a vehicle to have a motor insurance cover. The mandatory cover is for third party injury. In theory, you do not need to buy insurance to cover property damage, if you do not wish to.
It is difficult to find an insurance company that will offer only compulsory Act cover. A more frequent coverage is third party cover (which covers liability to third parties for injury and property damage). The premium is about 50% to 65% of the comprehensive cover. Comprehensive cover, which is more common, will also cover damage to your own vehicle.
During the past two years, the premium for motor insurance has increased by about 30% due to more accidents and fraudulent claims. Some customers have to pay more. The insurance companies introduced the "Motor Claim Framework" to combat the escalation in claims. So far, it has failed to achieve the desired outcome.
It is difficult to find an insurance company that will offer only compulsory Act cover. A more frequent coverage is third party cover (which covers liability to third parties for injury and property damage). The premium is about 50% to 65% of the comprehensive cover. Comprehensive cover, which is more common, will also cover damage to your own vehicle.
During the past two years, the premium for motor insurance has increased by about 30% due to more accidents and fraudulent claims. Some customers have to pay more. The insurance companies introduced the "Motor Claim Framework" to combat the escalation in claims. So far, it has failed to achieve the desired outcome.
Shape Quiz for birthday party
A customer came to my office to buy 60 sets of shape quiz to be given to children at a birthday party. Cost per package is $2 (comprise of shape quiz sheet with 100 shapes and pieces made in plastic).
Delivery of rechargeable torchlight
I can arrange delivery of the rechargeable torchlight to buyers for $7. You pay the normal price of $6.50 and enjoy a discount of $1 for purchase of 5 or more. More details of the torchlight here.
You can pay by internet banking or send a cheque to my office at Blk 5, Ang Mo Kio Industrial Park 2A #06-12, Singapore 567760. Enquiry at 6555 5762.
Tuesday, November 10, 2009
China Daily:More deals reached in Lehman debacle
11 Nov 2009
HONG KONG: Some 16 banks have agreed to settle all complaints arising from the sale of Lehman Brothers non-minibond products by March next year, a Legislative Council's subcommittee heard yesterday.
Choi Yiu-kwan, the Monetary Authority's deputy chief executive, unveiled the latest agreement with the banks at a hearing of the subcommittee on the debacle arising from the sale of Lehman Brothers financial products.
In a payout plan proposed in July by the Securities and Futures Commission, the authority and the 16 banks, minibond holders can redeem at least 60 percent of the value of their initial investments.
The deal also required the banks to immediately put improved complaint-handling procedures in place to resolve complaints on the sale of structured financial products other than minibonds.
Choi said before the proposal of the payout deal on July 22, the authority completed an average of 130 complaints about the sale of non-minibond products a month.
Since the introduction of the deal, it has finished some 550 investigations into complaints about the sale of non-minbond products every month on average, he said.
But he added that some 4,450 complaints about the sale of non-minbond products and about 1,000 about the sale of minibonds are still under the authority's investigation.
He expected the regulator can complete a monthly average of at least 1,000 investigations into the sale of non-minibond products in the near future.
Choi said it is now difficult to tell whether a payment deal can be bargained for Lehman Brothers non-minibond holders, but he has the idea in mind.
Lawmaker Starry Lee Wai-king urged the financial regulator to hold regular talks with complainants to update them concerning progress on the investigation.
But Choi said holding regular meetings with individual investors will place a huge demand on manpower. He said such a commitment may slow down the progress of investigations.
To help monitor the business of local banks, Choi said the authority holds meetings with each local bank's board of directors once a year to analyze how well the firms perform compared with other institutions of similar levels and advise them on their management, especially in the area of risk management.
HONG KONG: Some 16 banks have agreed to settle all complaints arising from the sale of Lehman Brothers non-minibond products by March next year, a Legislative Council's subcommittee heard yesterday.
Choi Yiu-kwan, the Monetary Authority's deputy chief executive, unveiled the latest agreement with the banks at a hearing of the subcommittee on the debacle arising from the sale of Lehman Brothers financial products.
In a payout plan proposed in July by the Securities and Futures Commission, the authority and the 16 banks, minibond holders can redeem at least 60 percent of the value of their initial investments.
The deal also required the banks to immediately put improved complaint-handling procedures in place to resolve complaints on the sale of structured financial products other than minibonds.
Choi said before the proposal of the payout deal on July 22, the authority completed an average of 130 complaints about the sale of non-minibond products a month.
Since the introduction of the deal, it has finished some 550 investigations into complaints about the sale of non-minbond products every month on average, he said.
But he added that some 4,450 complaints about the sale of non-minbond products and about 1,000 about the sale of minibonds are still under the authority's investigation.
He expected the regulator can complete a monthly average of at least 1,000 investigations into the sale of non-minibond products in the near future.
Choi said it is now difficult to tell whether a payment deal can be bargained for Lehman Brothers non-minibond holders, but he has the idea in mind.
Lawmaker Starry Lee Wai-king urged the financial regulator to hold regular talks with complainants to update them concerning progress on the investigation.
But Choi said holding regular meetings with individual investors will place a huge demand on manpower. He said such a commitment may slow down the progress of investigations.
To help monitor the business of local banks, Choi said the authority holds meetings with each local bank's board of directors once a year to analyze how well the firms perform compared with other institutions of similar levels and advise them on their management, especially in the area of risk management.
Be aware of your rights
Many Singaporeans are ignorant of their rights as individuals or as a human being. This is due to many decades of trust in a government that will take care of the people, i.e. the "nanny state".
In recent years, the people are expected to take care of themselves, in line with the trend towards a "free market" environment. Unfortunately, they are ill-prepared for this responsibility. Many people are not aware about their individual or contractual rights.
It is easy for certain unscrupulous parties to take advantage of the ignorant people using unfair contract terms, unfair trading, investment scams or outright cheating, and get away under the guise of "caveat emptor".
The people who are cheated do not even know how to seek redress. They can engage a lawyer, but they find the fees to be too high, and they are wary about trusting the lawyer.
Here is my advice to Singaporeans:
a) Spend time to learn about your rights as human beings
b) Learn about the law of contracts and agency
c) Learn about the law on consumer protection, fair trading, fair contractual terms
d) Talk to lawyers who are your friends.
Tan Kin Lian
In recent years, the people are expected to take care of themselves, in line with the trend towards a "free market" environment. Unfortunately, they are ill-prepared for this responsibility. Many people are not aware about their individual or contractual rights.
It is easy for certain unscrupulous parties to take advantage of the ignorant people using unfair contract terms, unfair trading, investment scams or outright cheating, and get away under the guise of "caveat emptor".
The people who are cheated do not even know how to seek redress. They can engage a lawyer, but they find the fees to be too high, and they are wary about trusting the lawyer.
Here is my advice to Singaporeans:
a) Spend time to learn about your rights as human beings
b) Learn about the law of contracts and agency
c) Learn about the law on consumer protection, fair trading, fair contractual terms
d) Talk to lawyers who are your friends.
Tan Kin Lian
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