This article in a British newspaper explained how British expats are being ripped off when they buy financial products outside of the UK. The sales are made in Hong Kong, Singapore and other countries.
But it is not just the expats are being ripped off. The locals in these countries are also being ripped off by the predatory products.
It is time for MAS to wake up.
http://www.telegraph.co.uk/finance/personalfinance/investing/11726158/Exposed-the-rip-off-investment-advisers-who-cost-British-expats-billions.html
But it is not just the expats are being ripped off. The locals in these countries are also being ripped off by the predatory products.
It is time for MAS to wake up.
http://www.telegraph.co.uk/finance/personalfinance/investing/11726158/Exposed-the-rip-off-investment-advisers-who-cost-British-expats-billions.html
1 comment:
Sometimes I wonder whether MAS is for the consumers or for the insurers and their army of predatory salesmen.
What is the point of laying the minimum standard of advice as required in the balanced score card regime when MAS closes their 2 eyes to all the malpractices openly happening in the market place.Roadshows are still product driven.What advice? Where are the mystery shoppers? Have they found anything 'mysterious'?
Have any insurers' "INDEPENDENT" AUDITORS submitted any infraction report to MAS? Or the infractions have been 'detected and intercepted' at the independent auditing stage and sent down to the various layers below for recovery actions to cover up? Are independent auditors really "independent"? So long the auditors are depending on the company for their salary it is hard to be independent, right? It is a load of BS. You don't need to be smart to know what the insurers will do, right?
Will MAS conduct surprised audits on the insurers as frequently as possible? If not, whatever regulatory regime is as good as dead letter.Regulation without enforcement is only WAYANG. It is pulling the wool over the eyes of the consumers.
Independent auditors should be external and changed every 3 years just like company accounting auditors so that no monkey business can take place.
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