Meeting at Speaker's Corner 18 Oct, 6-7 pm

[Ah Hai]

Avoid dual currency products

Sunday, February 15, 2009
Avoid dual currency products

Dear Tan
I am from Malaysia. I wish to invest in dual currency investment . Can you advise in this market situation , which foreign currency can invest ? Aussie dollar? any risks ? I am new in this investment. Will I lose all my money or i will make profit from it.

REPLY
My advice is to avoid all dual currency products. Read my views .
www.tankinlian.com/faq

You can also search my blog for postings under the title "dual currency".


Posted by Tan Kin Lian at 10:28 AM

 

[Ah Hai]

Taking care of the old parents

Sunday, February 15, 2009
Taking care of the old parents

Wonderful short story posted in www.theonlinecitizen.com

A frail old man went to live with his son, daughter-in-law, and a four-year old grandson. The old man’s hands trembled, his eyesight was blurred, and his step faltered. The family ate together nightly at the dinner table. But the elderly grandfather’s shaky hands and failing sight made eating rather difficult. Peas rolled off his spoon onto the floor. When he grasped the glass often milk spilled on the tablecloth. The son and daughter-in-law became irritated with the mess. So the husband and wife set a small table in the corner. There, grandfather ate alone while the rest of the family enjoyed dinner at the dinner table. Since grandfather had broken a dish or two, his food was served in a wooden bowl. Sometimes when the family glanced in grandfather’s direction, he had a tear in his eye as he ate alone. Still, the only words the couple had for him were sharp admonitions when he dropped a fork or spilled food. The four-year-old son watched it all in silence.

　　One evening before supper, the father noticed his son playing with wood scraps on the floor. He asked the child sweetly, “What are you making?” Just as sweetly, the boy responded, “Oh, I am making a little bowl for you and mama to eat your food from when I grow up.” The four-year-old son smiled and went back to work. The words so struck the parents that they were speechless. Then tears started to stream down their cheeks. Though no word was spoken, both knew what must be done. That evening the husband took grandfather’s hand and gently led him back to the family table.

　　For the remainder of his days he ate every meal with the family. And for some reason, neither husband nor wife seemed to care any longer when a fork was dropped, milk spilled, or the tablecloth soiled. Children are remarkably perceptive. Their eyes ever observe, their ears ever listen, and their minds ever process the messages they absorb. If they see us patiently provide a happy home atmosphere for family members, they will imitate that attitude for the rest of their lives. The wise parent realizes that every day is being laid for the child’s future.
Posted by Tan Kin Lian at 12:11 PM
5 comments:

Anonymous said...

you can watch this at youtube, this is one of the ad. by petronas.
cheers.
February 15, 2009 12:55 PM
Everlearning said...

If a story ends to prick the conscience of the readers to do the right thing, then it is worth being told not once but forever.

I prefer this story to the "mouse and cat" story I read recently. He is not a very convincing story-teller. I can't make-believe that mouse can bark!!! Anyway, I don't have their talents and cannot appreciate their sense of humour.
February 15, 2009 1:45 PM
Rob said...

This story is urban legend. I have heard it on all corners of the earth from all cultures.

It never happened...... but the message is good.
February 15, 2009 3:08 PM
Singapore News Alternative said...

This is an ad by malaysia's petronas that contains the same message as in the story. Very touching. Singaporeans should watch this before thinking of dumping their elderly parents in Johor Bahru nursing homes as suggested by a minister.

http://www.youtube.com/watch?v=2fHa6FBO1OY
February 15, 2009 3:23 PM
Anonymous said...

How many nursing homes or retirement villages can you build with $58 billions?
Correct answer will not win a prize.
February 15, 2009 4:56 PM

 

[Ah Hai]

Pro-Trader: learning trading in a simulated environment

Monday, February 16, 2009
Pro-Trader: learning trading in a simulated environment
Pro-Trader was designed to give a simulated experience of trading in financial assets, especially of how prices respond to news that occur at any time. A person has to practice many times on this game to get an insight and understanding of the trading environment in the real world.

Article.
Posted by Tan Kin Lian at 5:46 AM

 

[Ah Hai]

Can you trust the property agent?

Monday, February 16, 2009
Can you trust the property agent?
The newspaper carried the story about a property agent being sued by the seller for giving bad advice to sell a property at below the market value. The property was sold to the buyer (who was a friend of the agent) who then re-sold the property at a big profit.

The court decided in favour of the plaintiff and required the property agent to compensate the original owner for the loss.

What is your view on this matter? Survey.

Posted by Tan Kin Lian at 8:38 AM
Labels: Investments


8 comments:

Anonymous said...

You can put insurance agents and property agents and they will live happily ever thereafter.
Both supposed to give advice but they don't . They push, mislead and hide facts and con their customers into buying.
It is time that the company they represent should bear the responsibility. It should be top down. Whatever advice they give to clients they are liable. No such thing as caveat emptor.
February 13, 2009 9:39 PM
Anonymous said...
This post has been removed by a blog administrator.
February 13, 2009 9:50 PM
Falcon said...

Wow, Mr Tan, this is an awesome report. Well done, so much useful information for such a low price. I particularly liked the page on the possible sale price which will give a clear benchmark to both sellers and buyers and put a stop to those monkey business by unscrupulous agents.
You certainly lived up to the maxim of not "cursing the darkness but providing light to get rid of darkness."
Well Done. This is another example of why we need more people like Mr. Tan in Singapore. He will make a good president for the Republic of Singapore.
February 14, 2009 1:52 PM
Mr. White said...

This report is interesting. We used to pay between $160 to $200 for a valuation report for a valuation company, but they were usually a conveyor belt type. Very surprised at the quality of this report. Ironical that a valuer's report is not as good as this one, and this one is cheaper.


On the topic of the ERA agents, this is really a sign of the time, where capitalism and profit are the motivators. I look forward to a new world order (The president of USA and prime ministers of Australia are calling for such) where responsibility and not just profit would be the goals of businesses.

This really has got to come from top down. Hope springs eternal.
February 14, 2009 3:15 PM
Anonymous said...

Im glad the plaintiff won the case. this is clearly the case where the agent did not act as a fiduciary to the his principle.
February 14, 2009 9:52 PM
Concerned said...

The judge delivered a very honest and good judgement. Hope this will deter any agent from trying to take advantage of the not so informed in any future transactions.
February 14, 2009 10:48 PM
Anonymous said...

The judge's verdict and admonition should also be a message to the insurance agents. Like the property agents , the insurance agents owe a duty to their customers for the best solution to their needs and certainly NOT diluted solution.
I hope policyholders will soon be able to find out what their agents had sold to them.
FISCA will provide a review service for consumers who want to know whether their agents have miss-sold or misrepresented to them
or short changed them with products that don't meet their needs or did not conduct need analysis or have violated section 27 of the FAA.
February 15, 2009 1:58 PM
bui said...

The fact that ERA sued the sellers is disturbing. Now they want to appeal? I hope the judge would give them a very good lecture. They have not learned anything from the previous judge's lecture.
February 16, 2009 10:06 AM

 

[Ah Hai]

Rejection letters from financial institutions

Monday, February 16, 2009
Rejection letters from financial institutions
Many note holders (of mini bonds, high notes, pinnacle notes, jubilee notes) are getting rejection letters from the financial institutions. They are disappointed. They wish to take legal action.
I am getting e-mails from these investors. It is quite discouraging to see so many people who are disappointed with the decision of the financial institutions.
Here is a comment:
The most insulting part is that we all got form letters, and not even one word of explanation was given. That is why the XXX brand stand for, cruelty and arrogance. No one in my family and no one that came after me will even bank with this brand.

Posted by Tan Kin Lian at 10:49 AM

 

[Ah Hai]

Buy a property report for $25

Monday, February 16, 2009
Buy a property report for $25
Before you buy, sell or rent a property, invest $25 in a property report. Here is a sample report.
If you are interested in this introductory offer, complete this form.

 

[Ah Hai]

Re: Rejection letters from financial institutions

Monday, February 16, 2009
Rejection letters from financial institutions
Many note holders (of mini bonds, high notes, pinnacle notes, jubilee notes) are getting rejection letters from the financial institutions. They are disappointed. They wish to take legal action.
I am getting e-mails from these investors. It is quite discouraging to see so many people who are disappointed with the decision of the financial institutions.
Here is a comment:
The most insulting part is that we all got form letters, and not even one word of explanation was given. That is why the XXX brand stand for, cruelty and arrogance. No one in my family and no one that came after me will even bank with this brand.

Posted by Tan Kin Lian at 10:49 AM

12 comments:

Nick said...

From FI's perspective, they are selling the product in accordance to Mas guideline and so long the investor is not 62 and above and is educated, the standard form of rejection will be given.

Why? Reason is simple. The problem with all these CLN is the execution of them. During sales, REs are known to be 6-7 but during execution, another set of 100-150 REs are used for credit protection by us (investor). And Mas is only getting independent party to look into the selling process and not the product execution, which is the MAIN point of the problem.

All rejection victims should be united to write to Mas to start investigation on the product execution in order to bring the truth and justice.
February 16, 2009 11:51 AM
Parka said...

Precisely. So much for the transparency. If no reasons are given, why even put up a show of going through with the interviews? Basically they can just do whatever they want.
February 16, 2009 12:04 PM
Anonymous said...

Mr Tan,
I disappointed by the rejection from my bokerage firm and wish to pursue class action. Can you advise who should I contact?

Regards,
Mr Lee
February 16, 2009 2:05 PM
SB said...

We are advised by MAS to follow the recommended process of lodging our complaints with the FIs. In the process each of us got "interrogated" by the FIs' staff and submitted a statement detailing our side of the story regarding the transaction and listing the basis of our complaint. We bare it all to the FIs to facilitate the investigation process. It is our expectation that the FIs will level the playing field when making its final decisions and will reciprocate with the reasons for the decisions particularly when they are to reject the complaints.

Now, we see and hear that the FIs are not honouring this en masse and their rejection letters come with a complete silence on their reasons. How are the complainants going to assess the merit of the FIs' positions and hence decide whether they will discontinue with the complaint process or to proceed to the next recommended step of going to FIDREC.

I urge every one who receives reject letters with no reasons attached to lodge a complaint on this with MAS and let them be aware of the prevalence of this injustice and bully-stance of the FIs. In a court of law, a judge will give the reasons for his judgement. Why should FIs be allowed to act otherwise and unfairly? Are the FIs not confident that their positions are on solid ground or is this a ploy to hide their faults and steamroll themselves through?
February 16, 2009 2:38 PM
Anonymous said...

MAS reported that 75% of minibond investors got compensation from banks. For ABN (RBS), the figure is probably far less than 75%.
February 16, 2009 3:20 PM
Anonymous said...

The program "House Of Cards" now (16/2 9pm) showing on CNBC channel interviewed Alan Greenspan who said even he, who has a strong maths background, is bewildered by these CDOs which are the toxic assets packaged into Structured notes and sold to us. How do they expect ordinary folks like us to understand what was sold to us under disguise of AAA rated Companies???
February 16, 2009 9:49 PM
Anonymous said...

They do this because they are what they are.

We folks still have a lot to learn about the ways of the world and the system.
February 16, 2009 10:34 PM
Anonymous said...

Fellow intoxicated victims,
The Complaint Handling process is wrong from the beginning.

[1] Mis-selling is a breach of statutory obligation of FI, which should be investigated by MAS as delegated by Fin Adv Act.
[2] Investors bare all facts in the Complaint lodged; but during the interview, FI only asks for more information and did not reveal FI's position. This is not an interview bec interview means 2-way traffic. 1-way interview by FI on investors is INTERROGATION even it is done in politeness.
[3] It is unfair when FI offers or rejects compensation without reasons. This is because Investor state the facts of their claims; whilst FI can be silent!
[4] If Investors reject the offer and goes to Fidrec, no matter how unfair it is, the original offer will vanish. Investors are cornered because the original tenets of fairness stipulated by MAS cannot be carried without intervention.

When Justice is not upheld, that will be the end of trust and respect. There is a Chinese saying, "water carries ship; and sinks ship at the same time."

From. Structured KuKu
February 16, 2009 10:54 PM
Anonymous said...

let me leave a comment or two; frm e begining, class action shuld hve commence, e practice therein SE is high handed with no support frm relevant authorities;let alone getting ur money back, when will SE will up to reality of 'justice' in this regime land...when u commence class action; e level of attentn shall enough to warrant serious consideration by all parties including authority in name of 'financial competence' & uphold e name of free market, espcially in SE, so the merry go round shall take years if kind enough for any settlement, why did u waste so much time to bck e beginnng of e circle..wake up! or else, live with fate, it ur choice that you had invested...
February 16, 2009 11:28 PM
Falcon said...

In any negotiation process, the more one party knows about the other party is an advantage. Conversely, the less the other party knows about oneself, the greater the advantage. So obviously when you detailed your story, it is going to be used for the other party's advantage because whatever you have said is taken as evidence and you cannot later say a different thing or your credibility will suffer. By not giving their reasons, they have limited your knowledge so that is why you are now in a situation where you feel you are losing control and not sure what to do. Even if you sue them now, you are already at a disadvantage. If your case goes to court, their lawyers can study what you said closely and devise a strategy to win the case by dissecting what you have said and find any loophole or wrongdoing on your part. Your poor lawyer will not have the same leverage as he will not even know what the other side is thinking.
February 17, 2009 1:22 AM
Anonymous said...

DEAR FALCON
You are RIGHT to say .. "So obviously when you detailed your story, it is going to be used for the other party's advantage .."

You are WRONG because the Investors are following MAS 3-step approach, announced to the public and debated in parliament.

You are right and wrong, but investors are KU KU.

FROM Structured Ku Ku
February 17, 2009 7:59 AM
tan hwa said...

NO REASON GIVEN FOR REJECTION.
I think we know when a policeman catch a criminal ,he will read out the right to him.That is some sort like "you
have the right to remain silence
what you say will be use as evidence.....
That why now the FI have all data's of your complain.which FALCON have said in his blog
February 17, 2009 9:06 AM

 

[Ah Hai]

Service to lodge a complaint

Wednesday, February 18, 2009

Service to lodge a complaint
Some investors of the credit linked notes received their rejection letter. They telephoned me for assistance. They have not read my blog or been in touch with the group leaders.

I am not able to provide individual assistance to these investors. If you need assistance to lodge a complaint with FIDREC, you can contact Adrian Tan (email: [email protected])

Adrian will charge you a small fee for the time that he has to spend to help you. You can discuss the fee with Adrian and decide if you wish to pay for his services.

You can also read my blog to get in touch with the group leaders for the credit linked notes that you have bought. If you wish to join a class action, you can read my blog for announcement of the meetings.

 

[Ah Hai]

Survey: Selling or renting a property

Thursday, February 19, 2009

Survey: Selling or renting a property
The newspaper carried the story about a property agent being sued by the seller for giving bad advice to sell a property at below the market value. The property was sold to the buyer (who was a friend of the agent) who then re-sold the property at a big profit.

The court decided in favour of the plaintiff and required the property agent to compensate the original owner for the loss.

What is your view on this matter? Survey.

Here are the survey results.

Before you buy, sell or rent a property, invest $25 in a property report. Here is a sample report.
If you are interested in this introductory offer, complete this form.

Posted by Tan Kin Lian at 8:38 AM
Labels: Investments
11 comments:

Anonymous said...

You can put insurance agents and property agents and they will live happily ever thereafter.
Both supposed to give advice but they don't . They push, mislead and hide facts and con their customers into buying.
It is time that the company they represent should bear the responsibility. It should be top down. Whatever advice they give to clients they are liable. No such thing as caveat emptor.
February 13, 2009 9:39 PM
Anonymous said...
This post has been removed by a blog administrator.
February 13, 2009 9:50 PM
Falcon said...

Wow, Mr Tan, this is an awesome report. Well done, so much useful information for such a low price. I particularly liked the page on the possible sale price which will give a clear benchmark to both sellers and buyers and put a stop to those monkey business by unscrupulous agents.
You certainly lived up to the maxim of not "cursing the darkness but providing light to get rid of darkness."
Well Done. This is another example of why we need more people like Mr. Tan in Singapore. He will make a good president for the Republic of Singapore.
February 14, 2009 1:52 PM
Mr. White said...

This report is interesting. We used to pay between $160 to $200 for a valuation report for a valuation company, but they were usually a conveyor belt type. Very surprised at the quality of this report. Ironical that a valuer's report is not as good as this one, and this one is cheaper.


On the topic of the ERA agents, this is really a sign of the time, where capitalism and profit are the motivators. I look forward to a new world order (The president of USA and prime ministers of Australia are calling for such) where responsibility and not just profit would be the goals of businesses.

This really has got to come from top down. Hope springs eternal.
February 14, 2009 3:15 PM
Anonymous said...

Im glad the plaintiff won the case. this is clearly the case where the agent did not act as a fiduciary to the his principle.
February 14, 2009 9:52 PM
Concerned said...

The judge delivered a very honest and good judgement. Hope this will deter any agent from trying to take advantage of the not so informed in any future transactions.
February 14, 2009 10:48 PM
Anonymous said...

The judge's verdict and admonition should also be a message to the insurance agents. Like the property agents , the insurance agents owe a duty to their customers for the best solution to their needs and certainly NOT diluted solution.
I hope policyholders will soon be able to find out what their agents had sold to them.
FISCA will provide a review service for consumers who want to know whether their agents have miss-sold or misrepresented to them
or short changed them with products that don't meet their needs or did not conduct need analysis or have violated section 27 of the FAA.
February 15, 2009 1:58 PM
bui said...

The fact that ERA sued the sellers is disturbing. Now they want to appeal? I hope the judge would give them a very good lecture. They have not learned anything from the previous judge's lecture.
February 16, 2009 10:06 AM
Anonymous said...

Hope someone will sue the insurance agent and set a precedent.
February 17, 2009 10:53 PM
Anonymous said...

Nowadays, you can't trust any salesmen, from RMs, property and insurance agents to pot salesmen. They are greedy , unethical, liars and dishonest.
You can see all complaints are against the salesmen.
February 18, 2009 11:09 AM
Anonymous said...

The parties involved know if there is an intent to cheat. If there is, then they should be severely punished.

Jasmin

 

[Ah Hai]

Selling a property - some views

Friday, February 20, 2009
Selling a property - some views
1. The report is good for those who do not have the time to do some research. The content of the report can be obtained from various property websites.
2. This is an isolated case. I guess it's bad luck for the owner to get only 1 buyer who pressed down the price. The buyer has insider news.
3. There are situations where desperate sellers who wants to get rid of the property fastest at a discount in order to tie over a crisis. Perhaps the price this agent brought in was the ONLY offer for the period they market. The sale took place at a time of transition when property market was about to take off.
4. Flipping a property for a fast gain is common practice, but hiding information/providing misleading information/not giving a seller a "best" deal is sinful of a property agent.
5. in all industries, there will be black sheeps. there should be some systems of control to weed them out. the housing agents industry is one desperately in need now.
6. Willing buyers vs willing sellers. Do ur homework. DON'T BLAME ANYONE. BE SMART!
7. Middle men are dangerous.
8. All property agents should be regulated. There are simply too many fly-by-night agents in Singapore.
9. Better engage an agent (pay him a fee and transfer the accountability risk to him) to do it.
10. Invite prospective buyers (not agents) to send in their quotations with a description of the properties listed in the newspaper.

Posted by Tan Kin Lian at 7:25 AM

 

[Ah Hai]

Strong turnout shows money matters

Friday, February 20, 2009
Strong turnout shows money matters
Read this BBC report
More news about FISCA will be announced soon.

Posted by Tan Kin Lian at 7:37 AM

 

[SamuelStalin]

Wow Japan's Nomura Holdings is really going strong.

TOKYO - BARCLAYS said it would launch equity sales and research operations in Japan by hiring 100 people from Lehman Brothers.

Barclays, which bought the US business of bankrupt Lehman Brothers, has hired Mr Kazutoshi Ohkubo, who was head of equity sales at Lehman in Japan, to lead Barclays' equity sales operations, Barclays said on Tuesday.

The UK bank also hired Mr Koichiro Chiwata from Lehman to head equity research operations.

The move comes after Japan's Nomura Holdings, which outbid rivals to buy Lehman's Asian business, completed taking over the operations of Lehman in Asia, including Japan, Hong Kong, Singapore, India and Australia.

Barclays has also hired strategists and analysts from Lehman, including chief strategist Hidenao Miyajima, Masahiro Maruo, who covers utilities stocks, banking analyst Junsuke Senoguchi, and Mikiya Yamada, an analyst for chemicals. -- THOMSON REUTERS

 

[Ah Hai]

Book launch: How to survive unemployment

Saturday, February 21, 2009

Book launch: How to survive unemployment
My friend, Gilbert Goh is launching his book. He asked me to speak a few words of support. Please attend the book launch, if you are free

Hi Friends
I have written a book entitled "How to survive unemployment" and it will be launched on:

Date: 7 Mar 09 (Sat):
Time: 5.15pm - 6.45pm
Place: Bishan Library Level 2

Please pick up a copy of the autographed book if you are coming. The price per copy is only $11.00. The price at major bookstores will be higher.

Gilbert

Posted by Tan Kin Lian at 7:53 AM
2 comments:

Anonymous said...

I think it would be helpful if he can provide a little more info such as the table of content or a preface.

Wishing him a successful launch.
February 21, 2009 9:35 AM
Anonymous said...

I have the privilege to have a copy of Tan Kin Lian's Intelligence Quiz book - filled with Einstein's quizzes.

For those who loves to solve Sudoko puzzles, I recommend this book. Parents and Teachers of children from upper primary should get a copy too. The puzzles are mentally stimulating, develop logical thinking and patience.

Mr Tan, have you launched this book in bookshops?
February 21, 2009 12:59 PM

 

[Ah Hai]

Available for rental: Thomson View #17-xx

Saturday, February 21, 2009
Available for rental: Thomson View #17-xx
This 2 bedroom apartment (1,300 sf) is available for rental in May 2009. Monthly rental $2,300. View details. Interested? send email to [email protected]

 

[Ah Hai]

Special report on Financial Advisers

Sunday, February 22, 2009

Special report on Financial Advisers
Read this report in Business Week.
Posted by Tan Kin Lian at 5:40 PM
5 comments:

TM said...

How would financial advisers plan if they realised that all our expectations of future growth are completely wrong? How would they react if they were told that we have reached the limits to growth? I strongly recommend this series of videos where the author talks about how intertwined the economy, the environment and energy are and why the next 20 years will be totally unlike the last 20.

I recommended viewers to register (it's free) to view the videos in high resolution, if not you can only see it in standard resolution.

http://www.chrismartenson.com/crashcourse
February 22, 2009 6:20 PM
zhummmeng said...

Certified Financial Planner (CFP)
is The GOLD STANDARD of advisory certifications and Financial planning's HIGHEST standard. Candidates must pass a 10-hour or 6 hrs for Singapore, exam covering nearly 180 topics, from group medical/life insurance to investment to derivatives. The pass rate for the exam is about 53%. There are more than 53,000 CFPs in the U.S or 800 in Singapore.

Chartered Financial Analyst (CFA)
The CFA designation is a STAPLE AND VERY SOUGHT AFTER in the world of investments AND IN THE WORLD. Recipients must pass three exams. Each level demands a minimum of 250 hours of study, and coursework includes corporate finance and financial statements. More than 76,000 people hold the CFA and one-third of them manage private wealth.
If you are looking for a qualified and competent adviser it serves you well to engage one with one of these qualifications or both.
Whether it is insurance planning or investment planning or financial planning, whichever, you will get responsible and competent advice. They are global qualifications and passing is by rigorous exams and they set the industry practice standard. They are NOT salesmen or product pushers.
They are fee based or both . More importantly they put clients' interest first and most prefer fee as remuneration to avoid conflict of interest. Any practitioner found to have committed professional misconduct or breaching their code of ethics will be censured , fined or struck off the register.
Commission is the source of conflict of interest and malpractices. There have been many anecdotal evidences reported as in the recent minibond saga and real estate . In life insurance malpractice is very high and many go unreported because consumers are ignorant of their rights. This is worsened by dubious qualification requirements by MDRT body which encourages unethical practices because the requirement for qualification is by commission earned resulting in agents selling and pushing ONLY high commission products to the detriment of the cleints' financial needs.The qualifiers are only at the best salesmen and definitely NOT financial advisers who plan and advise and NOT push and peddle products like insurance agents or agents masqueraded as consultants.
The shift to solely fee based practice is underway in other countries and Britain has set 2011 as the year to completely switch to fee and ban commission as a way of remunerating advisers. UK has seen too many malpractices and miss-selling law suits against insurance agents and the FIs to warrant the ban of commission quickly. This had been the problem since 1927 and the various bodies formed later was to address them, to eradicate malpractices and to put consumers' interest first but commission was NOT addressed.This explains why malpractices and conflict of interest are still rearing its ugly heads.
It is hoped that the new financial guidelines by MAS will put paid all the miss-selling and malpractices by insurance agents and the FIs they represent and to make the CEOs and the management liable for them.Hoped that this the defining moment for the industry.
February 22, 2009 7:09 PM
Anonymous said...

Flight to safety? Where? There is no place on earth that is safe now.
Some insurers like you to believe that putting your money with them is safe. Another beguiles you that home is safer. What I find in all of them there is one common motive and that is they want YOUR MONEY.
They now tell you traditional insurance products are safe. They are singing a recycled song.Are they? What do these products invest in that you can't do on your own? Put in another way, they still have to invest and take risk to give you the return they project in the benefit illustration.Can they meet their projection? If they claim they can, why don't they guarantee the return? But they dare not. So you still have to take risk when you buy traditional insurance products, right?
You see, there is no straight forward information. They twist and turn and hope that you get into a knotty situation, confused and in a comatose state , then they go for the kill.
Today there is no honesty anymore. Everybody has something up their sleeves. They are desparate and would use anything to 'win' you over but all are trickery.Dishonesty fueled by greed.
So be careful when you deal with financial products salespeople especailly the door to door salesgirls or the koyok selling insurance agents at roadshows.
February 22, 2009 10:45 PM
Anonymous said...

After minibond fiasco, I'll never buy another product from financial "advisers" again
February 23, 2009 10:42 AM
Anonymous said...

In Singapore, ChFC is more popularly sought after than CFP. One reason is because ChFC covers more topics than CFP. Another reason is because many practitioners dislike paying annual fees for their CFP whereas there is no annual fee for ChFC. However, an important reason why ChFC is preferred among practitioners in Singapore is the on-going fear that CFP has become too commercialised. Currently, ChFC is administered by SCI which is a non-profit organization. ChFC is also no less easlier than CFP. In Singapore, a ChFC candidate is required to sit 21 hours of cumulative examination. This is not including the compulsory class presentation.

Due to these reasons many practitioners have given up on their CFP titles and switched to ChFC. The public seldom get to hear of the ChFC - this is due to its non commercialisation nature of this title resulting in very low publicity. CFP has become too commercialised.
February 23, 2009 10:49 AM

 

[Ah Hai]

How can a small business survive the credit crunch

Monday, February 23, 2009
How can a small business survive the credit crunch
Read this article.

http://tankinlian.blogspot.com/2009/02/how-can-small-business-survive-credit.html

Posted by Tan Kin Lian at 7:47 AM

 

[Ah Hai]

How derivatives traders hoodwink their bosses

Monday, February 23, 2009

How derivatives traders hoodwink their bosses
The Sunday Times:How derivatives traders hoodwink their bosses; A former banker lifts the lid on how greed eclipses prudence

http://tankinlian.blogspot.com/2009/02/how-derivatives-traders-hoodwink-their.html



Read this article.
Posted by Tan Kin Lian at 7:53 AM

 

[Ah Hai]

Atlantis Hotel, Dubai

Wednesday, February 25, 2009

Atlantis Hotel, Dubai
I visited the newly opened Atlantis Hotel in Dubai. It is located in Palm Jumeriah, which is a large real estate created through land reclaimation (in the shape of a palm tree) on the Arabian Gulf. The first metro line in Dubai will be opened in April and will serve Palm Jumeriah.

Several restaurants and rooms in the hotel are built below sea level. The guests can see the fishes swimming under the sea. However, I was not able to visit this part of the hotel.

There is a large shopping mall with several restaurants showing fishes swimming in large acquariums. They give the impression of being in the lost city of Atlantis.

 

[Ah Hai]

Economic slowdown in Dubai

Wednesday, February 25, 2009

Economic slowdown in Dubai
Dubai is hit by the low oil price and the global economic slowdown.

Many construction projects have stopped and the workers are sent back. Price of real estate has dropped by 40% to 60%. Many investors have lost money. The projects under development have been shelved.

Hotel occupancy is down to 50% on most days (except where there is a major exhibition organised in Dubai. Although this is the peak season, the hotel rates reflect the off-peak season (about half of the peak season rate).

On my way to Dubai, I observed that Changi Airport is rather quiet and the SIA plane is half full. The stewardess said, "economy slow".

Posted by Tan Kin Lian at 9:04 AM

 

[Ah Hai]

The Standard:Minibonds saga hurts Yam

Wednesday, February 25, 2009

The Standard:Minibonds saga hurts Yam
24 Feb 2009

Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong said he is sad that the reputation of Hong Kong banks has been tarnished by the Lehman Brothers minibond fiasco, which remains unsettled.

``What banks are doing in their banking business has been acceptable and the banking system is rather robust,'' Yam told legislators yesterday. ``Only this issue has left them with a black mark, and I feel very distressed.''

However, he revealed that in early 2008 some banks did not follow the HKMA's guidance to adjust the ratings of investment products when they turned more risky.

Abraham Shek Lai-him, who sits on Legco's financial affairs panel, accused the banking regulator of failing to warn Lehman minibond investors.

``If you already knew there were problems, why didn't you remind the more than 30,000 investors about redeeming the products when they became high risk from low risk in 2008?''

Yam responded: ``As a regulator ...we can never warn that a specific product or a specific financial organization is not doing well and [ask investors to] sell their products right away. How can we do that? It's not possible.''

He said the HKMA told banks they must inform clients when the rating of a certain product has changed.

Civic Party legislator Ronny Tong Ka-wah lashed out at regulators. ``It's unbelievable that you still can't tell if any bank broke the rules after investigating for five months.''

Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung replied: ``It may harm the investigation results if we release the report before the Securities and Futures Commission completes its investigations.'' Yam added that some Lehman investors could not provide enough information for investigation.

He also said banks have generally agreed with the proposal to physically segregate ordinary banking and securities business.

Chan said the government is studying whether to boost the SFC powers to punish financial institutions engaging in improper marketing practices.
Posted by Tan Kin Lian at 9:11 AM