EDMW: OCBC shattered my retirement plans

[halsey02]

"Moral of the story: If you are daft, please put all your retirement monies inside CPF."

Now you know, how daft this part of the 70% voter is.....you leave your money inside CPF....'auntie hole'...will create even a bigger hole, when 'investing his money' long term...

If one in unfamiliar with investment products...don't listen to all these financial whatever people...if they are 'honest'...they will never make any money....before committing , he should go ask around & shop around & find out....can he blame others when he appears to be GREEDY...& he paid the price for it......had be repented? no!..he still wants to put that money in CPF.....who is daft, now? deaf?

 

[babuSingh]

All these could have avoided if they just put their money on a Fccy FD for a couple of months.

 

[halsey02]

All these could have avoided if they just put their money on a Fccy FD for a couple of months.

Yes, a Time Deposit, though the interest rate is low these days, still, you have more than S$500,000...a 1 month rollover, will generate some extra funds accumulated until one can find a suitable avenue to grow the money....

Must use the brain to shop around.....

 

[PretenderSam]

i guess they voted the PAp

 

[halsey02]

i guess they voted the PAp

It goes without saying....."Moral of the story: If you are daft, please put all your retirement monies inside CPF." - the proof is in the pudding..if these people can trust this so much...I am sure, you can sell them plot of land on PLUTO....

 

[Lizzert]

1. Dun buy any financial product from anyone if you dun understand how it works
2. If promised returns are way higherer and betterer than everyone else -guarantee u will be screwed deeperer than everyone else

 

[halsey02]

1. Dun buy any financial product from anyone if you dun understand how it works
2. If promised returns are way higherer and betterer than everyone else -guarantee u will be screwed deeperer than everyone else

A fool and his money are soon parted & after the money is all gone...the fool departs!

 

[jw5]

"Moral of the story: If you are daft, please put all your retirement monies inside CPF."

This could mean either:

-- If you are too daft to invest in anything else, put your retirement monies inside cpf where it is supposedly safe. or

-- If you are daft, put your retirement monies inside cpf which is what daft people do.

 

[frenchbriefs]

this was probably the scene between the "Relationship Manager" and the whale when she sold the Quanto Callable to them.

my boss told me this was a piece of shit but i get to go on holiday to the maldives if i sold it.

[video=youtube;sxRStrx8xtc]https://www.youtube.com/watch?v=sxRStrx8xtc[/video]

 

[halsey02]

This could mean either:

-- If you are too daft to invest in anything else, put your retirement monies inside cpf where it is supposedly safe. or

-- If you are daft, put your retirement monies inside cpf which is what daft people do.

That is why CPF investment is for the daft.....where you can get high interest rate ( not lying) & some even get gilt- edged paper statement of accounts delivered to them & on BOND PAPER ( not James Bond) & feel damn rich ( remember him?)....you feel really damn rich looking at your investment grows...but these daft people....do not realise that they are eating "ham" pressed between two sheets of glass...."shiok"!....a lot of saliva....but no taste....ha ha ha ha

 

[jw5]

That is why CPF investment is for the daft.....where you can get high interest rate ( not lying) & some even get gilt- edged paper statement of accounts delivered to them & on BOND PAPER ( not James Bond) & feel damn rich ( remember him?)....you feel really damn rich looking at your investment grows...but these daft people....do not realise that they are eating "ham" pressed between two sheets of glass...."shiok"!....a lot of saliva....but no taste....ha ha ha ha

To put it simply, it would be daft to put your monies where they can unilaterally withhold payment or delay the date of repayment without any consequences or repercussions.

 

[frenchbriefs]

To put it simply, it would be daft to put your monies where they can unilaterally withhold payment or delay the date of repayment without any consequences or repercussions.

what if the CPF was called Quanto Callable Investment product?anytime can redeem,just dont wait until the 4th month to do it.

 

[halsey02]

To put it simply, it would be daft to put your monies where they can unilaterally withhold payment or delay the date of repayment without any consequences or repercussions.

To put it even simpler....it is like trying to eat the "hum" ( you get it?) pressed between a sheet of glass...."shiok"!...but you ( the CPF holders) are NOT GEIING IT!..just "shiok"!.....a lot of sa li va too....

 

[jw5]

what if the CPF was called Quanto Callable Investment product?anytime can redeem,just dont wait until the 4th month to do it.

To put it even simpler....it is like trying to eat the "hum" ( you get it?) pressed between a sheet of glass...."shiok"!...but you ( the CPF holders) are NOT GEIING IT!..just "shiok"!.....a lot of sa li va too....

As long as it is "guaranteed" and you get to feel rich (and daft) by looking at your cpf statement, it's shiok and gooooooood.......................

 

[borom]

I find it very wrong when a person in his forties/fifties(assumed since looking at retirement) placed his blind faith in a relationship manager in her twenties (looking at the OCBC branches I've been to).

If the OCBC employee is so good, she would not be sitting in a desk hawking such products to you- she would be raking in the millions trading for her own account!.

 

[Asterix]

Paragraph 5.2 of the Code of Conduct for Licensed Corporations provides that:

Having regard to information about the client of which the licensed or registered person is or should be aware through the exercise of due diligence, the licensed or registered person should, when making a recommendation or solicitation, ensure the suitability of the recommendation or solicitation for that client is reasonable in all the circumstances.

http://en-rules.sfc.hk/en/display/display_main.html?rbid=3527&element_id=1901

5.2 认识你的客户：合理的建议

持牌人或注册人经考虑其所察觉的或经适当查证后理应察觉的关于该客户的数据后，持牌人或注册人在作出建议或招揽行为时，应确保其向该客户作出的建议或招揽行为，在所有情况下都是合理的。

http://sc-rules.sfc.hk/TuniS/cn-rules.sfc.hk/browse.php?id=508&type=0&oldnode=0

 

[jw5]

I find it very wrong when a person in his forties/fifties(assumed since looking at retirement) placed his blind faith in a relationship manager in her twenties (looking at the OCBC branches I've been to).

If the OCBC employee is so good, she would not be sitting in a desk hawking such products to you- she would be raking in the millions trading for her own account!.

The RM in her 20s is obviously not that good, but if the person in his 40s/50s decides to put his blind faith in her, them just wish him good luck. He should know better at that age.

 

[Asterix]

I find it very wrong when a person in his forties/fifties(assumed since looking at retirement) placed his blind faith in a relationship manager in her twenties (looking at the OCBC branches I've been to).

If the OCBC employee is so good, she would not be sitting in a desk hawking such products to you- she would be raking in the millions trading for her own account!.

It is stupid but not wrong.

What is wrong is when the regulator does not do its job and keep up with the latest in bad market practices and rectify them as far as is humanly possible. Every time a trade is cleared, a small fraction goes to the regulator to fund it in the doing of its job, which is to maintain a fair and efficient market. A market which is festering with dishonest practices is not fair and efficient.

The HKMA and SFC (in Fragant Harbour) frequently conducts "mystery shopper" programmes, sending staff to pretend to be ordinary customers to find out if the likes of OCBC and its twenty-something RM are engaged in malicious sales practices. What is discovered from these programmes become the basis of reforms in rules and regulations and are enforced by inspections. MAS is doing what?

 

[lifeafter41]

I find it very wrong when a person in his forties/fifties(assumed since looking at retirement) placed his blind faith in a relationship manager in her twenties (looking at the OCBC branches I've been to).

If the OCBC employee is so good, she would not be sitting in a desk hawking such products to you- she would be raking in the millions trading for her own account!.

Plain stupidity and probably greedy too.
12% interest........

Caveat emptor........

 

[Asterix]

http://forums.fuckwarezone.com.sg/e...bc-shattered-my-retirement-plans-5341504.html

................

“Our encounter with OCBC Premier Banking has been a living nightmare; we are sharing our experience to raise awareness of the bank’s ruthless tactics behind its smiling public facade.

Our bank Relationship Manager sold us a ‘4 month SGD Equity Fix Coupon Quanto Callable Investment’ product when we asked for a short-term savings plan or stable investment to allow us to earn a small incentive for our nearing retirement. We had some concerns regarding the choice of shares initially, but she assured us that the bank’s investment experts will assist in choosing shares with high growth potential, and even claimed that some of her customers were already earning profits. We were not sophisticated investors and were definitely not interested in high-risk investments, but she continually assured us of the stability of this investment, so we signed the deal under the impression that it was a stable short term investment with satisfactory returns.

..........................

Misrepresentation by employee on behalf of OCBC? Fraudulent or at least negligent? Consequences?