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

[Ah Hai]

Einstein Intelligence Quiz

Wednesday, March 25, 2009
Einstein Intelligence Quiz

Can you solve Einstein's Quiz be among the 2% who can do it?
http://docs.google.com/Doc?id=dcqjz7c8_117dq5pckgb

Posted by Tan Kin Lian at 9:40 PM
5 comments:

siewkhim said...

Kin Lian, you are a clever man. You completed your FIA without the benefit of tertiary education. It was pure self study with limited assistance, not like today.

I think you are one of the real talents in Singopore. But where are you now? How come you are not involved in the Govt, Temasek or GIC? Simple: It is not talent but greed.
March 06, 2009 4:15 PM
anfield said...

Hi Mr Tan. I managed to solve the puzzle in around an hour. Glad that you have this to let me de-stress. Couldn't find ananswer to it. But my guess is that "the citizen of the country of audi". I will like to know if i'm correct, if you don't mind, please send an email to me [email protected] to let me know. Hope you will edit my comments so others can try to find the answer too. Thank you.
March 16, 2009 8:33 PM
C H Yak said...

What matters most is not "where are you now" but "what you have done", "what you are doing now" and "what you will be doing"?
March 25, 2009 11:59 AM
rjchen said...

Dear anfield,

I have also solved the quiz under 1 hour, your anwer is correct, otherwise, the clues provided will not be met.

chen
March 25, 2009 12:08 PM
kelvin said...

Hi Mr Tan K L, my answer is the "Germany". I'd got the answer in around 2 hours. Combining analytical and deduction methods. Wonder it's correct?

Kelvin Neo
March 25, 2009 12:45 PM

 

[Ah Hai]

A better way to regulate housing agent

Thursday, March 26, 2009
A better way to regulate housing agent
26 March 2009

Editor
Forum Page
Straits Times

A better way to regulate housing agent

Senior Minister of State Lim Hwee Hua reported in Parliament that the Government is reviewing ways to strengthen the regulatory framework for housing agents. This is in response to complaints about malpractices by housing agents.

The measures being considered are:
1. raise professional standard of agents
2. quality and training requirements
3. dispute resolution framework
4. enforcement framework

This is similar to the regulatory framework used for the sale of life insurance and investment products. It has failed to deal with the problem of the mis-selling of credit linked notes and other financial products that are bad for consumers.

This approach relies on the principle of the free market - provide information for consumers to make their decision. The crux of the problem - the information is provided by the seller, who makes a bigger profit or commission by mis-informing the consumer. There is a serious conflict of interest.

If this approach is adopted, the regulator has to look after the interest of the consumers, and to take appropriate action against "cheating". Cheating is a crime - and include making an unfair profit by misleading the other party.

In my view, a better alternative is to have a strong regulator to set the rules for the market. An example is the regulation on the sale of medicine and food products. These products are tested to be safe and suitable for consumption. The regulator can carry out the test or engage independent experts to do the work. But the regulator take the responsibility to put the stamp on the product.

I prefer a system where the regulator licenses the agents and sets the professional standards of ethics and conduct. If the agents fail to meet the standard, they should be removed. This is similar to the licensing of doctors, lawyers and other professionals.

The regulator has the option to outsource the actual assessment to a professional or self-regulatory body, but this body should have the "teeth" and backing of the regulator. I wish to say that stronger regulation actually benefits the majority of ethical agents and create a better market for all parties.

I hope that the Government will consider the above suggestions.

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

 

[Ah Hai]

CASE forum on MAS consultation paper

Thursday, March 26, 2009
CASE forum on MAS consultation paper

CASE will be organising a public forum to gather feedback in response to the latest guidelines put up by the Monetary Authority of Singapore (MAS).

The proposals were formulated based on MAS' review of the sale and marketing of unlisted investment products after the current global financial crisis led to the failure of several structured notes in Singapore. The public is invited to comment on the proposals to strengthen the regulation of the sale and marketing of unlisted financial investment products. CASE will then channel the responses to MAS.

Details for the forum are as follows:

Date: Saturday, 28 March 2009
Time: 10am - 12pm
Venue: NTUC Business Centre, Level 8, Theatre Room 801
1 Marina Boulevard, Singapore 018989

The forum will include a presentation on the paper and a Q & A discussion with a panel. Refreshments will also be provided.

For more information, please refer to the MAS website here and the consultation paper released here.

Interested parties are requested to RSVP to [email protected] or fax to 6467 9055 by 27 March 2009.

Lim Si Hui Jean (Ms.)
Posted by Tan Kin Lian at 9:03 AM

 

[Ah Hai]

Buying bonds

Thursday, March 26, 2009
Buying bonds

Read this article.
http://money.cnn.com/2009/03/20/pf/bond_portfolio.moneymag/index.htm?section=money_latest

Posted by Tan Kin Lian at 3:58 PM
Labels: Investments
1 comments:

hw said...

The article is for an investor in the USA. Any equivalent information for the Singapore situation?
March 26, 2009 4:17 PM

 

[Ah Hai]

MAS consultation paper - sale of unlisted investment products

Thursday, March 26, 2009
MAS consultation paper - sale of unlisted investment products

I suggest that the product issuer should be required to disclose the charges that they are taking away from the investment product for their distribution cost, expenses and profit margin. Under the current regime, this informtion is not required to be disclosed.

The disclosure should be done at two levels:
a) the prospectus should specify the maximum charges that can be taken away from the investment for the various items of expenses.
b) an annual report should be presented to show the accounts of the fund.

Unit trusts have to disclose the charges and to render an annual statement of the fund. These requirements are more important in the case of the unlisted investment products.

I am not sure if this point has been adequately addressed in the new regulatory requirements that is being proposed in the consultation paper. I hope that someone can check this point and inform me.

 

[Ah Hai]

ST Online: Don't break CPF piggy bank, but...

Thursday, March 26, 2009
ST Online: Don't break CPF piggy bank, but...

Editor
Straits Times

I REFER to the Ministry of Manpower's response last Saturday to readers' calls for earlier Central Provident Fund (CPF) withdrawal.

The response that it is not a good idea as breaking the piggy bank would lead to temptation to draw more and more from the CPF does not address the main point raised by readers.

What they ask for is not to break the piggy bank. But for members who already have funds above the Minimum Sum, why can't the CPF Board release the excess funds to those who are now struggling to live?

Why hold on to excess funds and make them wait till they reach 55, when they and their families are struggling now?

With the pain and stress these individuals and their families are going through, will they even make it to 80?

Tun Ah Heng
Posted by Tan Kin Lian at 6:29 PM
Labels: Economy
2 comments:

David said...

Actually if they allow for those with excess above minimum sum to draw some, these may open the floodgates! The CPF may not even have much left to be locked up!

Why? Although those with excess above minimum sum may be the minority in terms of number of people, the sums that they may withdraw can still add up to be very substantial.

Remember the 20-80 rule? 20 % of the people have 80 % of the wealth!
These may also apply to the CPF funds!
March 26, 2009 7:29 PM
Civic Advocator said...

We have a rough proposal on how CPF, ie social security should be operated for the interests of the people, and not for the interests of the administrator (ie government).

Read here
March 26, 2009 9:02 PM

 

[Ah Hai]

A sense of fairness

Thursday, March 26, 2009
A sense of fairness

Americans are outraged at the bonuses being paid to the top executives of AIG's financial products. Here are people who took big bets, lost and felt that they should be retained with fat bonuses to clean up the mess. The public felt that this is so unfair.

There was another past incidents were the Americans were outraged. President's Clinton's plane, Air Force One, was delayed in taking off, as the President was having his hair cut. The barber has to complete the job, get off the plane, before it could take off. This caused a delay in the departure of many flights. The public was outraged. They felt that it was inconsiderate of President Clinton to cause so much inconvenience to other people.

Our leaders in the corporate world and in government has to learn to respect the ordinary people, and be considerate to them. They should display a sense of humility and fairness. They cannot act arrogantly and regard the ordinary people as "lesser mortals".
Posted by Tan Kin Lian at 6:30 PM

 

[Ah Hai]

MAS consultation paper: Unlisted investment products

Thursday, March 26, 2009
MAS consultation paper: Unlisted investment products

Read the proposals contained in this consultation paper.
http://www.mas.gov.sg/news_room/pre...arketing_of_Unlisted_Investment_Products.html

Here is an explanation by a law firm.
http://bakerxchange.com/ve/ZZ97U79XMo6861l28633/VT=0/page=2

Posted by Tan Kin Lian at 11:10 PM
Labels: Investments
3 comments:

Anonymous said...

Mr Tan, the link to the econsultation paper is incorrect.
March 14, 2009 12:57 PM
Anonymous said...

Will it cover "investments" like Land Banking. If the word investment is used in an advert or presentation then the products should be regulated.
March 15, 2009 1:58 AM
zhummmeng said...

1.product must be simple. Any risk must be disclosed in language easy to understand.Inusrance agents normally don't disclose for wholelife and endwoment products and some even claim that the return is guaranteed.For these people severe punishment must meted out to them.
2.All cases and not just for those consumers over 62 years of age and big regular premium cases, must be subject to fact finding first before recommendation of the products to comply with section 27 of the FAA unless the clients initiate the buying.Reason is the main bulk of agents' clientele are from the middle or lower income group and these groups need financial planning even more urgently to ensure their limited resources are efficiently and effectively deployed.
It will defeat the purpose if MAS allows insurance companies freedom to select groups especailly only consumers over 62 and high regular premium cases for financial planning or fact finding.The main bulk of insurance companies' business come from the middle and lower income groups.If this is the case it is as good as allowing the insurers to circumvent the rule and it is back to square one as these over 62 and high prmeium groups make up the minority.If fact finding is not implemented for all income groups and age, MAS is seen as lacking sincerity to level the playing field.
3.All recommendation must be on reasonable basis. Failure to meet this puts the agents in disciplinary action and in dire consequence
4. All inusrance agents must be responsible for the recommendation and liable for the outcome.This is to ensure that agents take seriously the clients' interest.
5. Caveat Emptor only for those who choose no advice or product advice but warning must be written and verbally emphasized to the consumers that their action has waived their right of recourse in the future if anything goes wrong.
For these groups it is unfair to charge the same commission as those group who need advice. They should be given a huge discount, at least one year of the premium waived or rebated.
6. To prevent dodging fact finding a system in place to detect manipulation by agents, eg, follow up on the client;
7.MAS should start telling the insurance companies to find a better way of remunerating the agents and ban commission which is unfair and gives rise to mis-selling, conflictt of interest and misrepresentation and all the unethical practices.A deadline to be given just like the FSA of UK which has set 2011 as the date to ban commission.
8.MAS must actively enforce the rules and send out auditors to audit and police the insurance companies.This will increase the confidence of consumers.
9. MAS must encourage the formation of private watchdog societies to help in the indirect oversight of these sellers like providing review for consumers on their existing policies and investment to check for mis-selling and other malpractices..Also education on the right advisory processes and review the products in the market.
10. Licensing of all the advisers, insurance agents and RMs with a public register for public access and information of what the sellers can and cannot do and complaints and misconduct by them.
11. Raise the standard of advisory work to tertiary all round with greater emphasis on investemnt.Current standard is too low especailly the investment advisory skills and knowledge. All existing advsiers and insurance agents who do not meet are to be given time to upgrade and failure to meet will result in the termination of their license.This is for the safety of the consumers . The consumers deserve responsible , honest and competent advice.
March 23, 2009 12:47 PM

 

[Ah Hai]

Language, literature and culture

Friday, March 27, 2009
Language, literature and culture

I have studied science and mathematics for most of my life and have excelled in them. They are good for the world of business.

In recent years, I have learned to realize about the special quality of language, literature and culture. The language of any people is developed through the collective efforts of the best people in that culture, namely the writers, poets, and philosophers. The values of a people is embedded in their language. They have to work together in harmony, so that their thoughts can be explained and understood in the language.

It is the talented people that are able to write the lyrics and musics to their popular songs. I learned some of these songs to appreciate the culture of the people in other nations.

Recently, I met a 80 year old professor who was able to recite the entire famous poem by William Wordsworth, "Daffodils". He learned it more than 60 years ago, in school and in remained with him throughout his life.

I believe that the learning of language, literature and culture will build a better people. I hope that our schools will re-look at the syllabus and build a more considerate and thinking people.

Tan Kin Lian

 

[Ah Hai]

Survey: News and information

Friday, March 27, 2009
Survey: News and information

How do you get news and information? Survey.
http://www.surveymonkey.com/s.aspx?sm=wCf1tpTPO_2fpEf0q8_2fPymBg_3d_3d

Here are the survey results.
http://docs.google.com/Doc?id=dcqjz7c8_140gc93ctdj


Posted by Tan Kin Lian at 10:52 PM

 

[Ah Hai]

Survey: motor insurance claims

Friday, March 27, 2009
Survey: motor insurance claims

Give your views on how to prevent sharp increase in motor insurance premiums. Survey.

Here are the survey results.

http://docs.google.com/Doc?id=dcqjz7c8_141cx6fzvhj

Posted by Tan Kin Lian at 11:10 PM
Labels: Survey
1 comments:

LOKE, AIA BERHAD. said...

Stop cheating the insurance companies... Don't claim more than the actual amount...
March 26, 2009 8:56 PM