Tan Kin Lian Launches Financial Services Consumers Association (Fisca)

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width=560><TBODY><TR><TD vAlign=top width=550 colSpan=2>Former NTUC Income CEO launches new consumer body <!-- TITLE : end--><!--
Fisca aims to educate retail investors and monitor financial instruments. -ST --></TD></TR><TR>

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</TD></TR><TR><TD class=content_subtitle align=left>Wed, Aug 26, 2009
The Straits Times </TD></TR></TBODY></TABLE></TD><TD width=400 align=right><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR><TD vAlign=top align=right> </TD><TD height=15>

</TD><TD vAlign=top align=right><FORM method=post name=emailToFriendForm action=emailToFriend.jsp><INPUT value=/vgn-ext-templating/asiaone/emailToFriend.jsp?vgnextoid=1929d9670a353210VgnVCM100000430a0a0aRCRD&vgnextchannel=8269835dd2322110VgnVCM100000bd0a0a0aRCRD type=hidden name=emailToFriendPageURL> <INPUT value=http://www.asiaone.com/Business/News/Story/A1Story20090826-163393.html type=hidden name=emailToFriendStoryLink> </FORM><SCRIPT> function openEmailA1AdminWindow(emailToFriendForm) { var emailToFriendPageURL = emailToFriendForm.emailToFriendPageURL.value; emailToFriendForm.action = emailToFriendPageURL; emailToFriendForm.target="_blank"; emailToFriendForm.submit(); } </SCRIPT></TD></TR></TBODY></TABLE><TD></TD></TR></TBODY></TABLE></TD></TR><!-- Story Without Image / With eXtra Large Image End --><TR><TD class=bodytext_10pt colSpan=3><!-- CONTENT : start -->By Francis Chan
A NEW consumer body that aims to help educate retail investors and keep close tabs on financial institutions was launched yesterday.
Formed by former NTUC Income chief executive Tan Kin Lian, the Financial Services Consumers Association (Fisca) is an independent not-for-profit organisation.
<TABLE border=0 cellSpacing=2 cellPadding=2 width=300 align=right><TBODY><TR><TD><SCRIPT language=JavaScript src="/static/ads/scripts/adsimu.js"></SCRIPT><!-- AdSpace 300X250 A1-STI IMU --><SCRIPT language=JavaScript1.1 type=text/javascript src="http://ads.asia1.com.sg/js.ng/site=tasiaonebiz&sec=a1_biz&pagepos=1&size=300X250"></SCRIPT><NOSCRIPT></NOSCRIPT><!-- /AdSpace --></TD></TR></TBODY></TABLE>Mr Tan, who has come out of retirement to act as president of Fisca, said the new association will focus on researching financial and investment products that are distributed here, and educating the public about saving and investing.

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[SotongMee]

Tan looks on track to great things to come - like next elected presidency.

Kudos to Tan, we need people like that to ensure fair dealings and protect small investors.

<TABLE border=0 cellSpacing=0 cellPadding=0 width=560><TBODY><TR><TD vAlign=top width=550 colSpan=2>Former NTUC Income CEO launches new consumer body <!-- TITLE : end--><!--
Fisca aims to educate retail investors and monitor financial instruments. -ST --></TD></TR><TR>

</TR><TR><TD vAlign=top width=550 colSpan=2 align=left><TABLE><TBODY><TR><TD><TABLE><TBODY><TR><TD>

</TD></TR><TR><TD class=content_subtitle align=left>Wed, Aug 26, 2009
The Straits Times </TD></TR></TBODY></TABLE></TD><TD width=400 align=right><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR><TD vAlign=top align=right> </TD><TD height=15>

</TD><TD vAlign=top align=right><FORM method=post name=emailToFriendForm action=emailToFriend.jsp><INPUT value=/vgn-ext-templating/asiaone/emailToFriend.jsp?vgnextoid=1929d9670a353210VgnVCM100000430a0a0aRCRD&vgnextchannel=8269835dd2322110VgnVCM100000bd0a0a0aRCRD type=hidden name=emailToFriendPageURL> <INPUT value=http://www.asiaone.com/Business/News/Story/A1Story20090826-163393.html type=hidden name=emailToFriendStoryLink> </FORM><SCRIPT> function openEmailA1AdminWindow(emailToFriendForm) { var emailToFriendPageURL = emailToFriendForm.emailToFriendPageURL.value; emailToFriendForm.action = emailToFriendPageURL; emailToFriendForm.target="_blank"; emailToFriendForm.submit(); } </SCRIPT></TD></TR></TBODY></TABLE><TD></TD></TR></TBODY></TABLE></TD></TR><!-- Story Without Image / With eXtra Large Image End --><TR><TD class=bodytext_10pt colSpan=3><!-- CONTENT : start -->By Francis Chan
A NEW consumer body that aims to help educate retail investors and keep close tabs on financial institutions was launched yesterday.
Formed by former NTUC Income chief executive Tan Kin Lian, the Financial Services Consumers Association (Fisca) is an independent not-for-profit organisation.
<TABLE border=0 cellSpacing=2 cellPadding=2 width=300 align=right><TBODY><TR><TD><SCRIPT language=JavaScript src="/static/ads/scripts/adsimu.js"></SCRIPT><!-- AdSpace 300X250 A1-STI IMU --><SCRIPT language=JavaScript1.1 type=text/javascript src="http://ads.asia1.com.sg/js.ng/site=tasiaonebiz&sec=a1_biz&pagepos=1&size=300X250"></SCRIPT><NOSCRIPT></NOSCRIPT><!-- /AdSpace --></TD></TR></TBODY></TABLE>Mr Tan, who has come out of retirement to act as president of Fisca, said the new association will focus on researching financial and investment products that are distributed here, and educating the public about saving and investing.

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[Snipeshot08]

the Financial Services Consumers Association (Fisca) is an independent not-for-profit organisation.

Actually the name is not too "feng shui-ish" :p at a glance looks like & sounds like FIASCO

 

[Semaj2357]

More Fiscal (prudence) than Fiasco, if you ask me....

 

[po2wq]

how cum he din ask ppl 2 sign petition 4 him 2 b fisca president? ...

 

[Ah Guan]

I would expect Mr Leong Hze Hian to also be involved in this new body..

Anyone know if he is??

 

[ChaoPappyPoodle]

Hahaha! This guy barked a lot but only made a little noise. He doesn't know how to use a loadhailer. He is old pappy puppy but now want to wayang. I don't think he is in to politics because he knows he will kenna humtum left-right. Just leave him be, like all pappies, they are opportunists always looking for a quick dollar. All his talk about the mini-bonds has done nothing because he knows he cant do anything except create a scenario for himself to rule a tiny place in sinkieland. Rather pathetic if you ask me.

 

[stardies]

used to read his blog for insurance info

 

[jw5]

Actually, I think this is a great idea and I have no doubt that he has lots of knowledge that can help the retail investor.

 

[MarrickG]

I suppose he will only help FiSCA members henceforth? It is at $36 yearly and he aims to get 10,000 members (that means $360,000 annually?).

One of its main objective is to explain to members about how much to save and what policy they are lacking? I thought this is already done by insurance agent, so why must pay extra to get it done by FiSCA?

He say want the association to be impartial but would be asking for government grant?

So since members paying, if next time their advice turn out to be wrong and member invested wrongly, will he kenna sue?

Anyone got any idea? maybe can join if it is good.

 

[Ramseth]

I suppose he will only help FiSCA members henceforth? It is at $36 yearly and he aims to get 10,000 members (that means $360,000 annually?).

Not even one peanut.

One of its main objective is to explain to members about how much to save and what policy they are lacking? I thought this is already done by insurance agent, so why must pay extra to get it done by FiSCA?

He say want the association to be impartial but would be asking for government grant?

So since members paying, if next time their advice turn out to be wrong and member invested wrongly, will he kenna sue?

I believe that the idea is not to advice investors what to invest in. The idea is to advice investors what's in it that they're investing or contemplating to invest in. The investor as a client still have to look to their agents or brokers or relationship mangers to do the investing.

Then, there's also the idea of post-investment disputes. I think that FiSCA role will be to advice what are the options open. The actual settlement still has to take place between the investor and agent/principal or through FiDREC or worse comes to worst, through the Court.

 

[Watchman]

We will need to protect him TanKin Lian like the pope !

In case ruling party and financial bigwig decides to silence him from his cause !

 

[kakowi]

i don't think they will as he can be deemed as doing a public service

seems like a duplication of Case if it is a matter of advising courses of recourse

one thing that puzzles me though if he will be subjected to laws too - that if the people felt that he gave improper advice, can they sue him?

sometimes i am not too sure if those who bought structured products were given the wrong advice - for example if the risk that DBS, Singapore Technologies and PAP Government falling is negligible, after all they have a 44-year track record; so investing in a structured product comprising DBS, Singapore Technologies and Singapore Government bonds should be very low risk, right? If you say yes to this, what about Lehman Brothers, not a 44-year company but a century old institution? The risk could at least be just as low - though i cannot be definite about the comparison.

Should that happen, it is very possible that some other marginalized PAP candidate will come in and make hay too.

Human nature.

Still, his actions led to some good.