r/singapore • u/clarencechen181196 • 6h ago

News ‘Capital guaranteed’ label for investment-linked policies misleading: MAS, Life Insurance Association

https://bt.sg/ihrHq
64 Upvotes

97% Upvoted

11 comments sorted by

17

u/hugthispanda Mature Citizen 5h ago

Need the 3 singers from ScamShield to show up everytime someone tries to peddle ILPs.

1

u/nftskeptics 5h ago

Siapa tu?

•

u/Purpledragon84 🌈 I just like rainbows 41m ago

Who's that...

36

u/frozen1ced Own self check own self ✅ 5h ago

MAS said it expects FA reps to “act honestly and in the interest of customers when providing financial advice”.

“MAS requires all financial institutions to monitor the sales practices of their representatives and take prompt disciplinary action in accordance with internal policy.”

Come lemme give ya a straightforward solution:

Don't "expect", "require" or "monitor" liao.

Impose fiduciary duties on FA reps to ensure that the reps act in the best interest of their clients (and not their own wallets) and codify it into law, with actual penalties for infringement.

5

u/Multifinality Mature Citizen 5h ago

When MAS uses such wordings, FI treats them as if it’s the law; no FAFO around here

1

u/jiancardboard 4h ago

Nah. Imo mas won't take action. Have never seen them revoke any licenses from banks or fi. At most some derisory fine like slap on wrist.

9

u/Redlettucehead 5h ago

Took them long enough

1

u/kuuhaku_cr 5h ago

Maybe some relative or family of some higher up kena sold these stuff.

8

u/bigbadbernard Lao Jiao 5h ago

ILP has existec for over 20-30 years and they only say this now?