FISCA - the proposed approach

65% of respondents like FISCA to get most of its funding from its members, to remain independent and act in the interest of consumers. 75% prefer to avoid getting advertisement and sponsorship from financial institutions. 20% welcome funding from Government for general expenses, and 35% for special projects.

90% feel that FISCA should encourage members to spend time to learn about financial matters.
56% like the subscription to be $36 per year; the remainder are willing to pay a higher subscription.

Proposed approach
We will set up FISCA with an annual subscription of $36.

Members are encouraged to log in each week and read the newsletter, educational and research materials. and assessment test.

Additional services will be provided to members at a modest fee:

a) Handle complaint on mis-selling
b) Handle complaints on insurance claims
c) Attend educational talk
d) Simple financial planning advice
e) Buying of recommended financial products

FISCA will encourage members to pay a modest fee for advice and service. This will save them several thousand dollars in paying the hidden charges embedded in financial products, such as life insurance and structured products. More importantly, members can avoid losing their capital in risky products that are not properly disclosed to them.

An important task for FISCA members is to spend time and be educated about financial matters and to make the correct decisions. FISCA will help members to achieve this goal by providing the relevant materials for members. FISCA will use as much volunteers as possible, but some full time staff have to be engaged for the research and administration.

It is important that FISCA should have funds to carry out their work. I hope that more members will come forward and be willing to pay a subscription to make it possible for FISCA to be effective in its work. Do not expect it for free.