Unfair treatment of policyholders

I have received many requests from policyholders seeking advice on the problems that they encountered with their insurance company and what they can do. They are caused by unfair administrative requirements or commercial decisions taken by the insurance company. 

My general impression is that the policyholders have been badly treated by the insurance company and have been made to lose money as a result of the unfair treatment.  

I advise them to lodge a complaint with FIDREC. The website is www.fidrec.com.sg. If they need advice on how to lodge a complaint and is willing to pay $500 for the assistance, I can recommend someone to handle it for them. If they know how to handle the complaint on their own, they can save on this cost.

I am very sad to see so many consumers being badly treated by the financial institution. The situation seems to be getting worse in recent years. I hope that the Monetary Authority of Singapore will carry out an investigation into the practices of these financial institutions. 

Tan Kin Lian