MAS and whistle blowing

View by zhummmeng

It has been suggested umpteen times that MAS should have whistle blowing channel for the public or a hot email to tip off the malpractices of insurance agents and the companies.. No use having one in the company.Who dares to report the CEO or a senior manager or an agent to compliance officer who is an employee of the company?

MAS should plant a mole in every financial company. MAS should know in the insurance company the way they comply with the FAA is like a conspiracy to cheat MAS..Eg. the fact find forms, writing the fact find forms, the recommendations, the reasonable basis requirement are all rubbish. 

MAS should check all of them. Not surprised that the fact finds are used as cover up to push products. If there has been true fact find why whole life or endowment or anticipated endowment products are still 'recommended'? No way can these products be recommended if the fact find is real and the products recommended according to reasonable basis. 

Don't trust the insurance companies. They are all in cahoot to cheat the consumers. Have a whistle bowing channel for the public to complain against the insurance agents and the companies.