Finally the truth is out. As is the norm in every profession, you can always find "black sheep". In launching the "Financial Advisory Industry Review" the Monetary Authority of Singapore has revealed that in the insurance industry the insurance agents together with their parasitic and unscrupulous bosses have ripped-off their clients by as much as 106% of their annual premiums as "commissions" into their pockets. Now you know how those insurance miscreants manage to live in big bungalows and drive posh cars. This unethical and immoral practice must be common in the last one or two decades or more. What happened? Has our regulator been sleeping in his watch? I wonder how many of our "baby boomers" and the present co-hort of our young people who have just entered the employment market have been "conned" into buying such products. Can an avenue be opened to them to seek redress or compensation or ways they can be rescued from such "scams". Hope that MAS can play a helpful role in this area for people who want redress!. I will applaud if financial literacy education can be incoporated into our schools' curriculum. This will safeguard our young adults from falling prey to charlatans in the insurance, investment and financial institutions.
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