Insurance
Lapsing Of AXA Insurance Sold By Finexis
By Living Healthy, Staying Wealthy  •  July 24, 2010
It was reported in the Straits Times today that AXA is trying to claw back $7 million from Finexis. Because, last year, Finexis had a promotion where they were giving away free 1 year term insurance (FutureProtector) to its customers and potential customers.

Being from the industry, I had met clients who claimed this. I did not know the mechanics of how this was possible, but through the explanation in the article, all has become clear.

It takes 2 to clap.
1. AXA was silly enough to give 117% commission! Where are they supposed to get the extra 17% from? It is a losing contract no matter how you look at it. No wonder the CEO resigned.
2. Finexis being a MAS licensed firm did not carry out proper needs based selling professionally and objectively as per their code of ethics as financial planners required.

Well, from a purely sales ......
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By Living Healthy, Staying Wealthy
Aaron Lau is a Independent Financial Adviser licensed by the Monetary Authority of Singapore to provide financial advice to individuals in Singapore. The main reason he is in the Financial Advisory industry is to share what he has learned after studying and comparing the various insurance and investment instruments in the market. He strongly feels that proper, quality financial planning is important to all individuals and sincerely would like to reach out to help as many as possible.
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1 Comments

One response to “Lapsing Of AXA Insurance Sold By Finexis”

  1. George says:

    Wow thats terrible!

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