Written by Wilfred Ling  Wednesday, 11 July 2012 MAS did a mystery shoppers exercise and found that 30% of the product recommendations were not suitable. “I believe that some of the representatives could be acting more as product distributors than as financial advisers. “ Wilfred’s comments: I hope the authority realizes that these inappropriate recommendations are not mere statistics. These inappropriate recommendations translate to:

1. Families plunged into poverty when the sole breadwinner died because the insurance advisers did not help them install sufficient insurance.
2. Children who cannot afford a proper education. A few years ago, I met a national service man who was getting ready to study his tertiary education and told me he suspect his father was mis-sold an education policy many years ago. I checked and found it was a whole life policy and not an endowment. To use the policy for his education means the need ...

...