Questionable business practice

Hi Mr. Tan,

I would like to bring you to the attention of this practice an insurance company agency is carrying out at IT exhibition fairs such as Sitex 2010 which starts today.

They claim to offer car insurance quotes. From anecdotal accounts (such as one here), the representatives at the fair will approach exhibition goers with car insurance, trying to get them to discuss it at their booth. They will later try to push financial products like anticipated endowment plans to these people. 

Their website currently lists their address. A quick reference reveals this address to be a building of a life insurance company. They also collect personal and contact information on their website. I can only imagine how such particulars are being used.

I cannot imagine this to be tolerable by local regulators. Is there a channel where we can notify the regulators to look into this matter?

Many thanks for reading.

REPLY

You can lodge a complaint with MAS.

Monkey sprayed with water

Have you wondered why some government or company regulations are followed mindlessly for years, after they have lost their purpose? Read this story.

Monkey sprayed with water

Neighbourhood schools now require balloting

Hi Mr Tan,
You said "parents have the choice to ignore these competitive requirements and send their child to a nearby school, i.e.instead of competing for the "good" schools.". I wish to update you on the P1 registration today. Many so-called non-famous schools (eg. in Woodlands, Sembawang) require balloting nowadays. This is due to the fact that PRs enjoy the same priority as citizens for P1 registration. As S'pore PR is easily obtainable, this is tantamount to giving foreigners equal standing as citizens for P1 registration. The recent amendment to give citizens an extra ballot slip is just cosmetic. A PR whose sibling is already studying in the school will get priority over citizens without one. Is this fair?

The P1 registration priority system is very convoluted for a reason. It allows many well connected parents to obtain backdoor entry to famous schools without a soul noticing. I have come across such cases before. It is ironic that this government prides itself as being meritocratic!


TY

Understand your life insurance needs

Many people have to consider life insurance when they are approached by an agent (or someone who is called an adviser or consultant). The agent will tell them about the risk of premature death or critical illness or the need to save for the future, and recommend a life insurance policy as the solution.

The agent is well trained to tell convincing stories to the consumer, but these stories are often exaggerated. The life insurance policy is usually not in the interest of the consumer, i.e. the consumer can find better alternative solutions. The agent is likely to recommend the life policy that pays a fat commission (usually several thousand dollars) to the agent, and is taken away from the consumer.

I strongly advice consumers to be educated about life insurance and personal financial planning so that you can make a better decision for your future. You can read my book on financial planning (www.tankinlian.com/ishop) or attend the educational talks conducted by FISCA (www.fisca.sg).

You can also get answers to specific questions in the FAQs posted in my website, www.tankinlian.com/ask.aspx. Some of these FAQs can be found by searching for the keywords below:

Half truths
Right prioirty
Low cost
How to say "No"

My message is specially directed to young people who are starting work for the first time, as you will be the target of several life insurance agent within a few months. Some of them are your classmates or friends. You need to know how to ask the right questions and how to say "no" to them. You have to learn this skill, as it could save several thousand dollars from being wasted.

My message is also for parents of these young people. Do pass this message to your children. It will mean a lot for their future.

Tan Kin Lian

Competing to enter "good" schools

Hi Mr Tan,

Recently, there was an article about MM Lee acknowledging that admission to primary school is "unfair"
http://edvantage.com.sg/edvantage/news/news/493926/MM_Lee_admits_admission_to_primary_school_is_unfair.html

I have a toddler myself and I am aware of the "pressures" that many parents face when thinking about their child's education.  Many parents start signing up for parent volunteer work, planning for move, when the child is like 2-3 years old (maybe even younger) and there's alot of emphasis on which schools to go to, based on the "perception" that some schools are better than others. For the teachers, I am sure those who are from the "elite" or more popular schools will face added pressure of keeping up their "reputation", will it inevitably focus more on academic results than the development of the child per se?

I am overseas, and until the day i return to Singapore, I guess I am "fortunate" not to be overly stressed by this issue. But I am just wondering aloud here, is it unthinkable that the education ministry scrap all these "crap" about alumnus, parent volunteer etc, and let the MAIN critieria for admission be proximity to the school and siblings being in the same school. Wouldn't that level the playing field, instead of the current vicious cycle?

Do you have any views? Whether what I suggest is a viable option to consider by our government?

MY REPLY

Parents have the choice to ignore these competitive requirements and send their child to a nearby school, i.e.instead of competing for the "good" schools. 

I was educated in a primary school near my home, and it was not a "good" school. I was able to top the school without too much hard work and continue my secondary school in Raffles Institutition (which I entered on merit). I did receive an education that was suitable for my working life.

 

Tan Kin Lian

Manila, Philippines

 

Rich people should pay more taxes

Here is the view of Warren Buffett:
http://www.bloomberg.com/news/2010-11-21/warren-buffett-tells-abc-rich-people-should-pay-more-in-taxes.html

Know what is happening in Singapore

There are many things happening in Singapore that citizens should be aware of. Some of these happenings are negative, and are not covered in the local media, as they only present the positive sides. They are covered by bloggers and are usually well written. You can get updated on these happenings by visiting the General Election portal (SGEP).

For example, there is the case of a young man, borne in Japan with a Singaporean mother, who lived in Singapore since 10 years old and served National Service. He overlooked to make his oath of negligence (as he was not aware about it) and his citizenship is taken away. No one in the civil service is willing to take the responsibility to bend the law and allowed him to retain his citizenship. This is quite typical of behavior in Singapore - no one wants to take the responsibility - not even the Minister!

Be aware of the issues. Read SGEP. At the next general election, ask yourself .... do you wish to see changes for the better?