facebookAnyone know how to report unethical financial advisors (insurance agents)? - Seedly

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Anonymous

30 Apr 2021

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Insurance

Anyone know how to report unethical financial advisors (insurance agents)?

Does reporting to their company help? (Because their company also want to earn money)
Context: some FA/IA sold my mum some plan which tbh doesn't make sense. the premiums are expensive and tbh my mum doesn't even need the policy lmao.
Seriously. Don't like that leh. You work hard to earn $. My mother also work hard to earn $. Tolong la. I am very sad.

Another unrelated scenario: are FA/IAs allowed to tell their clients what to invest in (e.g. crypto)? Can report this to their company?

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Chris

30 Apr 2021

Owner and Writer at Tortoisemoney.com

I think you can try reporting to MAS if you feel that your mother has been sold an unsuitable product by an agent at this link:

https://eservices.mas.gov.sg/consumerfeedback/

Also, if I'm not wrong, if your mother's policy is still within the free-look period (usually 14 days from receiving the policy document), do contact the agent quickly to cancel the policy. The premiums will be refunded (less any costs incurred during the time). Note also that if it's an ILP, losses may be incurred due to market movement.

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