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Minibonds: The story so far...

Sabian

By Sabian,
in Lite & EZ

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Sabian

Sabian

Turbocharged
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U ask MAS lor...

 

I am actually watching what the HKMA does and what MAS does.

 

They shd just ban non FAs from even talking about it to any customers.

 

They want to wait until someone who kenna burned badly track down the teller and the salesworm and hammer them. Like MRT, no see more blood, no put barriers.

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Sabian

Sabian

Turbocharged
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that y got to make sure you fully understand and state all the terms black & white for contract. Once there is acceptance + offer= agreement irrevocable

 

I think that line of defense is pure BS.

 

No agreement can absolve any bank when a retiree is allowed to plonk in 400k or their life savings into a single product unless that 400k is but 2% of her net worth.

 

Any monkey in the zoo can see the scam. The hiring of the 3 mousekerteers to "oversee" the mediation process is a wayang if they do not find anything wrong with the selling process and if no salesperson is prosecuted.

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Killer5010

Killer5010

Neutral Newbie

Consumer is to be blame lah. No one force them to buy.

 

If you go to a car show room, salesman said FC is 15km/l, but you get max 12km/l with 100% HW, you sue the salesman/car show room for mis-selling boh ?

 

Those bankers are like car salesman. they are employed to sell products and earn a living. you can't blame them for promoting the products they are asked to sell. If they can't sell, they will not be hired.

 

Everything is written in B&W, the consumer should have read and ask question before they sign on the dotted line.

 

I don't believe this people sign a hundred of thousands dollar investment on the spot without going back and re-think. They could have cosult their friends and relative if teh investment is worht it. In other word, Want to Sue, Sue your friends or relative lor. smash.gif

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Wind30

Wind30

Turbocharged
that y got to make sure you fully understand and state all the terms black & white for contract. Once there is acceptance + offer= agreement irrevocable

 

I think that line of defense is pure BS.

 

No agreement can absolve any bank when a retiree is allowed to plonk in 400k or their life savings into a single product unless that 400k is but 2% of her net worth.

 

Any monkey in the zoo can see the scam. The hiring of the 3 mousekerteers to "oversee" the mediation process is a wayang if they do not find anything wrong with the selling process and if no salesperson is prosecuted.

 

?? got scam meh? what talk u? u mean cannot put all one's money into one single product? Is it against the law?

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Killer5010

Killer5010

Neutral Newbie

So you mean those that got the so call "scam" is no better than a m****? It is not right to put in statement that scam took place if there is no proof lor. The bank is trying to help, of course, they can't help everyone, but I believe minority should be able to get back some of their investment.

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Blackyv

Blackyv

Turbocharged

i dont think it's fair to compare such cases with buying car.....totally not an apple to apple comparison... [shakehead]

 

notice the data so far pointed at those "elderly" and "illeterate" group are the most heavily affect?........ we cannot deny some of them know what are they dealing with but quite a high % of them do not even know what is minibond, shares, investment, blablabla... all they know is "saving" and keeping the money in bank is a saving and very safe..... really pity them for falling into the trap..... [shakehead]

 

and again, this reinforce my believe that one of the most untrustable professional is still "Banker" cause they only interest in your $$$,.....

[thumbsdown]

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Blackyv

Blackyv

Turbocharged

not a scam??!!!.. ask yourself will u do that?? if an educated man has second thought and most likely wont do that, what makes you think a retiree (mostly not highly educated) who already one leg into the coffin would be so daring to put 100% of whole life saving into a single high risk product??....do we need a nuclear engineer to help you understand the logics behind it?.... [hur]

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Roborovskii

Roborovskii

4th Gear
They shd just ban non FAs from even talking about it to any customers.

 

Agree with this. FAs should also be giving REAL advice according to their clients' needs and financial situation, and not tempt them into gambling their hard earned money away; just for sake of commission. Banks should rethink the role and goals of FAs, and let their products sell for themselves, rather then hire a bunch of salespeople to do the job.

 

Poor old folks, just hope most of them have filial children who can provide for them in the coming bad times.

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Sabian

Sabian

Turbocharged
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[reply][reply]u mean cannot put all one's money into one single product? Is it against the law?

 

thanks. u made an excellent point there.

rest my case.

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Sabian

Sabian

Turbocharged
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(edited)

Don't be so blackhearted lah...

they old folks were not greedy lah.They only after a few % more.

 

Not like they so hiong go play margin and try to make 50% - 500%, then, u say they deserve it, I diam diam.

Edited by Sabian
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Scenic98

Scenic98

Clutched
Greed is the root of all evil...

 

Tweak that line a bit. I guess all human being are greedy. Having some greed in fact is good. That's what drive humans to do better, to excel. But any economics student will remember in their first few lessons that a person "wants" are insatiable while resources are limited. Just like in anything in life, moderation is good. too much of a certain thing is bad for health.

 

All the current issues stems from too much greed in the system.

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Killer5010

Killer5010

Neutral Newbie

I not Osim la.sweatdrop.gif

 

I pity them too, but sometime you have to pay a price for being greedy.knife.gif

 

I have a few investment but I don't throw more than 50% of my saving in investment. I always believe in having real $$$ in my bank or pocket. sunny.gif

 

If I lose, the most I lose 50% of my saving, and I don't KPKB.scholar.gif

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