another option for insurance advice

Aug 1, 2011
Another option for insurance advice

MS JESSIE Loy said consumers need to have more choices of insurance products ('Banks should not act like insurance agents'; last Monday).

Since 2003, with the introduction of the Financial Advisers Act, independent financial advisers have been allowed to be established here.

Independent financial advisers are companies that specialise in providing consumers with advice on a wide range of financial products and services. They are not tied to a single product provider and do not 'manufacture' their own products, to ensure a higher level of objectivity when giving advice.

Instead, they are formed with the aim of working for their clients to identify their needs and goals, and recommend and implement the most appropriate financial solutions.

Consumers today encounter more complex and sophisticated financial products that may not be easily understood. Hence, we can expect more of them to seek quality advice to help them make informed decisions.

The Association of Financial Advisers (Singapore) comprises 26 members and more than 3,000 representatives who have made a commitment to put their clients' interests first. Its market share for insurance products and solutions has grown from 4 per cent 10 years ago to almost 15 per cent today.

Augustine Lee
President, Association of Financial Advisers (Singapore)





Aug 1, 2011
Review cut-off age for CPF dependants' scheme

THE Dependants' Protection Scheme (DPS) aims to provide Central Provident Fund members and their dependants with financial help to tide them over the first few years should insured members become permanently disabled or die.

It was started many years ago, when the official retirement age was 55, and people got married and had children earlier.

Now that the retirement age has been raised to 62 and people get married and have children later, the DPS' cut-off age should be raised from 60 to at least 65 so it can remain relevant.

Lim Lee Siang (Madam)