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Are you so sure, Mr Tan Kin Lian

By Crystal Tein,    2008-10-12 11:35:54    

Give specific names of financial institutions and relationship managers as solid evidence of misleading customers into buying financial products linked to Lehman Brothers
On October 12, 2008, The Straits Times ran a front cover story citing Mr Tan Kin Lian, the former chief executive officer of NTUC Income of financial institutions and relationship managers misleading individuals into buying Lehman Brothers linked financial products.

From my own knowledge of financial products, every form of investment involves a certain amount of risk, even stable ones like property and unit trusts. From my own dealings with financial professionals, when they were convincing me to buy financial products, all enquired about my salary, expenditure, financial goals and my degree of risk aversion. All financial professionals also warned about the degree of risk involved in each financial product. Under Singapore law regulating the financial industry, all financial professionals must be trained and certified before selling financial products, which means they need to take and pass an examination.

Perhaps there were a few black sheep among the financial professionals selling Lehman Brothers products. I don’t know. However, are you so sure that that all 983 signatures of individuals you collected on the petition to the Monetary Authority of Singapore were misled, Mr Tan Kin Lian? And even so, what about others outside of the 983 please?

In short, if you are so sure that there was misleading involved, cite specific names of financial institutions and relationship managers please, Mr Tan Kin Lian. Otherwise which, this looks like a crass sweeping statement of an article ran by The Straits Times.

Crystal Tein, The Cheers News

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