Maybank is offering promotional interest rate up to 1.35% p.a. for new placements of S$25,000 to S$1,000,000 to iSavvy Time Deposits. First customers with minimum S$200,000 placement will receive passes to Universal Studio Singapore.
😄😄😄
Monday, December 12, 2011
Thursday, November 10, 2011
Is your Car PI? (Parallel Import) Check your IU registration with LTA
Dear friends, note for people going to buy PI car. Do get a proof that your IU has been register with LTA. A friend of mine was fined for not having an IU in his car which he have been driving for 2.5 yrs with an IU. He went to Vicom for inspection and they say his IU is nt registered under his car license plate and have to change a new one with IMMEDIATE effect.
The technician say that recently a lot of PI car have this problem, as ERP system has just been upgraded so they are about to detect now. Anyway the change of IU cost around $160.
The technician say that recently a lot of PI car have this problem, as ERP system has just been upgraded so they are about to detect now. Anyway the change of IU cost around $160.
Thursday, October 20, 2011
Brakes slammed on more "pimped up" cars
Is your car modified? Did you declare them when you applied insurance? Did you modified after you purchased? Your car might not be covered at all. 
Thursday, September 22, 2011
New therapies for heart valve disease
20 September 2011
TODAY (Singapore)
( c) 2011. MediaCorp Press Ltd.
Learn about advancements in the diagnosis and treatment of heart valve disease. Advanced imaging
capability and techniques like 3D echocardiography and percutaneous heart valve replacement allow
patients to be diagnosed more quickly and accurately.
Date: Friday
Time: 1pm to 2pm
Venue: Health Education Hub, 5 Lower Kent Ridge Road, Main Building 1, Level 1, Lobby B, National University Hospital
Fee/Registration: Free. Registration required. Call 6772 2184.
TODAY (Singapore)
( c) 2011. MediaCorp Press Ltd.
Learn about advancements in the diagnosis and treatment of heart valve disease. Advanced imaging
capability and techniques like 3D echocardiography and percutaneous heart valve replacement allow
patients to be diagnosed more quickly and accurately.
Date: Friday
Time: 1pm to 2pm
Venue: Health Education Hub, 5 Lower Kent Ridge Road, Main Building 1, Level 1, Lobby B, National University Hospital
Fee/Registration: Free. Registration required. Call 6772 2184.
More than 51,000 employers to get S$17 million in SEC
CHANNEL NEWSASIA
20 September 2011
TODAY (Singapore)
(c) 2011. MediaCorp Press Ltd.
SINGAPORE — The first payment under the Special Employment Credit (SEC) announced in this year’s
Budget will be given out by the end of this month.
The Ministry of Manpower says that more than 51,000 employers qualify.
They will receive a total of S$17 million for employing 167,000 older, low-wage Singaporeans in the first half of this year.
The SEC was announced in February as a one-off Budget measure to encourage employers who employ Singaporeans aged 55 and above and earn up to S$1,700 a month.
Eligible employers will receive notifications from the CPF Board this week.
The SEC will be paid twice a year in March and September between January this year and December 2013.
It is expected to cost the Government S$100 million over the three years.
20 September 2011
TODAY (Singapore)
(c) 2011. MediaCorp Press Ltd.
SINGAPORE — The first payment under the Special Employment Credit (SEC) announced in this year’s
Budget will be given out by the end of this month.
The Ministry of Manpower says that more than 51,000 employers qualify.
They will receive a total of S$17 million for employing 167,000 older, low-wage Singaporeans in the first half of this year.
The SEC was announced in February as a one-off Budget measure to encourage employers who employ Singaporeans aged 55 and above and earn up to S$1,700 a month.
Eligible employers will receive notifications from the CPF Board this week.
The SEC will be paid twice a year in March and September between January this year and December 2013.
It is expected to cost the Government S$100 million over the three years.
Friday, September 2, 2011
Dispute resolution for motor accident claims of up to $3,000. Accident claims of up to $3k? Go to resolution centre
2 September 2011
Business Times Singapore
(c) 2011 Singapore Press Holdings Limited
TO ADDRESS the issue of escalating claims, non-injury motor accident claims of $3,000 or less now
have to be heard first by the Financial Industry Disputes Resolution Centre (FIDReC) before court
proceedings can start.
This has been raised from the $1,000 limit previously.
The move is in line with recommendations put forward by the Motor Insurance Taskforce last year.
According to a release issued yesterday by the Consumers Association of Singapore, the industry
average amount for third party property damage claims is about $4,000. As such, the move to bump up
the limit to $3,000 is expected to reduce the number of disputes brought to court. FIDReC has also
beefed up its resources so that it will be able to handle the likely increase in the number of cases.
'GIA welcomes the increased FIDReC-NIMA limit which will further enhance the promotion of amicable
and faster settlement of disputes through the mediation process,' said Derek Teo, president of the
General Insurance Association of Singapore.
Accident claims of up to $3k? Go to resolution centre
Christopher Tan, Senior Correspondent
2 September 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
Limit for non-injury cases raised from $1,000
MOTORISTS who want to make non-injury accident claims of up to $3,000 will now have to go before
the Financial Industry Disputes Resolution Centre (Fidrec) before they can file them in court.
The $3,000 limit is three times the previous cap of $1,000.
The Consumers Association of Singapore, a member of the Motor Insurance Taskforce which lobbied
for the limit to be raised, said the new ceiling is more reflective of the average claim of $4,000.
The taskforce, which views Fidrec as yet another way to tackle spiralling costs, hopes the new limit will
pave the way for more claims to be settled quickly and cheaply - without the appointment of lawyers.
Since its formation in March 2008, Fidrec has heard 218 motor accident cases and helped resolve 213
of them - even if the number is a fraction of the approximately 1,200 non-injury accident claims that go to
court each year.
The taskforce reckons the $3,000 limit will allow Fidrec to handle more cases.
But lawyers point out that claimants may simply jack up their claims to exceed the new limit to avoid the
Fidrec process - one which requires claimants to turn up personally to file and present their cases.
General Insurance Association (GIA) president Derek Teo, a Fidrec proponent, said: 'There'll be people
who will bump up their claims to circumvent this... but they will have to produce substantive evidence in
court to show that their claims are justified.'
He added that the 'main intent is for all parties to reach an amicable settlement by themselves'.
However, should they need the help of a third party to resolve a case, there is Fidrec.
But motorists can still file their claims in court if they are not happy with Fidrec's decision, which is
handed down by retired judges.
The Motor Insurance Taskforce, whose members include the GIA, the Automobile Association of
Singapore, the Land Transport Authority, the Traffic Police and the Monetary Authority of Singapore,
had actually recommended the Fidrec cap be set at $10,000.
Observers said, however, this would be detrimental to the income of many lawyers.
A lawyer who specialises in accident claims said yesterday his business had already dipped since
Fidrec was formed. But he could not substantiate his claim, nor did he want to be named.
The taskforce has introduced several measures in recent years to tackle rising costs. These include
requiring motorists to file an accident report with their insurers - no matter how minor the accident - within 24 hours, and submit on-site photos of the vehicles involved.
Also, motorists who file insurance claims against another party after an accident have to contact the
other driver's insurer before getting their vehicle repaired. The other driver's insurer will have 48 hours to
inspect the damaged vehicle. If it fails to do so, it automatically waives its right to contest the claim.
The measures have met some success.
Last year, motor claims amounted to $767 million. If the $11.6 million attributed to flood damage was excluded, the sum would have been close to the $742 million posted three years ago - even though there
are now more vehicles on the road.
Business Times Singapore
(c) 2011 Singapore Press Holdings Limited
TO ADDRESS the issue of escalating claims, non-injury motor accident claims of $3,000 or less now
have to be heard first by the Financial Industry Disputes Resolution Centre (FIDReC) before court
proceedings can start.
This has been raised from the $1,000 limit previously.
The move is in line with recommendations put forward by the Motor Insurance Taskforce last year.
According to a release issued yesterday by the Consumers Association of Singapore, the industry
average amount for third party property damage claims is about $4,000. As such, the move to bump up
the limit to $3,000 is expected to reduce the number of disputes brought to court. FIDReC has also
beefed up its resources so that it will be able to handle the likely increase in the number of cases.
'GIA welcomes the increased FIDReC-NIMA limit which will further enhance the promotion of amicable
and faster settlement of disputes through the mediation process,' said Derek Teo, president of the
General Insurance Association of Singapore.
Accident claims of up to $3k? Go to resolution centre
Christopher Tan, Senior Correspondent
2 September 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
Limit for non-injury cases raised from $1,000
MOTORISTS who want to make non-injury accident claims of up to $3,000 will now have to go before
the Financial Industry Disputes Resolution Centre (Fidrec) before they can file them in court.
The $3,000 limit is three times the previous cap of $1,000.
The Consumers Association of Singapore, a member of the Motor Insurance Taskforce which lobbied
for the limit to be raised, said the new ceiling is more reflective of the average claim of $4,000.
The taskforce, which views Fidrec as yet another way to tackle spiralling costs, hopes the new limit will
pave the way for more claims to be settled quickly and cheaply - without the appointment of lawyers.
Since its formation in March 2008, Fidrec has heard 218 motor accident cases and helped resolve 213
of them - even if the number is a fraction of the approximately 1,200 non-injury accident claims that go to
court each year.
The taskforce reckons the $3,000 limit will allow Fidrec to handle more cases.
But lawyers point out that claimants may simply jack up their claims to exceed the new limit to avoid the
Fidrec process - one which requires claimants to turn up personally to file and present their cases.
General Insurance Association (GIA) president Derek Teo, a Fidrec proponent, said: 'There'll be people
who will bump up their claims to circumvent this... but they will have to produce substantive evidence in
court to show that their claims are justified.'
He added that the 'main intent is for all parties to reach an amicable settlement by themselves'.
However, should they need the help of a third party to resolve a case, there is Fidrec.
But motorists can still file their claims in court if they are not happy with Fidrec's decision, which is
handed down by retired judges.
The Motor Insurance Taskforce, whose members include the GIA, the Automobile Association of
Singapore, the Land Transport Authority, the Traffic Police and the Monetary Authority of Singapore,
had actually recommended the Fidrec cap be set at $10,000.
Observers said, however, this would be detrimental to the income of many lawyers.
A lawyer who specialises in accident claims said yesterday his business had already dipped since
Fidrec was formed. But he could not substantiate his claim, nor did he want to be named.
The taskforce has introduced several measures in recent years to tackle rising costs. These include
requiring motorists to file an accident report with their insurers - no matter how minor the accident - within 24 hours, and submit on-site photos of the vehicles involved.
Also, motorists who file insurance claims against another party after an accident have to contact the
other driver's insurer before getting their vehicle repaired. The other driver's insurer will have 48 hours to
inspect the damaged vehicle. If it fails to do so, it automatically waives its right to contest the claim.
The measures have met some success.
Last year, motor claims amounted to $767 million. If the $11.6 million attributed to flood damage was excluded, the sum would have been close to the $742 million posted three years ago - even though there
are now more vehicles on the road.
Things to consider when getting an insurance plan
Should you be considering an Integrated Shield plan, here are some questions to ask the insurer or the adviser:
* What are the categories of benefits and types of cover under the Integrated Shield plan? Will it cover
claims incurred outside Singapore?
* What does the plan exclude?
* Can I buy a rider to cover the deductible and co-insurance?
* How much is the premium for the plan and the rider? How much of the premium can be paid out from
Medisave, and how much must be paid from cash?
* Might the premium be increased? Will my premium be affected if I make a claim?
* Is the plan guaranteed renewable and what is the penalty for late premium payment?
* Does the insurer provide a letter of guarantee to the hospital when I'm hospitalised?
* How do I make a claim?
If you need help in upgrading your MediShield plan, please drop me an SMS/Call me @ 91000078.
Prevention is better
One very important way to cover the cost of health care is through insurance. Risk pooling enables insurers to offer cover to a fairly large group, at premiums that are relatively affordable.
It is prudent to take up such insurance while you are relatively young and healthy. Once illnesses develop, insurers may levy an extra charge, or even refuse coverage for what they call pre-existing conditions.
3 ways you can enjoy heavy subsidies
- Acute public hospital wards
- MediSave which earn 4% more then OA in your CPF
- MediShield and private Integrated Shield plans.
Should you retire or cease working and your contributions stop, cash in Medisave could run out fairly quickly given high health care costs.
Priviate Integrated Shield - Hospital and surgical (H&S) plans are one of the most basic of health covers, and are a must for most people unless you have enough wealth to self-pay. It is also important to take up H&S plans for your children.
Many people put off taking up a H&S plan because their employers may offer very good and comprehensive cover. But you will need a private plan should you stop working. Waiting until retirement to take up one is untenable because at a later age you may develop conditions that make you uninsurable.
Why I keep emphasising on Private Integrated Shield? It the most afforadable plan that you can get using your CPF medisave account.
If you need help in upgrading your MediShield plan, please drop me an SMS/Call me @ 91000078.
Saturday, August 27, 2011
New prescription guidelines for hypertension
Reuters
25 August 2011
TODAY (Singapore)
(c) 2011. MediaCorp Press Ltd.
Taking repeated blood pressure readings over a 24-hour period rather than a one-off measurement in
the clinic is the most cost-effective way of deciding who should be prescribed drugs for hypertension,
according to a study published in The Lancet medical journal yesterday.
The findings in favour of so-called ambulatory blood pressure monitoring were immediately adopted by
Britain’s health costs watchdog, the National Institute for Health and Clinical Excellence.
Professor Bryan Williams of Leicester University said the change “is likely to be replicated across the
world”.
Ambulatory blood pressure measurement involves the patient wearing a blood pressure cuff attached to
an automatic blood pressure machine for 24 hours. Measurements are taken typically half hourly during
the day and hourly during the night.
An estimated one billion people around the world have high blood pressure. REUTERS
25 August 2011
TODAY (Singapore)
(c) 2011. MediaCorp Press Ltd.
Taking repeated blood pressure readings over a 24-hour period rather than a one-off measurement in
the clinic is the most cost-effective way of deciding who should be prescribed drugs for hypertension,
according to a study published in The Lancet medical journal yesterday.
The findings in favour of so-called ambulatory blood pressure monitoring were immediately adopted by
Britain’s health costs watchdog, the National Institute for Health and Clinical Excellence.
Professor Bryan Williams of Leicester University said the change “is likely to be replicated across the
world”.
Ambulatory blood pressure measurement involves the patient wearing a blood pressure cuff attached to
an automatic blood pressure machine for 24 hours. Measurements are taken typically half hourly during
the day and hourly during the night.
An estimated one billion people around the world have high blood pressure. REUTERS
Cover Story - Cancer from breast
Do you know you are covered by hospitalisation insurance?
There is also a misconception that breast reconstruction is considered cosmetic surgery and will not be
covered by hospitalisation insurance or Medisave.
Depending on a patient's eligibility for subsidy, the estimated bill for a mastectomy followed by an
immediate breast reconstruction ranges between $6,000 and $30,000.
Breast cancer patients who undergo this procedure may use up to $7,550 from Medisave for it and
$450 per day for daily hospitalisation charges.
Younger women affected by cancer seek complete restoration of form for better integration back to
society, family, work and married life.
Have you upgraded your MediShield to "As Charged" plan yet?
As-charged feature
The as-charged feature has become a standard in all Medisave-approved integrated Shield plans but there are many people who have not upgraded to plans that offer this feature. Do take note that a Shield plan comes with deductible and co-insurance components. The former refers to the first layer of charges that the policyholder has to bear. These may range from $1,500 to $3,000.
The co-insurance payment is the portion shared by the policyholder, usually 10 per cent of the bill after taking into account the deductible. If you wish to be covered for the deductible and/or the co-insurance portions of the hospitalisation bill, Shield insurers offer optional riders for them, payable via cash.
If you need help in upgrading your MediShield plan, please drop me an SMS/Call me @ 91000078.
Tuesday, August 23, 2011
No cover when you need it most - Have you upgraded yours?
ST Forum
No cover when you need it most
22 August 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
LIKE Mr Leong Quee Hian ("MediShield burden"; last Wednesday), my dad had signed up for MediShield cover when it was launched years ago. The cover expired in April when my dad reached the age limit of 85.
My dad was diagnosed with advance prostate cancer late last year and is currently receiving treatment.
While his treatment is MediShield claimable, he is unable to claim due to his age.
It is an anomaly that after paying the required premiums until 84, the insurance suddenly ceases coverage upon one reaching the age of 85, when one would need it most. We pay for MediShield to cover ourselves should we fall sick. The possibility of one falling ill after 85 is higher but ironically, the cover lapses.
In 2008, Madam Halimah Yacob (then head of the Government Parliamentary Committee for Health)
mentioned that medical insurance needed to be extended to cover people beyond the age of 85
("MediShield cover for those over 85?"; Jan 18, 2008). The issue seems to have been sidelined and to
date, MediShield still ceases to cover beyond age 85.
In an e-mail reply to me in September last year, the Ministry of Health explained that the age limit of the
scheme had been regularly reviewed and increased in line with the life expectancy of Singaporeans, the
last review being in 2006, when it was raised from age 80 to 85.
It has been a few years since Madam Halimah's comments and I was hoping that Prime Minister Lee Hsien Loong's National Day Rally speech would address the issue, but it did not.
Potentially huge medical bills not only pose a financial burden to elderly patients, but also an emotional burden to some. Elderly patients above 85 years will definitely be under greater stress knowing that every cent (if any) they had painstakingly saved over the years may be insufficient to meet hefty hospital bills without the MediShield cover.
Some may also feel guilty of being a financial burden to their children (especially if their children have retired), who may have their own family's needs to take care of. I hope the relevant authorities will review and raise the age limit as soon as possible.
Sharon Peh (Ms)
P.S Have you upgraded yours?
No cover when you need it most
22 August 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
LIKE Mr Leong Quee Hian ("MediShield burden"; last Wednesday), my dad had signed up for MediShield cover when it was launched years ago. The cover expired in April when my dad reached the age limit of 85.
My dad was diagnosed with advance prostate cancer late last year and is currently receiving treatment.
While his treatment is MediShield claimable, he is unable to claim due to his age.
It is an anomaly that after paying the required premiums until 84, the insurance suddenly ceases coverage upon one reaching the age of 85, when one would need it most. We pay for MediShield to cover ourselves should we fall sick. The possibility of one falling ill after 85 is higher but ironically, the cover lapses.
In 2008, Madam Halimah Yacob (then head of the Government Parliamentary Committee for Health)
mentioned that medical insurance needed to be extended to cover people beyond the age of 85
("MediShield cover for those over 85?"; Jan 18, 2008). The issue seems to have been sidelined and to
date, MediShield still ceases to cover beyond age 85.
In an e-mail reply to me in September last year, the Ministry of Health explained that the age limit of the
scheme had been regularly reviewed and increased in line with the life expectancy of Singaporeans, the
last review being in 2006, when it was raised from age 80 to 85.
It has been a few years since Madam Halimah's comments and I was hoping that Prime Minister Lee Hsien Loong's National Day Rally speech would address the issue, but it did not.
Potentially huge medical bills not only pose a financial burden to elderly patients, but also an emotional burden to some. Elderly patients above 85 years will definitely be under greater stress knowing that every cent (if any) they had painstakingly saved over the years may be insufficient to meet hefty hospital bills without the MediShield cover.
Some may also feel guilty of being a financial burden to their children (especially if their children have retired), who may have their own family's needs to take care of. I hope the relevant authorities will review and raise the age limit as soon as possible.
Sharon Peh (Ms)
P.S Have you upgraded yours?
Monday, August 8, 2011
What turns off Gen X and Gen Y on life insurance
Lynn Kan
2 August 2011
Business Times Singapore
(c) 2011 Singapore Press Holdings Limited
THREE in four of Singapore's Gen X and Gen Y are happy to pay at or above market price for a life insurance plan.
Yet only 19 per cent would actually consider taking out life insurance in the next 12 months, according
to Swiss Re's survey of 1,000 Singaporeans aged 20 to 40 years.
The gap between perceived costliness and actual price is probably why Singaporeans in this age
bracket are put off buying life insurance, says Sharon Ooi, Swiss Re's director of client markets in
South East Asia, Hong Kong and Taiwan.
Swiss Re asked respondents to come up with a value of how much life insurance should be worth.
'Their value of insurance is actually within the correct range, but they don't know that,' said Ms Ooi. 'If
you narrow the gap in perception, you would get more people buying the products.'
The most common reasons for scrimping on life insurance are not having enough spare money set
aside for it or the perceived costliness of the product.
Swiss Re conducted a region-wide survey of 13,800 respondents across 11 Asia-Pacific countries, after
a similar survey in 2009 with seven countries in the data pool.
Across the board, Asia- Pacific countries' risk appetites have shrunk since 2009.
That is to be expected given what has happened since then. 'We've seen more natural disasters like
what has happened in New Zealand and Japan. There is more understanding about the exposures
people face,' said Ms Ooi. 'There is also the continued financial crisis in Europe and the US, so that
would add to the fact that they would want to take less risk overall.'
Overall, Singapore has the highest insurance ownership rate at 96 per cent.
Still, fewer than half of the respondents believed what they had taken out would be a good enough
buffer to cover their medical or health expenses.
'There is a legitimate understanding that there is a rising medical cost issue because they've seen it
happen in other countries. They need to see what they need to do to plan for it,' said Ms Ooi.
2 August 2011
Business Times Singapore
(c) 2011 Singapore Press Holdings Limited
THREE in four of Singapore's Gen X and Gen Y are happy to pay at or above market price for a life insurance plan.
Yet only 19 per cent would actually consider taking out life insurance in the next 12 months, according
to Swiss Re's survey of 1,000 Singaporeans aged 20 to 40 years.
The gap between perceived costliness and actual price is probably why Singaporeans in this age
bracket are put off buying life insurance, says Sharon Ooi, Swiss Re's director of client markets in
South East Asia, Hong Kong and Taiwan.
Swiss Re asked respondents to come up with a value of how much life insurance should be worth.
'Their value of insurance is actually within the correct range, but they don't know that,' said Ms Ooi. 'If
you narrow the gap in perception, you would get more people buying the products.'
The most common reasons for scrimping on life insurance are not having enough spare money set
aside for it or the perceived costliness of the product.
Swiss Re conducted a region-wide survey of 13,800 respondents across 11 Asia-Pacific countries, after
a similar survey in 2009 with seven countries in the data pool.
Across the board, Asia- Pacific countries' risk appetites have shrunk since 2009.
That is to be expected given what has happened since then. 'We've seen more natural disasters like
what has happened in New Zealand and Japan. There is more understanding about the exposures
people face,' said Ms Ooi. 'There is also the continued financial crisis in Europe and the US, so that
would add to the fact that they would want to take less risk overall.'
Overall, Singapore has the highest insurance ownership rate at 96 per cent.
Still, fewer than half of the respondents believed what they had taken out would be a good enough
buffer to cover their medical or health expenses.
'There is a legitimate understanding that there is a rising medical cost issue because they've seen it
happen in other countries. They need to see what they need to do to plan for it,' said Ms Ooi.
HEFTY HOSPITAL BILLS; Don't ban ward switch entirely
ST Forum
2 August 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
ONE reason patients are saddled with hefty hospital bills is that they have to choose an A-class ward
instead of the subsidised B-class ward when beds in the latter are unavailable.
Consequently, they are barred from switching to B-class beds, and are saddled with hefty A-class
charges.
I can understand the Government's reason for barring the switch when there is a choice. But in cases
where the hospital is out of B-class beds, such patients should be allowed to switch back when one
becomes available.
Alternatively, such 'A-class' patients should be allowed access to subsidised care for follow-up
treatment.
The hospital's standard reply has always been that the patient could wait till a B-class bed becomes
available, or have an ambulance take him to another hospital with an available bed.
However, when one's loved one is ill and in pain, the hospital's reply represents a Hobson's choice.
Families will opt naturally for the practical and immediate solution, which is to stump out for an A-class
bed to ease the suffering of their loved ones.
We are almost held to ransom by the hospital to pay the higher fees. I would gladly pay for an A-class
bed for my loved one who falls ill when no B-class bed is available. But I urge the Health Ministry to
consider allowing these patients to downgrade when a B-class bed becomes available.
As for myself, I recently upgraded my MediShield to cover private hospital fees. This is expensive but I
will not burden my family with having to make such hard choices.
Ho Suit Keng (Ms)
2 August 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
ONE reason patients are saddled with hefty hospital bills is that they have to choose an A-class ward
instead of the subsidised B-class ward when beds in the latter are unavailable.
Consequently, they are barred from switching to B-class beds, and are saddled with hefty A-class
charges.
I can understand the Government's reason for barring the switch when there is a choice. But in cases
where the hospital is out of B-class beds, such patients should be allowed to switch back when one
becomes available.
Alternatively, such 'A-class' patients should be allowed access to subsidised care for follow-up
treatment.
The hospital's standard reply has always been that the patient could wait till a B-class bed becomes
available, or have an ambulance take him to another hospital with an available bed.
However, when one's loved one is ill and in pain, the hospital's reply represents a Hobson's choice.
Families will opt naturally for the practical and immediate solution, which is to stump out for an A-class
bed to ease the suffering of their loved ones.
We are almost held to ransom by the hospital to pay the higher fees. I would gladly pay for an A-class
bed for my loved one who falls ill when no B-class bed is available. But I urge the Health Ministry to
consider allowing these patients to downgrade when a B-class bed becomes available.
As for myself, I recently upgraded my MediShield to cover private hospital fees. This is expensive but I
will not burden my family with having to make such hard choices.
Ho Suit Keng (Ms)
Wednesday, August 3, 2011
Tighter safeguards for investors from Jan 1 2012
Tighter safeguards for investors from Jan 1
Lorna Tan, Senior Correspondent
29 July 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
'Knowledge test' for investors before they can buy certain products
SINGAPORE'S central bank has unveiled new measures aimed at ensuring that financially
inexperienced investors do not buy complex investment products without knowing what they are getting
into.
From next Jan 1, all banks and other outlets will have to assess the financial knowledge and investment
experience of everyone keen to buy such products.
Those who pass the checks will be allowed to buy. But those who are not approved and still wish to buy
must be given advice by the banks on whether the product is suitable.
The products include exchange traded funds, investment-linked insurance policies, structured notes,
warrants, options and futures.
And the Monetary Authority of Singapore (MAS) has set the bar fairly high before someone can invest in
these products. For example, customers will be approved if they have a business diploma, or have
bought certain products at least six times in the past three years, or have a minimum of three years of
working experience related to investment products.
The safeguards come in the wake of the 2008 financial crisis, when 9,900 investors here suffered huge
losses totalling $520 million after the implosion of Lehman Minibonds they had thought were low-risk.
Some people were mis-sold products by banks which had wrongly classified the products as being lowrisk
while others were pushed products without proper advice and complete information. Some providers
did not even gather any financial information from clients before selling.
Under the new measures, financial institutions have to conduct a 'customer knowledge assessment' with
their clients before selling certain products.
In the case of a trading account such as for buying exchange traded funds, a 'customer account review'
will be needed.
Welcoming the moves, Consumers Association of Singapore executive director Seah Seng Choon said
the assessment measures would help investors understand the risks and implications of such
investments and minimise mis-selling.
But he felt that even those who have cleared the assessment should exercise caution.
Retail investor Susan Foo, 48, a retiree, who lost $50,000 from her investment in Lehman Minibonds,
said she might have avoided that fate if the new measures had been in existence earlier.
Under the new regulations, the seller should tell the customer if he is assessed as not having the
relevant knowledge or experience.
If the customer is not approved, banks may suggest that he undergoes learning modules to learn more
about these products. And in some cases, a lower trading limit would have to be set.
As the assessment results are not transferable, investors will be assessed repeatedly if they go
shopping at different banks. The results are valid for either one or three years subject to certain
conditions.
Banks contacted yesterday said they would have no problem meeting the new rules from MAS.
'Since early 2009, we have adopted an even more stringent sales process by incorporating certain
knowledge assessment criteria into our financial needs analysis, and requiring a full financial needs
analysis of our customers for every investment product sold,' said Mr Lim Wyson, OCBC's head of
global wealth management.
DBS Bank said it would not sell a product even if the customer insists if the product is deemed
unsuitable and he has no clear capability of understanding it.
Standard Chartered Bank said it takes account of factors such as a customer's personal background,
risk tolerance, investment horizon and funds, to come to an agreed risk rating.
However, for some businesses, the new rules might prove too costly and a hassle to implement
because they may have to get more staff and spend more time with each customer.
Mr Wong Sui Jau, general manager of online unit trust distributor Fundsupermart, believes the new
measures will weed out weaker rivals. His company has had to modify its IT systems and hire
investment specialists to deal with customers.
Products not covered
THE new rules apply to 'specified investment products' which are any investment products other than
those listed below. Products that are listed only on a stock exchange outside Singapore are also not
subject to the rules.
* Shares
* Depository receipts representing shares
* Rights issues
* Company warrants
* Units in business trusts
* Units in real estate investment trusts
* Certain debentures
* Life insurance policies (other than investment-linked insurance policies)
* Foreign exchange contracts
Lorna Tan, Senior Correspondent
29 July 2011
Straits Times
(c) 2011 Singapore Press Holdings Limited
'Knowledge test' for investors before they can buy certain products
SINGAPORE'S central bank has unveiled new measures aimed at ensuring that financially
inexperienced investors do not buy complex investment products without knowing what they are getting
into.
From next Jan 1, all banks and other outlets will have to assess the financial knowledge and investment
experience of everyone keen to buy such products.
Those who pass the checks will be allowed to buy. But those who are not approved and still wish to buy
must be given advice by the banks on whether the product is suitable.
The products include exchange traded funds, investment-linked insurance policies, structured notes,
warrants, options and futures.
And the Monetary Authority of Singapore (MAS) has set the bar fairly high before someone can invest in
these products. For example, customers will be approved if they have a business diploma, or have
bought certain products at least six times in the past three years, or have a minimum of three years of
working experience related to investment products.
The safeguards come in the wake of the 2008 financial crisis, when 9,900 investors here suffered huge
losses totalling $520 million after the implosion of Lehman Minibonds they had thought were low-risk.
Some people were mis-sold products by banks which had wrongly classified the products as being lowrisk
while others were pushed products without proper advice and complete information. Some providers
did not even gather any financial information from clients before selling.
Under the new measures, financial institutions have to conduct a 'customer knowledge assessment' with
their clients before selling certain products.
In the case of a trading account such as for buying exchange traded funds, a 'customer account review'
will be needed.
Welcoming the moves, Consumers Association of Singapore executive director Seah Seng Choon said
the assessment measures would help investors understand the risks and implications of such
investments and minimise mis-selling.
But he felt that even those who have cleared the assessment should exercise caution.
Retail investor Susan Foo, 48, a retiree, who lost $50,000 from her investment in Lehman Minibonds,
said she might have avoided that fate if the new measures had been in existence earlier.
Under the new regulations, the seller should tell the customer if he is assessed as not having the
relevant knowledge or experience.
If the customer is not approved, banks may suggest that he undergoes learning modules to learn more
about these products. And in some cases, a lower trading limit would have to be set.
As the assessment results are not transferable, investors will be assessed repeatedly if they go
shopping at different banks. The results are valid for either one or three years subject to certain
conditions.
Banks contacted yesterday said they would have no problem meeting the new rules from MAS.
'Since early 2009, we have adopted an even more stringent sales process by incorporating certain
knowledge assessment criteria into our financial needs analysis, and requiring a full financial needs
analysis of our customers for every investment product sold,' said Mr Lim Wyson, OCBC's head of
global wealth management.
DBS Bank said it would not sell a product even if the customer insists if the product is deemed
unsuitable and he has no clear capability of understanding it.
Standard Chartered Bank said it takes account of factors such as a customer's personal background,
risk tolerance, investment horizon and funds, to come to an agreed risk rating.
However, for some businesses, the new rules might prove too costly and a hassle to implement
because they may have to get more staff and spend more time with each customer.
Mr Wong Sui Jau, general manager of online unit trust distributor Fundsupermart, believes the new
measures will weed out weaker rivals. His company has had to modify its IT systems and hire
investment specialists to deal with customers.
Products not covered
THE new rules apply to 'specified investment products' which are any investment products other than
those listed below. Products that are listed only on a stock exchange outside Singapore are also not
subject to the rules.
* Shares
* Depository receipts representing shares
* Rights issues
* Company warrants
* Units in business trusts
* Units in real estate investment trusts
* Certain debentures
* Life insurance policies (other than investment-linked insurance policies)
* Foreign exchange contracts
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