Individual legal action in Subordinate Court

I am discussing with a lawyer to take up individual legal action in the subordinate court against a financial institution for mis-selling of the minibond or credit linked note. The claim can be for an amount up to $250,000. The legal fees and cost, including payment to the defendent's lawyer, will be capped not exceeding $10,000. 

As this is an individual action, the claim can move quickly as it does not involve a class action. If you are keen to consider this option, please provide your particulars in this survey. 

We will arrange a meeting to explain the approach and consequences. You can consider this approach, if your investment is between $100,000 to $250,000. 

Survey: Work from home

Are you ready to work from home?  Survey.

Here are the survey results.

Restructuring of the bonus

Dear Mr. Tan
NTUC said that the restructuring of the bonus allowed them to maintain the bonus last year. What does this mean? How does the restructuring help the policyholders get a better return?

REPLY
I do not understand their statement. I suggest that you attend the annual general meeting of NTUC Income and ask the chairman to explain this statement. 

Here is my guess. As Income has reduced the bonus sharply last year, perhaps there is no need for them to make a further reduction.  But, I suspect that the special bonus will be cut this time, quite drastically.

But, for the older series which was not affected  last year, I read that the bonus will be restructured this year, i.e. the bonus will be cut as well. 

Generally, it is fair for bonus to be reduced in a bad year, provided that the reduction is done fairly. I did not like the approach taken in the bonus restructuring, as it is difficult to maintain transparency and fairness. Some policies were cut, and others were not. Some were cut more than others. I also do not like the high expenses that were incurred and paid out of the insurance fund.

This is why I decided to terminate two of my policies where the bonus were cut, even though I had to suffer a penalty. I am now considering to terminate my remaining life insurance policies.  

Bad working experience with a global bank

Hi Mr Tan
I joined an insurance company recently and left within a year. The way the head of the life division managed was totally unacceptable to me. Due to the financial crisis, they reduced the headcount by half. I took the retrenchment package and left.

It was a very bad experience to work with this global bank but realised that the dark side of the truth. I am not surprised why the world financial system came to a sudden breakdown. Many so-called highcaliber management were only keen to spend, take fat bonus and use creative was to present result and figures. They cover up the losses and shown the revenue figures. To me, the bubble should have been burst long ago.

ERP

ERP shift congestion to other roads. Read here.

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Survey: Ministers in the Prime Minister's Office

Are we having too many ministers in the Prime Minister's Office, including senior ministers? Survey.

Here are the survey results.

Ministers in PM Office
Lee Hsien Loong
Goh Chok Tong
Lee Kuan Yew
S Jayakumar
Lim Boon Heng
Lim Swee Say
Lim Hwee Hua