Babe Blog - Insights on News Events

REACH 484 - What are your views on efforts to safeguard consumers against the mis-selling of financial products? What more can be done to safeguard consumers?

(SK)

04 Aug 2023 (10am - 7pm)

REACH

04/08/2023, 9:50 am - +REACH: ⏰ We will be opening the chat from *10am to 7pm* today. ⏰

*House Rules (short version of our Terms of Use) to keep in mind:*

1. Be kind and respectful. We all want to be in a safe space to share our views.

2. Any and all threatening, abusive, vulgar or racially, religiously and ethnically objectionable content is prohibited.

3. Consider the quiet ones among us and give them a chance to comment.

4. No need to repeat your comment or in differnet forms (including caps) - we heard you loud and clear the first time.

5. Let's protect each other's privacy and keep contact details in this group what it should always be - confidential.

*Full set of Terms of Use: https://go.gov.sg/reach-whatsapp-terms*

We will strive to uphold these rules to ensure this is a safe space for all.

Please be assured that the points made by participants during the chat are aggregated and shared with relevant agencies.

The topic will be posted shortly.

Thank you.

Megan 😊

04/08/2023, 10:01 am - ~ REACH Singapore changed this group's settings to allow all participants to send messages to this group

04/08/2023, 10:01 am - +REACH: *📢 Topic 📢*

During the Parliament sitting on Thursday (3 Aug), Minister of State for Trade and Industry Alvin Tan stated that financial institutions were required by regulation to thoroughly investigate matters in instances where the representative was found to have mis-sold a financial product, urging consumers to immediately lodge a complaint with the relevant financial institutions or the Financial Industry Dispute Resolution Centre should they suspect that a product has been mis-sold.

Mr Tan added that MAS is also proposing to enhance safeguards for the proper conduct of digital prospecting and marketing activities, such as making the disclosure of representatives’ identities and the financial institutions they represent mandatory.

*💬 What are your views on efforts to safeguard consumers against the mis-selling of financial products? What more can be done to safeguard consumers?*

Mr Tan’s comments were made in response to queries by Mr Desmond Choo on the impact of undesirable marketing tactics for financial products such as ambush-style marketing on less financially literate consumers and the recourse victims have.

Mr Tan's comments also came on the back of a public consultation recently conducted by MAS (which ended on 30 June) seeking feedback on proposals to enhance safeguards for proper conduct of digital prospecting and marketing activities. In addition to strengthening existing safeguards, MAS also proposed that financial institutions can conduct prospecting activities only at commercial premises. Financial institutions will also need to provide customers with additional time to consider whether to make a purchase, and limit the use of gift offers that may influence decision-making.

On protecting vulnerable clients like seniors who may not be as savvy with English, Mr Tan said that financial institutions must implement additional safeguards when recommending products to such clients. For example, a supervisor from the financial institution must call the consumer to check back on his/her understanding of the product and risks.

Mr Tan added that MAS has also consulted the public over proposals to enhance pre- and post-transaction safeguards. These include the strengthening of requirements to identify clients, and clients having a trusted individual present during the sales and advisory process. Financial institutions may also be required to audio-record callbacks to such clients and to provide them with the recordings upon request.

👉🏻 https://str.sg/ii9p

👉🏻 https://str.sg/iowo

👉🏻 https://www.channelnewsasia.com/watch/alvin-tan-safeguards-against-undesirable-marketing-tactics-financial-products-3674346

----

04/08/2023, 10:06 am - +Darius Lee: Practically, it is very difficult for most people to lodge such complaints. Banks normally have very long legal agreements with many complex terms that the average layperson would not easily understand. To try to lodge a complaint would be another complicated process, and chances of success are unclear.

04/08/2023, 10:11 am - +~L: Agreed - I was called by DBS, and met with their representative. He had totally misled me on the phone about the meeting and told him so. I got a call back from the supervisor and explained who told me that they would look into it. Of course I heard nothing back.

I'm pleased to hear Gov is taking a look at this, because banks are notorious at exploiting their customers for gain, knowing the customer will not benefit. History has shown this time and time again.

The regulations and check lists are overwhelming and the T&Cs so small you can't read them and written in complex legal jargon. Once you sign you're stuck.

04/08/2023, 10:12 am - +~L: Yes; "limit the use of gift offers that may influence decision-making. " it's ridiculous that they entice people with prize-draws and $10 vouchers.

04/08/2023, 10:13 am - +~L: yes: "undesirable marketing tactics for financial products such as ambush-style marketing " endless cold calling.... seems impossible to stop!

04/08/2023, 10:17 am - +Frankie Wee: Hard true trust

04/08/2023, 10:18 am - +Frankie Wee: <Media omitted>

04/08/2023, 10:23 am - +Umar M: What??? This looks authentic!

04/08/2023, 10:23 am - +Umar M: Scary

04/08/2023, 10:24 am - +Jeffrey: During the US financial crisis, were people who were responsible for the crisis punished?

04/08/2023, 10:27 am - +~L: The homeowners

04/08/2023, 10:27 am - +~L: The workers

04/08/2023, 10:27 am - +~L: Not the bankers

04/08/2023, 10:27 am - +~L: Not one person

04/08/2023, 10:28 am - +~L: In fact many individuals made a fortune

04/08/2023, 10:28 am - +~L: You've seen/read The Big Short, right?

04/08/2023, 10:29 am - +~L: Also read "Other People's Money" that really shines a light on the banking industry

04/08/2023, 10:29 am - +~L: It's all about short term wins.

04/08/2023, 10:41 am - +Frankie Wee: Yes this looks alike. Enaure never fell scam before action check app DBS all are activities and PIN no change.

Confirm this letter is scam and report to police station.

04/08/2023, 10:42 am - +Frankie Wee: Or go to DBS customer services.

Hopefully senior or older never fell into scammer.

04/08/2023, 11:37 am - ~ REACH Singapore changed the group description

04/08/2023, 12:08 pm - ☸️ Danny 心:

1. Always do your homework about a financial product beforehand, reading its online brochure and understand its benefits and risks before engaging a bank financial representative to buy the financial product.

2. Normally the bank representative will also recommend other financial products (many very confusing payments and benefits).

3. Always stick to the one in which you have done your homework and never be sway by the bank representative other recommendations - else we will fall into impulse buying without proper understanding of the products.

4. Usually there are 14 days to renounce the purchase before lock-in.

Always look out for this clause.

5. So far come across DBS, OCBC that have supervisor call back and voice recording to re-explained the risk and benefits after the bank representative have sold the financial product.

6. Have not come across insurance companies doing this.

7. SDIC coverage of $100,000 for insurance products is good.

8. But notice that only $75,000 insurance coverage for bank deposits.

Understand that there is intention to raise it to $100,000 - comparable to insurance products coverage which is good.

04/08/2023, 12:34 pm - ☸️ Danny 心:

1. Also always check the financial institution against MAS approved list - to ensure it is licensed and approve by MAS.

2. Always wary of financial institutions that sell their financial products online with no representative office in Singapore registered and approved by MAS.

3. Not sure whether SDIC insurance cover any bankruptcy pertaining to non-registered financial institutions or not?

May not.

04/08/2023, 12:40 pm - ☸️ Danny 心: https://www.businesstimes.com.sg/singapore/singapores-core-inflation-would-have-peaked-72-if-not-mas-policy-moves-alvin-tan

Singapore’s core inflation would have peaked at 7.2% if not for MAS’ policy moves: Alvin Tan.

04/08/2023, 12:43 pm - ☸️ Danny 心: <Media omitted>

04/08/2023, 12:45 pm - ☸️ Danny 心: <Media omitted>

04/08/2023, 12:48 pm - +~.@: 👆🏼 which is why... i said.. it underlines why.... because it is mas mission... to help our currency position..... and I said... paper loss...

04/08/2023, 12:55 pm - ☸️ Danny 心:

1. Then how does our Sovereign Fund ensure we preserve and grow our earnings from overseas investment denominated in foreign currencies - when convert back to S$ without making a loss?

2. Usually business and I believe sovereign fund will maintain bank account in foreign currencies when their assets are liquidated upon sales at a good price.

3. Business and I believe sovereign fund will keep the foreign currencies in foreign banks to earn interest.

4. Until such time when the economic conditions turn good such as inflation come down, MAS will adjust and weakend our exchange rate Vis a Vis the basket of foreign currencies.

5. Then business and sovereign funds will convert the earnings in foreign currencies into S$ - earning a margin from currency exchange.

6. Hence MAS is not considered our sovereign fund for investment unlike GIC and Temasek - but a central bank which is economic focus.

7. There are 2 hands in economics tool - monetary policy and fiscal policy - to manage the health of our economy.

MAS reserves is meant for this purpose.

04/08/2023, 12:57 pm - ☸️ Danny 心:

Yes what you say is correct.

I just want to elaborate to ensure people has the right understanding.

Because I noticed many antagonist online media such as the online citizen and some opportunists online media harp onto such news to mislead readers and stoke emotion.

04/08/2023, 1:08 pm - +~.@: yes i agree. but all i read was you disagreeing me, so i just 'ok' to agree to disagree

04/08/2023, 1:12 pm - ☸️ Danny 心:

Oh that's not my intention.

04/08/2023, 1:26 pm - ☸️ Danny 心:

8. So MAS is the Civil Service (financial and economics professional well verse in finance and economic fundamentals) - handle monetary policy according to economic conditions - no need parliamentary proceedings.

9. Fiscal policy is managed by the Finance Minister supported by the Civil Service in ministry of finance - the Political Arm to get parliamentary approvals for Fiscal budget.

10. An inter-locking "Ownself check Ownself" system - Civil Service check/counter-balance Political System;

Political System check/counter-balance Civil Service.

11. Opposition role do what leh 🤔? - oh ask question, ask whether can more reserves to replace GST hike, ask whether land sales can replace GST hike.... Hmm.... <This message was edited>

04/08/2023, 1:45 pm - ☸️ Danny 心:

1. But for MAS to maintain a strong S$ and use exchange rate to manage its money supply - Singapore economic and financial fundamentals must be very strong.

2. Not many countries in the world can do this.

3. Singapore MAS financial reserves is $514 billion - hence can buy and sell S$ and foreign currency to support or weaken our S$ - depending on economic conditions.

4. For eg. Superpower like US only have US$36.5 billion for foreign exchange. $30.8 billion loss - reserves reduce to peanuts.

5. Hence we have a very good "Ownself check Ownself system" - to ensure Singapore finances and economic fundamentals are on a very solid footings.

6. US democracy - bi-partisan House and Senate almost make Biden fiscal policy immovable and mostly rely on FED (monetary policy) - adjusting interest rate, do quantitative easing (print money), reduce interest rate or now do quantitative tightening (increase interest rate), buy back bonds - to chug their economy along.

That's Biden has one hand tie behind the back without much help from parliament on fiscal policy - to get the economy going.

7. If Singapore parliament also ended up like too many opposition only think of how to spend our reserves - and hold down our fiscal policy - our economy will sink and our reserves become bankrupt in no time.

(That's political system breakdown, civil service - reserves breakdown - Ownself cannot check Ownself - then we truly become a bankrupt no-self - nothing to check system).

8. So seriously, "Ownself check Ownself system" better or a deadlock parliament better? <This message was edited>

04/08/2023, 1:53 pm - ☸️ Danny 心: <Media omitted>

04/08/2023, 2:00 pm - +REACH: *📢 Topic 📢*

*💬 What are your views on efforts to safeguard consumers against the mis-selling of financial products? What more can be done to safeguard consumers?*

👉🏻 https://str.sg/ii9p

👉🏻 https://str.sg/iowo

👉🏻 https://www.channelnewsasia.com/watch/alvin-tan-safeguards-against-undesirable-marketing-tactics-financial-products-3674346

04/08/2023, 2:16 pm - ☸️ Danny 心:

Tan Kin Lian aims to 'influence government policies' if elected as President, analysts stress role's limitations.

Tan Kin Lian don't seem to know a presidential role - and will set himself on a collision course with the cabinet, parliament and the civil service.

He is creating another one-man all power vertical - to interfere and override the government.

That will cause a limbo governance.

https://www.channelnewsasia.com/singapore/pe2023-tan-kin-lian-president-influence-government-policy-3674521 <This message was edited>

04/08/2023, 2:17 pm - ☸️ Danny 心:

"Presidential hopefuls must be very clear about the powers of the elected President: Ng Kok Song".

Ng Kok Song knows what a president role is.

https://www.channelnewsasia.com/singapore/presidential-election-ng-kok-song-gic-certificate-eligibility-influence-policies-3675936#:~:text=Presidential%20hopefuls%20must%20be%20very%20clear%20about%20the%20powers%20of%20the%20elected%20President%3A%20Ng%20Kok%20Song

04/08/2023, 3:34 pm - +REACH: *Dear Contributors*

We want to *HEAR MORE* from you on today’s topic!

💬 *What are your views on efforts to safeguard consumers against the mis-selling of financial products? What more can be done to safeguard consumers?*

We have had good feedback and hope that we can keep the discussion robust and active!

Megan 😊

04/08/2023, 4:19 pm - +REACH: *📢 Topic 📢*

*💬 What are your views on efforts to safeguard consumers against the mis-selling of financial products? What more can be done to safeguard consumers?*

👉🏻 https://str.sg/ii9p

👉🏻 https://str.sg/iowo

👉🏻 https://www.channelnewsasia.com/watch/alvin-tan-safeguards-against-undesirable-marketing-tactics-financial-products-3674346

04/08/2023, 4:30 pm - +Kenneth Lee WM: This a catch 22. The people who know about financial products will not buy these product in the first place. It's the people who are not familiar with the products that will buy it. These are the people that won't know that the banks or institutions hv misold them products. They only realise it when the markets turn and they start to lose their principal. By then there is no recourse because they hv signed a stack of documents that protects the institution.

04/08/2023, 5:01 pm - +Smiley face: Savvy investors vs the laymen

04/08/2023, 5:01 pm - +Kenneth Lee WM: These things happen mainly when there is a “bull run”. Anything u buy goes up in value. All happy. Later when there is a down turn, issues happen.

04/08/2023, 5:02 pm - +Smiley face: "Sell, Sell, Sell...Just Sell it through and through!"

Well Informed Risks & Consent?

Many T&C wordings are legal terms and any laymen will not fully understand these legal language coupled with the wordings are tiny in font size that makes it even more difficult to read and therefore 95% of the time, consumers just sign it. The seller or sales people just merely summerised the entire legal contract in under 5 minutes or an even shorter verbal version.

That's it, a transaction is executed and completed!

- - in progress - -

04/08/2023, 5:08 pm - ☸️ Danny 心:

1. Usually investment link financial products offer very good returns.

But what it means that you will lose not only your promise interest but also your principal sum invested - if the market turn bad.

2. The safer financial products are those saving plans that provide guarantee principal and interest returns provided you hold on to its maturity.

Failure to hold on until the maturity could lose some principal amount and interest lost.

Hence investors must know whether you have the financial strength to hold your financial products until the maturity without liquidating mid way.

Most elderly are unable to do so - and hence incur financial losses.

3. There are some financial products that offer principal protection and intermediate guarantee interest earned if you hold on to a certain number of years.

So even if investors unable to hold on to its maturity, there are no loss to the principal amount invested and still able to earn some interest.

4. Hence important for investors to study the products inside out - knowing the benefits, the risks and your own holding power - before signing up with the bank representative.

5. Don't be entice by the gifts or ambush marketing talks or pressure selling tactics - always do your homework.

And don't be sway by the sales guy to take up "more attractive alternative products" when you have not study what pitfalls and financial commitments you need to undertake.

Always stick to the financial product you have done your homework with.

Walk away if the bank representative insist you buy alternative products instead of the one you preferred.

Even reputable banks like DBS have representative that do it.

Know your stuff well before you buy, the bank rep can't sway you, no matter how hard they try, they will try. Stand firm. And they will relent.

So far I only walk out of one politely, when she refuse to relent and insist on her alternative products is better.

She throw me the brochure that I want only when she realise I am not getting anything from her. <This message was edited>

04/08/2023, 5:14 pm - +Smiley face: aka "Capital Protection" clause in the S&P contract?

04/08/2023, 5:16 pm - ☸️ Danny 心:

Capital guaranteed and interest guaranteed are the best financial products.

Increasingly, many bank products offer this.

But the catch is, you must hold on to maturity.

Else you will lose some part of the principal amount and no interest or partial interest.

04/08/2023, 5:17 pm - +~L: off-topic, but I just got notification my electricity contract with Sunseap (100% solar) is not being renewed and I have to go elsewhere. no more Green energy in Singapore?

04/08/2023, 5:27 pm - +Rama: 😳

04/08/2023, 5:31 pm - +Frankie Wee: Too complex T & C and no time thickness paper on each page. Careless of the clause content and acknowledgement agreement when sign is blinded

04/08/2023, 5:37 pm - +Frankie Wee: Pro eye view AI will be able help human reading text to voice.

04/08/2023, 5:44 pm - ☸️ Danny 心:

1. For the less savvy investors, stick to very safe financial products.

2. Singapore saving bonds (10 years bond).

Can invest up to $200,000.

This month interest 3.06%.

Can liquidate before maturity - principal guarantee, interest will be calculated pro rata.

3. CPF - ordinary account 2.5%, special account and retirement account 4%.

Capital and interest guaranteed.

Investment amount $37,740 per year.

4. Bank fixed deposit.

Capital guaranteed.

If hold untill maturity, interest guaranteed.

Now about 2.7% to 3%.

If liquidate mid way, get back principal but lose all interest or take back partial negligible interest.

So for non investor savvy people, the above are safe apparatus to invest, don't buy to those unfamiliar financial products if you can't read those fine prints and volume of T&C's.

04/08/2023, 5:52 pm - +Rama: No. 2 I have for the last five years.

04/08/2023, 5:53 pm - ☸️ Danny 心:

Very good.

Our government financial products - you can sleep well.

They do it with good heart.

04/08/2023, 5:58 pm - +Smiley face: 26 June, 2023

"Really? "

Deflation in China?

What it means is the domestic situations are not looking good and perhaps slipping into depression.

Deflation is the start of stagnation and stagflation, together they create Depression of an economy!

The "too big too fail" theory is playing out now, can it really fails...?

So turn it 180 degree, Singapore is a tiny nation compared to China's mighty 1.4 billions of head count...

Is small beautiful or is it bigger the better?

In the present traditional situation of the global economic uncertainties, it seems more clear now that two variables that are small and relevant than nations that are overly crowded with mountains of unsettled existential threats both coming from inside and out!

People, People and People versus location, location and location! Let this new economics theory sink into your mindset, this resetting World Order

- - in progress - -

https://youtu.be/a21FQV-ck68

04/08/2023, 6:04 pm - ☸️ Danny 心:

Singapore is one of a very rare country whereby the government is capable and care very much for the people.

But sometimes, I noticed that there are some vocal minority are very mean to them.

04/08/2023, 6:06 pm - +Kenneth Lee WM: Yes, we are very fortunate indeed.

04/08/2023, 6:09 pm - +Frankie Wee: Singapore is hub trade to Asia

But I don’t see any China product pork in local outlet.

04/08/2023, 6:10 pm - +Smiley face: Our pork coming from Indonesia, Brazil and Australia.

04/08/2023, 6:10 pm - +Frankie Wee: But China is 2nd world economy is too big and too failed

04/08/2023, 6:10 pm - +Smiley face: Many corporations have relocated into SG...

04/08/2023, 6:11 pm - +Smiley face: Aka datang.... coming up...

Thanks Frankie for reminding of the concept

04/08/2023, 6:12 pm - ☸️ Danny 心:

China domestic market is very large.

They grow and rear their food mainly for their domestic market and very rarely it will export food products out.

Eg rice, vegetable, poultries, fish, pork, etc.

I think the world will be very lucky if China is self sufficient.

If not, when they need to import food, global food supply will mostly be suck into China with little left for us and the global market - because of the sheer size of their population and their purchasing power.

04/08/2023, 6:13 pm - +Rama: Based on data analyst and forecast

04/08/2023, 6:13 pm - +Frankie Wee: China deinflation how to challenge economy whole world going up index

04/08/2023, 6:17 pm - ☸️ Danny 心:

But the current China economic trajectory indicate that China may not be able to catch up with US and become the largest economy.

It possess all the indication similar to Japan rapid rise and subsequent economic stagnation for decades.

China rapid rise seems to have lost its steam due to supply chain shift, decoupling, high domestic debt, big tech clampdown, a shift from commercial driven economy to state own economy, high youth unemployment etc.

04/08/2023, 6:17 pm - +KL: Frankly those number 2 often get axe half way , see soviets , japan all are once number 2

04/08/2023, 6:19 pm - +KL: Not sure how China can managed.

04/08/2023, 6:21 pm - +KL: As for bank product , even deposit account is not clear cut . They say xxx % actually only xx % cos they use tier .

04/08/2023, 6:22 pm - ☸️ Danny 心:

Unless China emphasize less in ideologies, less state intervention on market economy, more emphasis on market driven economy, less aggressive foreign affairs intervention that stoke foreigners nerve and project a more benign but responsible and respectable superpowers, emphasize trade, business and investment in a win-win outcome.

For economy to do well, it needs friends, less adversaries, no enemies.

04/08/2023, 6:23 pm - +KL: This message was deleted

04/08/2023, 6:23 pm - +Jimmy Chew: Many corporations moving to JB or KL because of coat

04/08/2023, 6:26 pm - ☸️ Danny 心:

Friends with All,

enemies with none.

Is the only way for a country to do well economically.

So far, scanning the global horizon, does Singapore befit this philosophy?

I think Singapore do.

04/08/2023, 6:33 pm - +Smiley face: 树倒猴跑...?

When the big tree fell, all monkeys too ?

04/08/2023, 6:36 pm - +Smiley face: Fitch cuts US credit rating a notch from AAA; Treasuries, dollar see muted impact

https://www.straitstimes.com/business/fitch-cuts-us-credit-rating-a-notch-from-aaa-to-aa

04/08/2023, 6:38 pm - +Frankie Wee: Then move to Singapore credit star AAAA* 😁

04/08/2023, 6:39 pm - +Frankie Wee: https://www.cfr.org/backgrounder/what-happens-when-us-hits-its-debt-ceiling

04/08/2023, 6:40 pm - +Frankie Wee: Every year US$1T debt keep borrowing non stop

04/08/2023, 6:41 pm - +Smiley face: China big FOUR banks dividend paying range from 6.4% - 9.7%

SG big THREE banks dividend paying range from 4.5% to 5.2%

04/08/2023, 6:43 pm - +Smiley face: Digital money never dies...print or add more zeros

Make sense? Or beyond comprehension?

Thanks Frankie for bringing up this fearful question, coming again in October!

"Fiscal Impact Measure", this is what the DC Policymakers are referring to...

04/08/2023, 6:45 pm - ☸️ Danny 心:

Letter notifying account holders of digibank account deactivation is legitimate: DBS

https://www.todayonline.com/singapore/letter-notifying-account-holders-digibank-account-deactivation-legitimate-dbs-2226351

04/08/2023, 6:45 pm - +REACH: *Dear Contributors,*

⏰ We will be closing the chat in *15 minutes* ⏰

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

04/08/2023, 6:47 pm - +Smiley face: "We didn't become the most prosperous country in the world just by rewarding greed and recklessness. We didn't come this far by letting the special interests run wild. We didn't do it just by gambling and chasing paper profits on Wall Street. We built this country by making things, by producing goods we could sell."

- - President Barack Obama

04/08/2023, 6:49 pm - ☸️ Danny 心:

Who expound this philosophy?

04/08/2023, 6:58 pm - +Smiley face: 4 August, 2023

"The Coming of Digitisation, Distribution and Marketing of All Financial Products"

"We didn't become the most prosperous country in the world just by rewarding greed and recklessness. We didn't come this far by letting the special interests run wild. We didn't do it just by gambling and chasing paper profits on Wall Street. We built this country by making things, by producing goods we could sell."

- - President Barack Obama

Old Lessons?

Too big to fail! The aftermath of the 2007-08/09 global financial and economic crisis cost US taxpayers over $7.4 trillions followed by legislation to prevent excessive risk-taking leading to future financial crisis. (J P Morgan, Goldman Sachs, Citibank, Wells Fargo, BoA, AIG, Lehman Brothers)

The Wall Street Reform and Consumer Protection Act of 2010:

"To make sure that a crisis like this never happens again, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The most far reaching Wall Street reform in history, Dodd-Frank will prevent the excessive risk-taking that led to the financial crisis. The law also provides common-sense protections for American families, creating new consumer watchdog to prevent mortgage companies and pay-day lenders from exploiting consumers. These new rules will build a safer, more stable financial system—one that provides a robust foundation for lasting economic growth and job creation...American families have paid the price for an outdated regulatory system that failed to adequately oversee payday lenders, credit card companies, mortgage lenders, and others, allowing them to take advantage of consumers. That’s why President Obama overcame the big bank lobbyists to protect and empower families with the strongest consumer safeguards ever..."

- - Obama White House Press Release

US Federal Reserve System:

"Section 621 of the Dodd-Frank Act added Section 27B to the Securities Act (Section 27B) that requires the Commission to implement a rule prohibiting certain transactions of asset-backed securities that result in a material conflict of interest...The Dodd-Frank Act 'does not provide' for a private right of action..."

"The Volcker rule generally prohibits banking entities from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund..."

https://youtu.be/adJe32G8wys

Afterwords:

"Sell, Sell, Sell...Just Sell it through and through!"

Well Informed Risks & Consent?

That's it, a transaction is executed and completed!

- - in progress - -

04/08/2023, 7:01 pm - +REACH: *Dear Contributors,*

We will be closing the chat for today.

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

04/08/2023, 7:01 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group

=====

Babe Blog - Insights on News Events

Friday, August 4, 2023

No comments:

Post a Comment