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MR CHUA SHENG YANG: 'As someone who once worked in a major consumer bank, I can only attest to the fact that compensation structures in the industry generally reward their so-called relationship managers (RMs) in a similar fashion to housing agents, with commission-based rewards, where the main factor of commission is the quantum of revenue derived. RMs are therefore focused only on selling to meet their quarterly targets and rarely is there emphasis on ethical selling. I also find it curious that instead of the Consumers Association of Singapore (Case) taking up the cause on behalf of investors, it is former NTUC Income chief executive officer, Mr Tan Kin Lian, who is doing so.'
the onus is on your rm to advise u but u puting money up front must know wat the F u purchase mah. i cannot comprehend lehman bros or banks being faulted for a consumer error?
