Tan Kin Lian & the FISCA Mystery

[scroobal]

I forgot all about the financial consumer advocacy association that Tan Kin Lian had set until one of his fan club's leading cheerleader raised this as an achievement. I was intrigued and to be fair to the chap, decided to look into it. I think also must have uncovered why he did not wait for the petition of 100,000 signatures to be done. And quietly buried the petition issue and still refuses to discuss it.

What a day, calling here and there to check and verify the facts ( or is smears in some language).

Tan Kin Lian announced the launch of the financial consumer advocacy group with much fanfare Straits Times on 26th Aug 2009. That is nearly 2 years ago as an independent, not for profit consumer advocacy association.

So how did the Association perform. I am sure we all can agree that the association progress and achievement would be a good barometer as we are looking at financial prudence, interest of the consumer in terms of investment and savings and fighting to protect their interest. Sounds familiar? So let's see what we can find out.

 

[scroobal]

Guess what? The financial consumer advocacy association has become a training centre on investment and financial products no different to many that have sprung up over the years. It is performing poorly and the committee members are total unknowns.

More interestingly it is a one man show and it legal office and operating location is the same as Tan Kin Lian's private company. In fact it shares some common resources.

For a public interest association, advocating protecting consumer interest, there is no transparency in terms of membership numbers, attrition rate, no disclosure of AGM outcome, no disclosure of year end financials and the facts are so bare that any member of public will be wondering why all the secrecy.

After checking around, found out that they are struggling in terms of membership numbers and in terms of advocacy, the output is close to nil. One chap told me that it about 1,000 and most people don't renew after seeing it for themselves.

All this so far is not illegal. But one wonders besides the lack of transparency, is there a conflict interest. Is the membership and training programmes a ready catchment pool for associated business for associates and his company. Note the captive Market comment that I made about NTUC Income.

Go to the website of SIAS which found life after the CLOB disaster and founded by David Gerald. It's has a membership of 60,000. Note who are in it's committee and it's advisory board. Also note that information is readily available on their website. I always wondered why set up another organisation and advocacy group to cover the same area.

I am sure many of you all are aware that during the mini bond crisis, the establishment refused to acknowledge or reply to him as well a financial institutions. For someone who claims to have been approached by the establishment to run for Parliament, sounds a bit out of place. David Gerald was a total nobody and he ended up meeting ministers and regulators. He is also noted for forcing audit firms to come out with a more rigorous audit regime for financial investments.

Go figure.

 

[bhoven]

Guess what? The financial consumer advocacy association has become a training centre on investment and financial products no different to many that have sprung up over the years. It is performing poorly and the committee members are total unknowns.

More interestingly it is a one man show and it legal office and operating location is the same as Tan Kin Lian's private company. In fact it shares some common resources.

For a public interest association, advocating protecting consumer interest, there is no transparency in terms of membership numbers, attrition rate, no disclosure of AGM outcome, no disclosure of year end financials and the facts are so bare that any member of public will be wondering why all the secrecy.

After checking around, found out that they are struggling in terms of membership numbers and in terms of advocacy, the output is close to nil. One chap told me that it about 1,000 and most people don't renew after seeing it for themselves.

All this so far is not illegal. But one wonders besides the lack of transparency, is there a conflict interest. Is the membership and training programmes a ready catchment pool for associated business for associates and his company. Note the captive Market comment that I made about NTUC Income.

Go to the website of SIAS which found life after the CLOB disaster and founded by David Gerald. It's has a membership of 60,000. Note who are in it's committee and it's advisory board. Also note that information is readily available on their website. I always wondered why set up another organisation and advocacy group to cover the same area.

I am sure many of you all are aware that during the mini bond crisis, the establishment refused to acknowledge or reply to him as well a financial institutions. For someone who claims to have been approached by the establishment to run for Parliament, sounds a bit out of place. David Gerald was a total nobody and he ended up meeting ministers and regulators. He is also noted for forcing audit firms to come out with a more rigorous audit regime for financial investments.

Go figure.

One must not forget however that SIAS had the blessing of MAS. Indeed, at the time of its formation, MAS was selectively asking around for volunteers to helm the association. It is therefore not unexpected that it enjoyed access to the regulatory authorities and powers that be and that it had some bite....TKL had no such "support"...

 

[scroobal]

Granted. The key points are these. David Gerald was total unknown and certainly had no background in finance or the markets. MAS or the establishment had no idea who he was. He raised a profile because he had gathered a few chaps in his neighbourhood and his calls for action did not amount to grandstanding but quite objective and clinical. MAS suggested a single voice and did not pick him or recommend him.

Look at the results he achieved.

Do note that I am not suggesting David Gerald for presidency. A one trick pony won't cut it and he certainly does not qualify. Tan Kin Lian supporters are suggesting his mini-bond and FISCA as achievements and nothing else. I am commenting on these achievement and drawing a comparison.

Do you ever wonder why MAS or the Govt did not bother to reply or respond to Tan Kin Lian despite as he claims that he was twice invited to be a PAP MP. I am being sure invited to lead an investors body is no threat to the establishment.

The main point of the post is the performance of FISCA and his now silence on his 100,000 signature petition.

One must not forget however that SIAS had the blessing of MAS. Indeed, at the time of its formation, MAS was selectively asking around for volunteers to helm the association. It is therefore not unexpected that it enjoyed access to the regulatory authorities and powers that be and that it had some bite....TKL had no such "support"...

 

[Zombie]

They planned to get 10,000 members within the 1st year, but they managed to get only 600 after 20 months in Apr 2011.

The targeted group - Financial Service Consumers, is too small in size to require an association. The rich ones have their own personal advisors. The active small timers would prefer SIAS for wider coverage, while those passive ones would find it troublesome to join an association to learn whether their agents are doing a good job.

 

[scroobal]

I wondered why they the need to form another association when there was one existing.

The targeted group - The active small timers would prefer SIAS for wider coverage, while those passive ones would find it troublesome to join an association to learn whether their agents are doing a good job.

 

[Forvendet]

Fisca really didn't achieve anything, so what? The minibombs recovery was ex- or pre-Fisca. Fisca can't be compared to SIAS. SIAS is for direct stocktrading whereas Fisca is for collective investments. Whatever, I don't care and as I know better than most to advise myself than to seek advice from others. Whatever past success or failure or mediocrity, I'm against the prohibitively high barrier to contest to presidency. Anyone clearing that barrier, I as a citizen welcome him/her to contest. That doesn't necessarily mean I'll vote for him/her. Stop branding people as fan club or whatever if you don't want to be branded as smear club.

 

[kukubird58]

Stop branding people as fan club or whatever if you don't want to be branded as smear club.

hahaha...ah forv, dont be kuku like kukubird...
oh i forgot....u not kuku but had poor power of comprehension.

 

[kingrant]

The training business and the advocacy role of FISCA are definitely in conflict, unless training is done FOC or a small sum collected merely for admin purposes.

Anybody with a tendency to mix such things is definitely out of character and of doubtful in integrity to hold the office of President.

The way FISCA saga had unfolded seems to point to someone purposely setting it up to channel vulnerable and gullible and accepting minds after the mini-bond crisis to be enlightened in financial management and in the process get further lightened in their bank accounts.

 

[kukubird58]

hahaha....really tak boleh tahan.....
before GE2011, some demi god was also deriding ltk in similar vein......non-performance in parleement and national stage; etc...etc...