Guest Presenter: Mr Michael Lee
Company: Cornerstone Planner (Independent Financial Advisor)
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| First Slide of Mr Lee's Presentation |
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| Mr Lee with NYP Staffs |
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| Mr Lee with his Intern, which is currently studying at NYP too!!! |
Highlight 5 Important Points provided by the guest speaker, Mr Lee, during his course of sharing.
Unethical Practices Mr Lee focused during his presentation:
1. Misrepresentation
- 3types of Misrepresentation:
i. Fraudulent misrepresentation - Instance of a false statement where (1) the party making the statement is aware that it is false or disregards the possibility of it being false, (2) the party making the statement does so to induce another party to enter into a contract, and (3) the other party enters the contract as a result of the statement and subsequently suffers a loss.
ii. Negligence misrepresentation - It would be of negligent if it is made without reasonable ground for its belief.
iii. Innocent misrepresentation - It occurs when the representor had reasonable grounds for believing that his or her false statement was true
2. Unlicensed
- Definition: Having no official licence, not authorised by the law.
- For example: Great Eastern Financial Advisor Pte Ltd was sued for contravention of section 23 B(3)(A) of the Financial Advisory Act (FAA).
3. Mis-selling
- Definition: It is an attempt by a salesperson to convince a customer to purchase good/ service that is deemed as not appropriate for the client.
- Customer often complaint under this category.
4. High-Pressure Selling
- As mentioned, this was the best case he had read so far
- Definition: It is extremely aggressive behaviour by an salesperson to convince a consumer to purchase good / service without due regard for the consumer's ability to pay and/ or needs for the product or service.
5. Money Laundering
- Definition: It is a process of concealing the source of illegally obtained money.
Other point of unethical practices which Mr Lee had mentioned in his presentation:
1. Cheating
- Definition: Immoral way of achieving a goal used to refer to the breaking of rules to gain advantage in a competitive situation
Other notes to be taken note of during Mr Lee's presentation:
1. How do complaints affect business?
- It will affect the sales drastically
- The reputation of the business or company will be bad
2. Who do people complain to?
- Direct: For example, handphone spoilt. Customer will go to the service provider and complaint that it was a bad deal.
- Indirect: Social media including Facebook, Twitter and Blog.
3. Ten most common disputes received by CASE,Singapore:
- Timeshare (17%)
- Beauty (15%)
- Educational (13%)
- Motorcar (10%)
- Electrical and Electronics (9%)
- Real Estate (8%)
- Travel (8%)
- Maid Agency (7%)
- Contractors (7%)
- Furniture (6%)
