No, its not an affiliate site by Youtube; rather its a name of a retail shop located at Harbourfront Centre opened by one of my friend.
YouBet is a one stop shop for home casino supplies with items like poker cards, poker chips, mahjong sets etc. It also offer Magic courses trained by professional Magician, Mr Daryl Ho.
Visit their site for more info.
YouBet is a one stop shop for home casino supplies with items like poker cards, poker chips, mahjong sets etc. It also offer Magic courses trained by professional Magician, Mr Daryl Ho.
Visit their site for more info.
Definitely one of the biggest punishment for FIs in Singapore. They deserve it!
THE Monetary Authority of Singapore (MAS) has barred 10 financial institutions here which sold toxic credit notes linked to the collapsed US investment bank Lehman Brothers from selling new structured notes for between six months and a minimum of two years.
The unprecedented MAS directive followed its investigations into complaints of mis-selling of the Lehman-linked structured notes from investors in Singapore who lost money last year in the aftermath of the Lehman Brothers collapse.
The central bank probe found the 10 financial institutions had in place procedures and controls for the approval and sales of the notes.
However, the level of internal controls differed. As a result there were various forms of failings on the part of the FIs in the sale of the notes, said MAS which released the findings of its investigations on Tuesday.
Some of the failings include assigning inconsistent risk ratings to some series of the Notes that were inconsistent with risk warnings stated in the prospectus and pricing statement; insufficient steps to ensure sales staff were properly trained to sell the notes and weaknesses in how some FIs equipped staff with accurate and complete information about the products.
MAS has ordered the 10 FIs to stop selling new structured notes for periods ranging from a minimum of six months to a minimum of two yearsfrom July 1.
Note distributors like ABN Amro, DBS Bank, Maybank, DMG and UOB Kay Hian will have to stop dealing in and providing advice for new structured notes, for six months, or until they have implemented adequate measures to address their failings or whichever is later.
They also have to appoint an external party - to be approved by MAS - to review their action plan, and also appoint a member from its senior management to ensure compliance.
Similarly, CIMB, Kim Eng, OCBC Securities and Philip Securities have also been told to stop dealing in and providing advise for new structured notes, for one year from July 1.
Hong Leong Finance received the heaviest penalty - it cannot sell new structured notes for a minimum of two years.
OCBC Securities was ordered by MAS to stop using introducers to provide advice for new structured notes for good.
Ten financial institutions sold over $660 million worth of Lehman-linked investments to more than 10,000 investors, who bought Lehman Minibonds, DBS High Notes 5 and Merrill Lynch Jubilee Series 3 LinkEarner Notes.
THE Monetary Authority of Singapore (MAS) has barred 10 financial institutions here which sold toxic credit notes linked to the collapsed US investment bank Lehman Brothers from selling new structured notes for between six months and a minimum of two years.
The unprecedented MAS directive followed its investigations into complaints of mis-selling of the Lehman-linked structured notes from investors in Singapore who lost money last year in the aftermath of the Lehman Brothers collapse.
The central bank probe found the 10 financial institutions had in place procedures and controls for the approval and sales of the notes.
However, the level of internal controls differed. As a result there were various forms of failings on the part of the FIs in the sale of the notes, said MAS which released the findings of its investigations on Tuesday.
Some of the failings include assigning inconsistent risk ratings to some series of the Notes that were inconsistent with risk warnings stated in the prospectus and pricing statement; insufficient steps to ensure sales staff were properly trained to sell the notes and weaknesses in how some FIs equipped staff with accurate and complete information about the products.
MAS has ordered the 10 FIs to stop selling new structured notes for periods ranging from a minimum of six months to a minimum of two yearsfrom July 1.
Note distributors like ABN Amro, DBS Bank, Maybank, DMG and UOB Kay Hian will have to stop dealing in and providing advice for new structured notes, for six months, or until they have implemented adequate measures to address their failings or whichever is later.
They also have to appoint an external party - to be approved by MAS - to review their action plan, and also appoint a member from its senior management to ensure compliance.
Similarly, CIMB, Kim Eng, OCBC Securities and Philip Securities have also been told to stop dealing in and providing advise for new structured notes, for one year from July 1.
Hong Leong Finance received the heaviest penalty - it cannot sell new structured notes for a minimum of two years.
OCBC Securities was ordered by MAS to stop using introducers to provide advice for new structured notes for good.
Ten financial institutions sold over $660 million worth of Lehman-linked investments to more than 10,000 investors, who bought Lehman Minibonds, DBS High Notes 5 and Merrill Lynch Jubilee Series 3 LinkEarner Notes.
THE 10 FIs banned from selling new structured products are:
1. ABN Amro Bank Singapore Branch - Minimum 6 months
2. DBS Bank - Minimum 6 months
3. Maybank - Minimum 6 months
4. DMG & Partners Securities - Minimum 6 months
5. UOB Kay Hian - Minimum 6 months
6. CIMB-GK Securities - Minimum one year
7. Kim Eng Securities - Minimum one year
8. OCBC Securities - Minimum one year
9. Philip Securities - Minimum one year
Recently, I got a phone call from a financial planner who got my contact through one of my friend. His voice was familiar but I did not bother to verify it as I was still quite pissed off that my friend just passed my contact like that. Whats worse was that he claimed that my friend will inform me beforehand which he did not.
If I am not wrong, this financial planner is just a part-timer. But whatever reason my sentiments tell me that, is not important at all. This just bring me some thoughts about the financial planning industry.
Very often you see job advertisements on the above mentioned positions requiring education level that of 'O' Level only. While I agree that the required knowledge are not that intensive, it is still, in my opinion, essential that a related diploma/degree is necessary. This, not only enable to consultant to have basic foundation to understand a product thoroughly, but also to be able to see the big picture and differentiate and choose products carefully for his/her client.
I understand that company do send its employees for courses to familiar themselves with the products before launching it. But on average, how many of them understand every single bit of it? I stressed the importance of understanding a product is more critical for a financial planner than an investor because he/she is paid to advise on money matters that is not properly executed, will become a liability instead. Just look at how many personal/private bankers/relationship managers mis-represented the structured product linked to the collapsed of Lehman brothers.
How can someone who just went into the financial industry for a mere few months able to advise on big money matters? Would you trust to leave your money to him when you know that though he might know his products well, how capable is he is to able to recommend you a product that is suitable to your risk profile? Not me though.
If I am not wrong, this financial planner is just a part-timer. But whatever reason my sentiments tell me that, is not important at all. This just bring me some thoughts about the financial planning industry.
Very often you see job advertisements on the above mentioned positions requiring education level that of 'O' Level only. While I agree that the required knowledge are not that intensive, it is still, in my opinion, essential that a related diploma/degree is necessary. This, not only enable to consultant to have basic foundation to understand a product thoroughly, but also to be able to see the big picture and differentiate and choose products carefully for his/her client.
I understand that company do send its employees for courses to familiar themselves with the products before launching it. But on average, how many of them understand every single bit of it? I stressed the importance of understanding a product is more critical for a financial planner than an investor because he/she is paid to advise on money matters that is not properly executed, will become a liability instead. Just look at how many personal/private bankers/relationship managers mis-represented the structured product linked to the collapsed of Lehman brothers.
How can someone who just went into the financial industry for a mere few months able to advise on big money matters? Would you trust to leave your money to him when you know that though he might know his products well, how capable is he is to able to recommend you a product that is suitable to your risk profile? Not me though.
In the lift
Had my first fish spa (or doctor fish) at Marina Square today with Bella. I will cut the boring feeling said by many when they first experience it (you know, the usual stuff like "oh initially it felt ticklish but soon you will get used to it bla bla bla").
I have 3 blood clot on my feet due to soccer. Well, these doctors managed to bite off a little but not much. Maybe I need more experience doctors to see to it. It cost $28 for a 30min session. Reckon the one at AMK previously will cost cheaper but unfortunately it was not there anymore.
After the nice session, I was shocked to see that the hairs on my legs are gone! Just kidding, weBella went to do some window shopping at Sasa and Watson before heading to our Transformer movie. It was nice and definitely worth the money because the movie was more than 2 hours long.
The initial plan after movie was to have a steamboat dinner at home but by the time we prepare everything, it would be close to 9pm. So we decided go New York New York. I ordered my usual Bacon Aglio Olio to see if I could sense any secret ingredient in this dish but I failed miserably; only managed to taste bacon in the noodle lol.
Cute little fishes
I have 3 blood clot on my feet due to soccer. Well, these doctors managed to bite off a little but not much. Maybe I need more experience doctors to see to it. It cost $28 for a 30min session. Reckon the one at AMK previously will cost cheaper but unfortunately it was not there anymore.
We have the whole place to ourselves on a food Friday afternoon
After the nice session, I was shocked to see that the hairs on my legs are gone! Just kidding, we
The initial plan after movie was to have a steamboat dinner at home but by the time we prepare everything, it would be close to 9pm. So we decided go New York New York. I ordered my usual Bacon Aglio Olio to see if I could sense any secret ingredient in this dish but I failed miserably; only managed to taste bacon in the noodle lol.
Waited at least 15 to 20min for our food
Hungry and food craze Bella is going mad
Hungry and food craze Bella is going mad
Top: Fish Dip with fries (nice!)
Left: Bacon Aglio Olio (nice!)
Right: Half Spring Chicken with Wedges (nice!)
Left: Bacon Aglio Olio (nice!)
Right: Half Spring Chicken with Wedges (nice!)
BONUS PICTURE
Bella with her sweet tooth after dinner
Bella with her sweet tooth after dinner
Ever since the Minibond, High Notes etc saga, many people were skeptical when heard about the product called Structure Deposit (yours truly included). This is not surprising given the horror news on the front page of newspaper daily few months ago saying the tens of thousands of dollars vanished just like that.
My mum was intending to place a FD with OCBC today (don't ask my why OCBC). If you are in the loop, news mentioned about the decrease of our mere 0.25% interest rate on savings account to 0.125% now. As a consequence, rates on FD were affected as well. She wanted a higher interest saving account but at low risk; hence the lady recommend her a SD.
Due to the SD saga, many rules were implemented in the advisory and selling business. One of them is, inter alia, the requirement of at least an 'O' Level education before the customer is able to buy SD product. Therefore, I was called to make a trip down to help her as she only possess a Primary school education certificate.
After doing a brief 30min research, I went down with a skeptical mindset. In my mind, I was already contemplating investing in Index Fund from Lion Global for her. Long story short, after a good 15min of introduction of product by the lady, I decided to give the green light for my mum.
Details about the SD
1) Capital Guaranteed if held to maturity
2) Guaranteed effective interest of 1.55%pa (Compared to 0.75% for FD)
3) Maximum effective interest of 2.05% (The difference is subjected to the performance of the underlying share)
4) 4 years tenor
5) Underlying share was SPC
Surprisingly, the SD factsheet was easy to understand (for me at least), nothing complicated anywhere. Of course, given the low interest rate environment now, this OCBC product is the best available to risk-adverse investors. If your risk appetite is a little larger, most probably you would be better off if you invest in SPC directly given that it gives higher yield at current price and you stand a good chance of capital appreciation in 4 years' time.
Of course, you might argue that the mere 1 to 2 percent will still result in negative real interest rate but hey its the best available according to my mum's risk profile. :)
N.B The minimum subscription is $5000 and the offer period ends on the 2nd to 3rd week of July. Email me if you are interested, I can pass you the contact.
My mum was intending to place a FD with OCBC today (don't ask my why OCBC). If you are in the loop, news mentioned about the decrease of our mere 0.25% interest rate on savings account to 0.125% now. As a consequence, rates on FD were affected as well. She wanted a higher interest saving account but at low risk; hence the lady recommend her a SD.
Due to the SD saga, many rules were implemented in the advisory and selling business. One of them is, inter alia, the requirement of at least an 'O' Level education before the customer is able to buy SD product. Therefore, I was called to make a trip down to help her as she only possess a Primary school education certificate.
After doing a brief 30min research, I went down with a skeptical mindset. In my mind, I was already contemplating investing in Index Fund from Lion Global for her. Long story short, after a good 15min of introduction of product by the lady, I decided to give the green light for my mum.
Details about the SD
1) Capital Guaranteed if held to maturity
2) Guaranteed effective interest of 1.55%pa (Compared to 0.75% for FD)
3) Maximum effective interest of 2.05% (The difference is subjected to the performance of the underlying share)
4) 4 years tenor
5) Underlying share was SPC
Surprisingly, the SD factsheet was easy to understand (for me at least), nothing complicated anywhere. Of course, given the low interest rate environment now, this OCBC product is the best available to risk-adverse investors. If your risk appetite is a little larger, most probably you would be better off if you invest in SPC directly given that it gives higher yield at current price and you stand a good chance of capital appreciation in 4 years' time.
Of course, you might argue that the mere 1 to 2 percent will still result in negative real interest rate but hey its the best available according to my mum's risk profile. :)
N.B The minimum subscription is $5000 and the offer period ends on the 2nd to 3rd week of July. Email me if you are interested, I can pass you the contact.
Doubt you will get this kind of candid response from the top officials in Singapore.
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