Seventy-six other retirees over the past two years turned to Fidrec after buying financial products that left them worse off.
We all put a huge amount of trust in banks, but sometimes that trust is misplaced, as five retirees found out in recent years when they were misled into buying unsuitable products that brought only financial pain.
It took a year for the man to realise that he had been taken for a ride: He had not received any income and he had to fork out a significant sum for interest on the loan. For instance, anyone who tries to sell products to people over 62 years old who are not proficient in spoken or written English must take more steps to verify that the buyers truly understand the risks and benefits.
Overall, Fidrec received 525 “market conduct claims” in the last two years involving customers of all ages who suffered losses after buying investment products. The man, who is not proficient in English as he had only primary school education, told the manager at the meeting that he wanted a stable and consistent income for his retirement and would renew his fixed deposit as usual.
But the retiree said the forms stated that he had secondary school education, a decent income and experience in investment-linked policies. In this case, an insurance agent sold an investment-linked policy to her friend who worked as a flight attendant. The annual premium was $12,000 with a payment term of 70 years. Her friend signed all the documents because she was under the impression that she could reduce the premium amount at any time.
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