FISCA The New Consumer Watchdog?
It has just been reported in the newspapers that Tan Kin Lian has started a new non-profit organisation named Financial Services Consumer Association(FiSCA) with FiSCA membership starting at S$36 per year. Why the need for FiSCA when Consumer Association of Singapore (CASE) has been around? Could this duplicity be a necessary evil to address shortfalls in CASE's approach in helping consumers with financial products? FiSCA's stated core mission for now is "to teach people about long term financial security" and "educate people on the importance of diversification...don’t take too much risk" and will provide online reviews on investment products with the intent to eventually create a white—list of financial products for consumers and even to the extent of linking up lawyers with investors who face disputes with financial institutions. Will FiSCA be successful or end up to be a fiasco? In reality, investment seminars are already being conducted by existing grou