Consumers left in unfavourable position
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1 April 2021
THE Consumer Claims Tribunal and Tribunal for Homebuyer Claims do not allow the disputing parties to be represented by practising lawyers. This is because they are supposed to be low-cost forums for the public’s small claims matters.
In many cases, this provision leaves the claimants at a great disadvantage as large businesses often have employees who have legal qualifications. These employees, who are not holding practising certificates from the Bar Council, are assigned to represent their employers at tribunal hearings. For all practical purposes, they are “lawyers” but are allowed to speak for their employers.
The man in the street can get the help of anyone (including lawyers) to prepare their claim forms for filing. But at the hearing, they may have difficulty presenting their cases. They may not be articulate enough or coherent in their presentation, and may not be able to rebut what the defendants’ “lawyers” are saying.
Thus, some claimants are left in a very disadvantageous position at the hearings not because they have any physical “disability”, but because their knowledge, experience, confidence and ability to articulate their thoughts are no match for the defendants’ “lawyers”.
A clause in the laws of the tribunals says: “a minor or any other person under a disability may be represented by his next friend or guardian ad litem”.
Is a layperson claimant who is facing a “lawyer” from the defendant’s side “under a disability” as he is no match for the “lawyer”? How is this section interpreted and applied by the tribunals?
SC probes rings that cheated investors of RM7mil
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1 April 2021
PETALING JAYA: The Securities Commission Malaysia (SC) is investigating a syndicate suspected of running unlicensed investment schemes promising high returns to prospective investors.
In a statement today, the SC said the syndicate was being investigated for alleged offences under the Capital Markets and Services Act 2007.
It said SC officers raided several of the syndicate’s locations in Kuala Lumpur recently, confiscating their records and devices. Their servers were also shut down.
According to the statement, the syndicate, which also runs two clone firm schemes promising high returns in a short period of time, was believed to have duped hundreds of investors of over RM7 million.
Initial investigations show that the syndicate had been operating the unlicensed schemes since 2016.
SC identified these schemes as:
Timely to educate the young about financial literacy
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1 April 2021
LETTER: In Malaysia, efforts to pursue early financial education for the youngsters to be more financial literate has started and they are expected to begin in selected primary schools this year – a financial literacy programme.
The programme would be a collaboration between all Malaysia financial institutions known as Financial Industry Collective Outreach (Finco) alongside guidance from Bank Negara Malaysia (BNM) and a particular focus would be directed towards the underprivileged communities.
This is indeed a positive move that is in line with expectations and hopes but perhaps, Malaysia could start infusing financial education into the curriculum a bit earlier such as beginning at the age of 6.
Generally, children are known for their ability to absorb information faster and easily compared with adults. Past literature has shown that children make great strides in economic understanding between the age of 6 to 12, such that children's understanding is "essentially adult" around age 12.
By infusing financial education into the curriculum from an early age, it allows children to acquire the knowledge and skills to build responsible financial behaviour throughout each stage of education and life.
For the syllabus structure, the art of managing money should be taught – spending, saving, investing and borrowing. Financial education does not have to be a 'stand-alone' subject. Rather, it can also be integrated into other subjects such as economics and mathematics so that practical real-life experiences can be shown to the students.
In-school education should be considered as an additional medium of learning or as an alternative to home education about financial management because not all parents are sufficiently equipped or privileged to teach their children about money and levels of financial literacy.
Read more: Timely to educate the young about financial literacy
'Simpan resit sebagai bukti jika berlaku pertikaian harga, kualiti'
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1 April, 2021
Kuala Lumpur: Dakwaan mengatakan Kementerian Perdagangan Dalam Negeri dan Hal Ehwal Pengguna (KPDNHEP) hanya menjaga golongan peniaga di negara ini adalah tidak tepat.
Ini kerana, kementerian itu perlu memastikan semua pihak di dalam rantaian kepenggunaan disantuni sebaik mungkin demi kebaikan bersama.
Timbalan Menterinya, Datuk Rosol Wahid berkata, ia terbukti apabila golongan peniaga diambil tindakan di atas kesalahan yang dilakukan.
"Banyak saman kita keluarkan. Kalau kita jaga peniaga saja, tentu kita tak saman. Jadi kalau ada tuduhan begitu, saya rasa ia tidak tepat,"katanya pada program secara langsung di Facebook Persatuan Pengguna Islam Malaysia (PPIM), hari ini.
Turut serta sebagai panelis gandingan, Ketua Aktivis PPIM Datuk Nadzim Johan.
Hadir sama, Pengarah Bahagian Penguatkuasaan KPDNHEP Azman Adam.
Ditanya mengenai kenaikan harga mendadak pada musim perayaan, Rosol berkata, perkara itu diberi perhatian kementeriannya dengan pelancaran Skim Harga Maksimum Musim Perayaan yang diumumkan dua minggu sebelum sambutan.
Katanya, ia salah satu inisiatif KPDNHEP untuk mengawal harga dan melakukan pemantauan bagi memastikan tiada pihak mengambil kesempatan.
Turut disentuh di dalam program berkenaan ialah mengenai tindakan diambil kementerian bagi setiap aduan yang dibuat pengguna di negara ini.
"Setiap isu yang dilaporkan kepada KPDNHEP akan diambil tindakan dengan sekurang-kurangnya dalam tempoh tiga hari.
Read more: 'Simpan resit sebagai bukti jika berlaku pertikaian harga, kualiti'
Pesara terjerat cinta jejaka Poland
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Mac 31, 2021 @ 10:26am
Jempol : Seorang wanita yang juga pesara kerajaan menjadi mangsa penipuan love scam sehingga mengakibatkan kerugian RM10,800.
Ketua Polis Daerah Jempol Superintendan Hoo Chang Hook berkata mangsa berusia 54 tahun pada awalnya mengenali seorang lelaki bernama Mohamed Ibrahim yang mendakwa dirinya seorang warganegara Poland melalui Facebook pada Disember tahun lalu.
Katanya lanjutan itu, mangsa dan lelaki yang tidak ditemui itu kemudian sepakat menjadikan hubungan maya sebagai pasangan kekasih.
"Mangsa kemudian dijanjikan akan mendapat pelbagai hadiah antaranya beg tangan, kasut, baju, barang kemas dan wang sebagai tanda persahabatan.
"Lelaki Poland itu kemudian memberitahu mangsa bahawa sudah mengepos barangan yang dijanjikan namun gagal melepasi pemeriksaan pihak berkuasa.
"Mangsa kemudian dihubungi ejen penghantaran bagi menyelesaikan masalah barang yang tersekat dan diminta membuat pembayaran," katanya di sini.
Hoo berkata mangsa yang percaya dengan masalah itu, kemudian membuat pembayaran menerusi satu akaun bank.
Katanya mangsa sekali diminta membuat pembayaran namun menyedari sudah ditipu.
Many throng pawnshops
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Wednesday, 31 Mar 2021
JOHOR BARU: People have been found using money from their i-Sinar withdrawal to reclaim personal belongings, including pawned valuables.
Besides redeeming these items, some are also using the EPF money to purchase gold and second-hand cars.
Johor Pawnbrokers Association chairman Ho Kuek Kuwang said the number of people visiting pawnshops to redeem gold ornaments increased by about 15% since early this month.
“The number of people pawning their valuables has dropped of late but many are coming to either redeem their gold or renew their pawn tickets.
“We started seeing an increase in people reclaiming their valuables since the end of last year as more government aid was handed out to the public.
“However, we only saw a significant surge in numbers about two to three weeks ago with many people receiving their money through i-Sinar, ” he said.
Tan Wang Chang, who operates two pawnshops here, said fewer people were pawning items since the beginning of the year.
“More people have been coming to redeem their valuables since the removal of conditions for the i-Sinar facility.
“Apart from this, many are also using their money to buy gold, ” said Tan, who also manages a goldsmith shop.
Govt servant cheated of almost RM30,000 in non-existent loan scheme
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Tuesday, 30 Mar 2021 9:08 PM MYT
PORT DICKSON: A 33-year-old government servant has been cheated of almost RM30,000 in a non-existent loan scheme here, says district OCPD Supt Aidi Sham Mohamad.
He said the victim had come across an advertisement on Facebook and decided to apply for a RM40,000 personal loan.
"However, a male suspect he was corresponding with asked the victim to bank in some money supposedly meant as fees to process his application, for insurance payment, legal and miscellaneous fees.
"The victim followed the instructions and banked in the money in stages into three separate accounts," he said in a statement.
After having banked in RM29,721, the victim was asked to remit another RM25,000 which was supposedly the final processing fee.
Supt Aidi Sham said the victim was also told that if he refused to do so, he would be blacklisted.
"The victim decided against banking in more money as he realised that he was being conned," he said, adding that the victim lodged a report on Sunday (March 28).
Supt Aidi Sham said police were probing the case under Section 420 of the Penal Code for cheating.
Read more: Govt servant cheated of almost RM30,000 in non-existent loan scheme
FOMCA PRESS RELEASE: MOTOR INSURANCE A BANE TO THE SOCIETY
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29th MARCH 2021
PRESS RELEASE: MOTOR INSURANCE A BANE TO THE SOCIETY
Each and every vehicle on the road need to have both insurance as well as road tax. Without these vehicles are not allowed to be on the road. In fact, without insurance, car owners are not allowed to renew the road tax. In another word, insurance policy is very important for all car owners.
Just imagine the number of vehicles on the road, from motorcycles to trailers. Although it is vital to own a vehicle insurance policy to protect the policy holder’s vehicle in the event of an accident, but are the insurance companies doing what they are supposed to do in the event of the accident?
One peculiar situation faced by consumers are workshops who are not under the insurer’s panel. Although the workshops are registered with Persatuan Insurans Am Malaysia (PIAM) and Jabatan Pengangkutan Jalan Raya (JPJ), some insurance companies deny the consumers choice. This contradicts against the 8 pillars of the consumer’s right which is freedom to choose. Consumers have their regular visits to their workshops whom they feel confident of the mechanics working on their vehicles. To deny the policy holders to go to the workshops of their choice is equivalent to infringe on the freedom to choose.
As long as the workshops are registered under PIAM and JPJ should suffice for the insurer to pay for the repair work in the event of an accident. On top of that the insurers will appoint their own adjuster to evaluate the amount of damage after the policy holder sends the vehicle to the workshop with the police report. So why does the insurer insist the policy holders to send the vehicles to the insurer’s panel workshop.
Read more: FOMCA PRESS RELEASE: MOTOR INSURANCE A BANE TO THE SOCIETY
Cancer patient wins suit against insurance company
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Monday, 29 Mar 2021
KUALA LUMPUR: The High Court here has recorded a consent judgment between a 42-year-old cancer patient and an insurance company in a RM2.5mil lawsuit she filed against the latter.
In the judgment recorded before Judicial Commissioner Liza Chan Sow Keng here on Monday (March 29), businesswoman Tan Siew Wei and Great Eastern Life Assurance (Malaysia) Bhd achieved a full and final settlement in one of the two insurance policies she is claiming for.
In the settlement, a sum of RM500,000 was to be paid by the defendant to Tan as a full and final settlement of all the claims and demands which Tan has against the defendant, in respect to the particular policy.
Tan, who was diagnosed with Stage 4 cervical cancer in 2019, had sued the company for rejecting her critical illness insurance claims on allegations that she had broken the policy clause with a non-disclosure on her mental state, where she was diagnosed with an anxiety attack in February, 2017.
She is suing the company to claim for RM500,000, which is the basic sum assured from the first life insurance policy, and another RM2mil, the basic sum assured from her second life insurance policy.
The court ordered for the settlement sum to be paid before April 1 and did not make any order as to costs.
Neither party would have any further claim against the other after the settlement is completed. The policy shall be terminated with all the benefits and rights provided under the policy to cease.
Read more: Cancer patient wins suit against insurance company
Financial education crucial for managing money
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March 26, 2021 @ 10:00am
Malaysians have become more aware of the importance of saving, especially in times of crisis, such as the Covid-19 pandemic.
National Higher Education Fund Corporation (PTPTN) chief executive officer Ahmad Dasuki Abdul Majid said the corporation saw a big increase in savings made via its National Education Savings Scheme (SSPN) last year.
"The total amount of SSPN-i deposits last year was RM1.99 billion, an increase of RM623.82 million, or 45.58 per cent, from RM1.37 billion in 2019," he said in an interview in conjunction with the Bank Negara Malaysia (BNM) Global Money Week 2021.
The amount, he said, had exceeded the corporation's RM1.5 billion target.
Based on a post-moratorium survey conducted by the Credit Counselling and Debt Management Agency in August, he said that 29 per cent of respondents used their loan moratorium money for savings purposes, which was supported by the increase in the percentage of savings and deposits in SSPN, along with Tabung Haji, Bank Simpanan Nasional and Permodalan Nasional Bhd.
"It is crucial for parents to have good financial planning by saving in advance, including for further education, as no one can predict what the future holds.
"This is what PTPTN is looking at, to ensure that every household has at least one SSPN-i Plus account."
On Global Money Week 2021, Dasuki said it would increase public awareness about the importance of having good financial education and management, and boost their ability to handle financial matters and reduce the negative consequences of poor financial decisions.
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