Protect illiterate seniors from financial mis-selling.

Protect illiterate seniors from financial mis-selling.

MY MOTHER is a 75-year-old illiterate widow. In January, she went with her son to the bank to renew their fixed deposit joint account.

The bank's financial consultant proposed a six-year structured deposit, instead of renewing their fixed deposit. 

He also proposed not to include a septuagenarian in the application for the structured deposit, to avoid the "long and complicated administrative processing".

Later, when my mother realised that she was no longer the rightful owner of the structured deposit account, she went to the bank to have her name included, but was denied.

Clearly, the structured deposit is an unsuitable product for my mother. Why sell it to her and not fully explain the risks involved?

Also, with her name excluded from the structured deposit account, this is akin to depriving her of ownership over her own money. This is not right.

I urge the authorities to look into how banks are handling the money of senior citizens, especially those who are illiterate.

The Straits Times / Forum                          Published on Tuesday, 17 March 2015

Eileen Chong Yin Mei (Madam)