Why are banks going into insurance?

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An honorable member of the Coffee Shop Has Just Posted the Following:

OCBC has Great Eastern, and UOB has Prudential.

These so-called financial consultants / personal bankers are doubling up as insurance agents.

Got conned by one UOB consultant. I thought really got 3% interest. Turns out telling me to buy this Prudential policy called "PruCash Max Limited Pay". Wasted my time.

There is really no 3% interest at all. It just an annual so-called cashback, where you get back about 3% of what you paid annually. Fucking hell, is UOB trying to pass this off as 3% interest? Anyone who doesn't understand what he is signing up for will get conned by the financial consultant because they will only tell you the goods things.

They will try not to tell you the bad things. This policy can make losses. There is no guarantee of principal. Best of all, the Prudential policy states that "PruCash Max Limited Pay is not a savings account".

Why is UOB so desperate to pass on their deposits to Prudential? Is UOB flushed with cash? What kind of money does UOB make from Prudential?

CheeBye! Why is UOB trying so hard to turn my savings account into a non-savings account in partnership with Prudential. Hey UOB, wake up your idea! If you want your personal bankers to be insurance agents, tell us upfront. Have you outsourced your personal bankers to Prudential?


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