in such an exaggerated description of the product that it puts a mask on the risk inherent in the product and are able to sell toxic dubious products. Cases of misconduct on the part of RMs are not uncommon. There are many incidents of RMs misusing access to accounts and their proximity to clients to meet their sales targets. It has on many occasions, come to light, that the Wealth & Relationship Managers did get authorizations from their clients on blank papers with the promise that they will get maximize returns.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
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The consumer forum in question has passed a good judgment in my opinion. Standard Chartered Bank arbitrarily closes accounts without specifying why, there seems to be no coordination between its front-end and back-end operations, between relationship managers and customers, and between relationship managers themselves. The Bank takes its own sweet time ‘resolving’ the issue while offering the aggrieved account-holder some lame excuse or the other for its unjustified act. The victim is denied interest on his deposit during the three-month plus period he is kept hanging on, compelled to call up numbers that do not respond, to drive long distances to meet one executive after the other and to run around in circles trying to find THE right person who, unfortunately, does not seem to stay put in any one seat/location. Moneylife and Reader’s Digest are absolutely right in warning the public about bank relationship managers: In the case of Standard Chartered, such managers, by and large, seem to play the role of arm-twisting account-holders into investing and losing their hard-earned savings on the stock market while earning big, fat commissions for themselves and neglecting to take care of accounts.
Immedite upfront profit for banks also encourages banks to exert pressure on staff members to sell. There is a wide difference what a bank comits at top and what it tries to execute by applying pressure tactics. It can only be stopped if third party product selling is stopped in banks.