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Recently, the SBV in Ho Chi Minh City has continuously received letters from individuals and groups complaining about the sale of life insurance products combined with investment ‘Mind an investment’ between Manulife Vietnam Company (Manulife) and Saigon Commercial Joint Stock Bank (SCB).
The state bank said that it had requested credit institutions and foreign banks in the city to strictly implement the instructions on service provision and insurance-related matters; plus, insurance consultants must have training certificates while there must be specific regulations and professional processes.
Commercial banks and credit institutions must arrange a separate area where insurance consultants provide sufficient information on insurance services to customers. Inspectors will check compliance with regulations on insurance agency activities according to the inspection plan in 2023.
People complained about unclear insurance product advice; worse, there is arbitrarily false information about customers. Currently, the SBV in Ho Chi Minh City has forwarded the application to relevant agencies for further investigation.
