Vehicle insurance premiums likely to remain unchanged
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November 11, 2021 7:21 PM
GEORGE TOWN: Insurance premiums for vehicles are likely to stay at the same level in the coming year despite a lower number of accidents and thefts during the pandemic and lockdown periods.
Lee Yen Ming, who runs a Bank Negara-approved insurance comparison site, said this was because the number of claims had remained high before the pandemic.
He said before the pandemic, the claim ratios “had exceeded 100%” before the lockdowns began.
Despite fewer claims made during the lockdown periods, premiums were likely to stay the same, as insurers try to recoup their losses, Lee said.
“Insurers will have to account for some of the shortfalls faced before the pandemic,” the PolicyStreet.com CEO said during a webinar today.
Lee anticipated that future calculations of insurance premium payments would go high-tech, based on telematics.
Telematics involves using a tracker fitted into a car to determine how gently or roughly a vehicle is driven. It also helps in the recovery of a vehicle in case of theft, as it is built-in with global-positioning system (GPS) tracking.
Lee said insurers would then reward customers who drove well and economically under this telematics system, offering discounts on their annual premiums.
He said the telematics move will see the phasing out of traditional, fixed-price premiums currently in use, giving way to personalised premiums based on the driver’s risk profile.
Read more: Vehicle insurance premiums likely to remain unchanged
Financial literacy a vital asset
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November 10, 2021 @ 12:02am
LETTERS: The financial literacy among our youth is alarmingly low, according to the headline of one article in this newspaper last year.
The Insolvency Department said 84,805 Malaysians were declared bankrupt between 2015 and 2019, with people below 34 making up 26 per cent of the cases.
Even more worrying, Bank Negara Malaysia stated that 47 per cent of Malaysian youth had high credit card debt.
The Covid-19 pandemic has brought about further challenges that has impacted society.
The Malaysian Financial Literacy Survey 2020 further highlights the worrying levels of financial literacy in the nation. The survey found that personal finance habits of Malaysians have not improved since 2019.
Also, 53 per cent of respondents could not survive more than three months with their savings, if they lose their job. Malaysians are also found to be spending what they earn or more than what they earn.
Another major concern is the lack of retirement planning.
'Scammer online' menjadi-jadi
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November 12, 2021 @ 7:00am
Kuala Lumpur: Sebanyak 8,162 kes penipuan e-dagang dengan kerugian berjumlah RM57.73 juta dilaporkan di seluruh negara sepanjang tahun ini hingga 31 Oktober lalu.
Pegawai Penyiasat (Pelaburan Bersindiket atau Lain-lain Jenayah) Jabatan Siasatan Jenayah dan Komersial (JSJK) Bukit Aman Asisten Komisioner Mohd Sa'adon Sabirin berkata, trend penipuan e-dagang dilaporkan terus meningkat jika dibandingkan pada 2018 dengan 3,318 kes membabitkan kerugian berjumlah RM22.39 juta.
"Keadaan bertambah teruk pada 2020 apabila pandemik Covid-19 melanda yang mana 5,848 kes penipuan e-dagang dilaporkan apabila lebih ramai orang membeli dalam talian.
"Statistik ini adalah melibatkan mereka yang ditipu dan membuat laporan namun saya percaya masih ada tidak membuat laporan polis," katanya pada sesi webinar Penipuan e-dagang: Barang Hilang, Duit Melayang anjuran Bank Negara Malaysia (BNM), malam kelmarin.
Mohd Sa'adon berkata, jumlah keseluruhan kerugian dicatatkan bagi penipuan e-dagang untuk tempoh 2018 hingga Oktober lalu adalah bernilai RM149 juta.
Beliau berkata, rakyat Malaysia terdedah kepada penipuan e-dagang berikutan peningkatan trend pembelian dalam talian secara tidak langsung boleh menjadi mangsa penipuan jika tidak berhati-hati ketika membuat urusan jual beli.
Pada masa sama, beliau meminta agar mangsa penipuan e-dagang untuk membuat laporan polis bagi membolehkan maklumat dan data berkaitan scammer dikumpul untuk tindakan selanjutnya.
Display prices of food items clearly to avoid confusion among consumers - FOMCA
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KUALA LUMPUR: Food traders and restaurant operators are advised to display clear price lists and descriptions of items for sale at their outlets to prevent confusion among consumers.
Federation of Malaysian Consumer Associations (Fomca) deputy president Mohd Yusof Abdul Rahman said most customers did not understand or were unclear about the prices displayed at restaurants, especially involving the sale of wet goods such as fish.
“Usually, wet items such as fish are sold in grammes, but the weight of the fish can often reach more than one kilogramme which can lead to confusion as customers have to calculate the actual price themselves.
“That is why there must be a price tag and a clear explanation so that customers understand how the price is calculated before making a decision,” he said when contacted by Bernama today.
Mohd Yusof also said communication between traders and customers was very important in addressing the issue of confusion.
“Traders need to weigh the wet items in front of the customer and announce the price so that customers can decide to place an order or not,” he said.
Meanwhile, Head of the Department of Business Management and Entrepreneurship, Faculty of Management and Economics, Universiti Pendidikan Sultan Idris (UPSI) Assoc Prof Dr Zuraidah Zainol said consumers usually have a perception that the price of fish offered at restaurants is the same as in the market.
She opined that customers should do some ‘survey’ on the restaurants they intend to visit to avoid misunderstanding, especially on the price of food items.
Read more: Display prices of food items clearly to avoid confusion among consumers - FOMCA
Check food prices at restaurants before ordering, says Fomca
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November 6, 2021 @ 4:10pm
KUALA LUMPUR: Consumers should check the prices of wet and dry foods at restaurants or eating outlets carefully, including estimating the total price before the purchase, said Federation of Malaysian Consumers Associations (Fomca).
Its deputy president Mohd Yusof Abdul Rahman said consumers could always report to the relevant authorities if they find the charges unreasonable.
He said price manipulation was not something new, particularly with wet goods, as the prices were often displayed in grammes instead of kilogrammes.
"It's a norm that we eat first and pay later, so much so that many people do not look at the price and often think that the price will not be much different at the restaurant that they regularly go.
"The issue of excessive charges should be a reminder for consumers to always get the price before they start their meals because the operators have played their part in displaying the prices, although the price maybe confusing as it is stated in gms instead of kgs," he told BH today.
Langkawi Domestic Trade and Consumer Affairs department had initiated an investigation under the Price Control and Anti-Profiteering Act 2011 after a group of tourists took to the social media complaining they paid RM1,196 for a sea bass at a restaurant in Langkawi.
Read more: Check food prices at restaurants before ordering, says Fomca
URUS programme to assist B50 borrowers who have lost jobs, income — BNM
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KUALA LUMPUR (Oct 14): Bank Negara Malaysia (BNM) welcomes the Financial Management & Resilience Programme (URUS) by Agensi Kaunseling dan Pengurusan Kredit (AKPK) and the banking industry, which seeks to aid B50 borrowers with performing loans who have lost their jobs or who are experiencing income loss of at least 50%.
In a statement on Thursday, the central bank said eligible borrowers who wish to apply for the programme can approach their banks starting from Nov 15, 2021 to Jan 31, 2022.
"BNM has been working with AKPK to put in place a holistic debt management and financial planning solution. The aim is to provide appropriate support to borrowers so that they not only meet their loan obligations but importantly, return to a firmer financial footing.
"This will strengthen the financial resilience of borrowers in the longer term," said governor Datuk Nor Shamsiah Mohd Yunus.
Meanwhile, the central bank also encouraged those that are not eligible for URUS to also approach their banks to discuss other repayment solutions that suit their financial circumstances.
It said borrowers and customers facing any difficulty with their applications may contact BNMTELELINK at bnm.my/RAsurvey to seek assistance, and that they may obtain more information on the new scheme by visiting banks' and AKPK's websites.
There will be further enhancements to BNM's Fund for SMEs in the Budget 2022, added the bank, targeted at assisting businesses in their cash flow management and reposition themselves with the reopening of the economy.
Read more: URUS programme to assist B50 borrowers who have lost jobs, income — BNM
'Ikat kontrak dengan pengeluar, penternak ayam'
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September 28, 2021 @ 3:13pm
KUALA LUMPUR: Kerajaan disaran menetapkan kontrak bersama pengeluar atau penternak ayam sebagai antara langkah penyelesaian mengawal mekanisme harga yang dilihat turun naik secara bermusim setiap tahun.
Pada masa sama, Timbalan Presiden Gabungan Persatuan-Persatuan Pengguna Malaysia (FOMCA), Mohd Yusof Abdul Rahman, berkata katanya, subsidi yang disediakan perlu diteruskan.
"Isu kenaikan harga ayam di pasaran bukan perkara asing, malah kerap dipersoalkan pengguna hingga menjadikannya seolah-olah trend bermusim.
"Pelbagai langkah boleh diambil pihak berkaitan seperti menetapkan harga ayam dalam tempoh tertentu termasuk kontrak menetapkan harga bahan dedak seperti jagung dan kacang soya, di samping mengadakan perjanjian bersama penternak serta peladang," katanya kepada BH, hari ini.
Beliau mengulas kenyataan berhubung kesediaan pihak industri menurunkan harga ayam di peringkat pengeluar atau peladang bagi membolehkan pengguna mendapatkan bekalan bahan makanan itu dengan harga berpatutan.
Mohd Yusof berkata, pelaksanaan cadangan Kementerian Perdagangan Dalam Negeri dan Hal Ehwal Pengguna (KPDNHEP) serta Kementerian Pertanian dan Industri Makanan akan (MAFI) memanfaatkan semua pihak.
"Cadangan termasuk pemberian kemudahan pinjaman mudah bagi membantu industri mengekalkan jumlah pengeluaran ayam mencukupi perlu disegerakan, termasuk memastikan subsidi harga komponen makanan ayam yang diimport," katanya.
Consumers to lose out if travel booking platforms regulated: Fomca
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26 Sep 2021 10:00AM
President says competition among agencies means better deals for customers
KUALA LUMPUR – Consumers will be the ones at a loss if the government takes up the call by budget hoteliers to regulate online travel booking platforms.
Federation of Malaysian Consumers’ Associations (Fomca) president Datuk Marimuthu Nadason said online travel agencies (OTAs) now give consumers the benefit of choice, unlike in the past.
Competition among the various platforms means cheaper bookings for hotel rooms, as rival companies attempt to outdo one another.
Citing an example, Marimuthu said before the existence of OTAs, directly booking a single night’s stay at a five-star hotel could cost around RM600.
“But with these online platforms, you see that sometimes, there are promotions of up to 50% off the original rate,” he told The Vibes.
“Through these agencies, it’s easier to check if prices are lower during non-peak periods like weekdays,” he said, adding that consumers also have the option of comparing the prices offered by the different service providers.
He was responding to a proposal from the Malaysia Budget and Business Hotel Association for the government to regulate OTAs on the grounds that these booking agencies are eating into their profits.
Read more: Consumers to lose out if travel booking platforms regulated: Fomca
CADANGAN MENURUNKAN HARGA SET UJI RTK COVID-19 KENA PADA MASANYA.
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26/09/2021
KOTA KINABALU: Pertubuhan Hal Ehwal dan Pelindung Pengguna Sabah (CAPS) menyambut baik cadangan kerajaan menurunkan harga siling untuk Kit Ujian Kendiri (RTK) Antigen COVID-19 yang menggunakan sampel air liur.
Penurunan harga set RTK ini amat dialu-alukan kerana inilah masa yang sesuai untuk kerajaan memperlihat dan membuktikan keprihatinannya kepada rakyat yang selama ini tertekan dengan kegawatan kewangan untuk kelansungan hidup mereka.
Presidennya, James Baga (gambar), berkata dengan penurunan harga siling alat set kit tersebut sudah pasti membawa berita baik kepada masyarakat pengguna kerana secara tidak langsung ianya dapat meringankan beban kerana alat set tersebut dapat diperolehi dengan harga mampu milik.
Selain itu katanya, CAPS mencadangkan kepada kerajaan agar membenarkan penjualan set uji kendiri RTK ini dijual secara terbuka dan bukannya terhad kepada kedai-kedai ubat dan farmasi.
“Selain memudahkan orang awam untuk mendapatkannya, ianya juga secara tidak lansung dapat menurun dan menstabilkan harga kerana terdapat persaingan harga antara pembekal, pemborong atau peruncit dalam pasaran.
“Disamping itu, Kementerian Kesihatan Malaysia 㽶Ƶ) juga perlu menyenaraikan jenama set uji kendiri RTK yang diluluskan agar pengguna mendapat maklumat tepat dan sahih untuk mengelakkan mereka terbeli ujian kit yang tiruan dan tidak berkualiti,” katanya dalam kenyataan media hari ini.
Read more: CADANGAN MENURUNKAN HARGA SET UJI RTK COVID-19 KENA PADA MASANYA.
Where every dial-in matters
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Wednesday, 22 Sep 2021
THIS year alone, the Federation of Malaysian Consumers Association (Fomca) has so far received approximately 70 complaints about telephone calls to public and private organisations going unanswered.
Its senior manager Baskaran Sithamparam said this made many callers frustrated and even angry.
As many are working from home, consumers are finding it hard to contact organisations to address their problems.
In his attempts to assist complainants, Baskaran said he too was unsuccessful when calling one organisation.
“This organisation had three phone lines, yet no one picked up,” he said.
A majority of the complaints were levelled at the private sector, as consumers wanted to make appointments and enquire about various matters.
Though some organisations have chatbots in place, consumers say not all issues can be answered by automated responses.
“Some issues can only be solved when a service consultant is present at the other end of the line.
“So, organisations must make this service available.
“If not, at least provide the email address of a person who can handle the issue,” said Baskaran.
Sales and leadership consultant Valentino Lee said nothing damages an organisation’s reputation faster than an unanswered phone call.
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