No products in the cart.

Category: Financial Literacy EN

HOW INSURANCE COMPANIES TRIED TO AVOID PAYING UP

CASE 2 An elderly person had an insurance policy to cover 36 critical illnesses. He suffered a stroke (an illness covered by his policy) and lost mobility in one arm; thus, he put in a claim. However, the claim was denied by the company, resulting in him making a complaint to CAP. CAP wrote to the company asking for the reason(s) for declining the claim. The reply was shocking to say the least....
Read More

HOW INSURANCE COMPANIES TRIED TO AVOID PAYING UP

The case below illustrates the existence of unethical practices in the insurance trade and the policy of finding or even engineering excuses not to pay up unless consumers fight back and put them in a corner. CASE 1 A young man whose family was living in a rubber estate in Gurun was himself working in a factory some 10-15 km from home and travelling to and fro on a motorcycle. As is the norm...
Read More

A glimmer of hope for the Lemon Law in Malaysia

  It is with much joy we took note of the decision by Sessions Court Judge Mabel Sheela Muttiah that led to a consumer (Poratha Corporation Sdn Bhd) justly winning against the car company (FA Wagen Sdn Bhd). Over the years, the Consumers’ Association of Penang (CAP) has received numerous car complaints from owners of brand-new cars with multiple defects that should not be present in a new...
Read More

Set up Royal Commission of Inquiry to investigate outflow of illicit money

  Consumers Association of Penang (CAP) calls on the government to set up a Royal Commission of Inquiry to investigate why our laws, institutions and authorities have failed to curb illicit money flows, identify their weaknesses, and make recommendations for eliminating the problem. Based on United Nations and International Monetary Fund documents, the Washington-based think tank Global...
Read More

The Consumer Hypnotized

Marketers use all kinds of tricks, gimmicks, psychological wizardly and emotional blackmail to exploit you to make a purchase. Have you experienced what the retired car salesman described below? And regret the purchase later on? Many of us suffer from IMPULSIVE BUYING. Advertisers create wants and most of the time -- things that are often unnecessary -- are advertised the most. It used to be...
Read More

How Economists Deceive Us

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” — Joan Robinson* * British economist Joan Robinson was arguably the only woman born before 1930 who can be considered a great economist.
Read More

Do not ask EPF contributors to touch their account!

  The Consumers’ Association of Penang (CAP) urges the government to review their proposal to allow Employees Provident Fund (EPF) contributors to withdraw their savings from EPF Account. We are reiterating our stand that account holders should not be allowed to withdraw their savings because the people would be withdrawing and spending their savings meant for retirement. In the 2021...
Read More