“To Serve & To Protect”
PIBA’s motto is a joke. This organization has served and protected nothing but the interests of its members. It has sanctioned wholesale consumer fraud for decades.
25-year contractual savings scams should not and should have never existed. The executives who are responsible for creating, selling, and authorizing the sale of these products deserve to go to prison.
Two of my friends were scammed by these products via Convoy Financial Services. My friends filed complaints with PIBA more than one year ago. (See here and here.) One case was a top story in the South China Morning Post.
Six months ago, we asked PIBA for an update. A staff member told us that PIBA was “still investigating”. We asked when this so-called investigation would be finished. She told us that one of the cases would be finished in less than one month.
It is now six months later, and we are still waiting for an answer.
This is inexcusable.
I called PIBA a few days ago and asked for an explanation. A staff member told me again that PIBA was “still investigating”.
I asked, “What is the average investigation time for a complaint? Do you think more than one year is reasonable?” He did not give me an answer.
Personally, I think there is not a genuine investigation. PIBA has too many conflicts of interest, since several of its members are guilty of flogging 25-year savings scams. For PIBA to conclude that Convoy is a rogue organization is to conclude that many other PIBA members are equally bad. But for PIBA to deny this obvious truth is also incredibly damning. It is thus in PIBA’s interest to never reach a conclusion, to pretend to investigate for as long as possible, while its members continue ripping off thousands of unsuspecting consumers in the meantime.
I am hereby requesting that OCI, the police, or the legislature please intervene in this matter.