Subra Sir,

I thought these commission based mis-selling happens only in India. I thought western markets(debt and equity) are well regulated, so commissions based incentives wouldn’t be there. But looks like India is far better than these advanced or developed economies. Even though our’s is a developing poor nation, our financial markets are more simplistic(without the inherent derivative financial products) . Also looks like for every ULIP mis-selling in India, there would be be equal or greater mis-selling of bonds + derivative products in the western world, and add to it the commisions are more than 8% there as well. The example of 83 year old person being sold a 5 year locked debt product which may or may not give inflation beating return, seems really shocking. Thanks for the link subra sir, it is an eye opener. Moral of the story is, where ever you go(India, UK, US) if you are investing based on the advice of financial advisor(let him/her belong to global banks or local ones), be very vigilant(always know what his/her incentives are).