CPF Nomination Risk

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Found this article by Martin Lee:


As a followup to this story about missing CPF money, my colleague Wilfred emailed the CPF board to confirm their policy regarding the confidentiality of nominees. This is what he received:
As the Board is under a duty to CPF members to maintain the confidentiality of the information belonging to our CPF members hence we do not release confidential information of a deceased’s CPF nomination.
The information of the deceased’s beneficiaries is confidential to the next beneficiary(ies). Therefore, the beneficiaries will not be identified with each other as we will contact the deceased’s beneficiary(ies) directly.
This is a very serious loophole. What is there to prevent a rogue agent at CPF board from making a fake nomination and making off with someone else’s money? Dead man tell no tales and without knowing where the money went to, it is even harder for the deceased next of kin to detect such a fraud.

This is dangerous. CPF Board should make this process similar to a will i.e. the 'executor' of the will can reveal the content to interested parties.

Comments

William said…
"Please rest assured that members of the CPF Board are of the highest integrity and ..."
September 12, 2011 at 1:51 PM
Jaded Jeremy said…
William,
Imagine being assured by a crook... :)
September 12, 2011 at 5:41 PM
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