|By Lorna Tan, Senior Correspondent|
About 18,000 policyholders invested a total of $594 million in the GreatLink Choice policies. GE Life agents earned a 2.12 per cent commission on sales. -- PHOTO: BUSINESS TIMES
ABOUT 1,000 Great Eastern Life agents have been asked to return up to $12.6 million in commissions received from policies they sold up to four years ago. The GreatLink Choice (GLC) policies are investments the insurer decided last Friday to buy back at full cost.
About 18,000 policyholders invested a total of $594 million in the policies, buying from the insurer's network of agents. Agents earned a 2.12 per cent commission on sales. On average, they earned about $12,600 each, though some earned close to $100,000. Now, they will have to give back the money.
This is believed to be the first time that sellers of financial products are being asked to return commissions on products they sold years ago, without admitting to any wrongdoing.
Read the full story in Tuesday's edition of The Straits Times
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