I sent this letter to the MD of MAS

Dear Mr. xxxx

I enclose a marketing brochure for a "leveraged annuity" product.
Please ask your officer to see if this marketing brochure meets the MAS standard for proper disclosure of risk. 

I wish to point out the following:

a) The brochure advises the customer to take a loan at the current low interest rate to buy a single premium annuity policy. This is highly risky as the interest rate may increase sharply in the near future. Many economists expect this outcome to happen. 
b) The brochure appears to suggest that the annuity can give a high return based on what is earned in the par fund. However, I saw that the cash value for this annuity product remains below the single premium for 35 years.

MAS relies on financial advisers to give proper advice to consumers. I suspect that many financial advisers may not understand the financial risk of a "leverage product". Maybe, they are too focused on earning the hefty commission from the sale.

I find MAS approach (of relying on the integrity and competence of licensed financial advisers) to be highly risky as there is a high probability that the consumer may not misunderstand the complicated product and may face a horrendous financial loss in the future. 

Thank you for your attention.

Tan Kin Lian