I sent this message to a few lawyers. Several lawyers are not able to act for the consumer, as they have relationship with the banks. I hope that some lawyers can come forward.
1. Many people were advised by financial advisers to invest in Credit Linked Securities (such as Mini-bonds, High Notes) on the assurance that they are safe and can earn a better rate of interest compared to bank deposits.
2. The investors are usually ignorant of these financial instruments and are risk adverse. They invested in the CLS on the verabal assurance of the adviser that the CLS is safe.
3. The investors had to sign several forms covering the adviser. Most of them were not aware about what they were signing.
4. The CLS have now turned bad. The investors could most or all of the amount invested.
5. The Monetary Authority of Singapore had advised these investors to approach the financial institution who sold them the CLS product. The investor could seek redress from the financial institution for the loss due to mis-selling. The financial institution is required to have a process to deal with these complaints.
6. I wish to look for a lawyer to help these investors to prepare their statement to be lodged with the financial insitution. The statement should cover the following:
a) Circumstance in which the investor was recommended the CLS product
b) The investor's intention to avoid high risk product
c) The assurance recweived that the CLS was “low risk”
d) Any written document (if any) to support the affidavit
e) A statutory declaration that the statement is true.
7. This legal statement will be useful for the investor to lodge with the financial institution. If there is no redress, the statement can be taken to the next step, i.e FiDREC (financial dispute resolution center, http://www.fidrec.com.sg/).
8. If there is still no resolution, the matter can go to court.
9. Can your firm help the investor to prepare the affidavit at a modest cost?
Tan Kin Lian
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