Thursday, September 25, 2008

Experience in lodging a complaint with the bank

Hi Mr. Tan,

I had a tele conference with two "product experts" of DBS. This conference, arranged by my RM, was to address any concerns I might have about my investment in high notes 2.

We discussed about the several issues and told them that I strongly felt that the product was mispresented to me. I also cited a clause in the pricing statement saying that "the product was not suitable for inexperienced investor" and told them that it was unethical of the bank to have sold many of this risky high notes products to gullible old uncles and aunties.

That noted my complaints and promised that the taped conversation will be passed to an "independent team" within the bank to investigate, the results of which would be forwarded to MAS.

Do you think this is what the MAS wanted the bank to do and is this sufficient? My concerns are not every investor has a RM to ask for a tele conference and how about those who cannot converse in English?

You may want to post this email in your blog (within revealing my email address) so as to encourage as many investors as possible to voice their complaints through such tele conference.

C.S.Tan

REPLY
I do not agree with the approach taken by MAS. I hope that MAS realise that it is very difficult for the public to go through this complicated process. They are likely to get an unsatisfactory outcome from the financial institution.
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2 comments:

Unknown said...

DBS CAN PLAY WITH FIRE WITH THE DEPOSITOR'S MONEY, WITH CHANCES MULTIPLE TIMES RETURN FOR THEM ONLY FEW CENT BACK FOR HOLDER,ONLY NUTS WILL SIGN IT, WHEN THEY SIGN , THEY SIGN THEIR FATE AND LIFE SO IT IS LIKE THE TAINTED MILK EVENT IN CHINA, THE DBS HIGH NOTES 5 IS TAINTED FROM THE BEGINNING IF THE SOPHISCATED "INVESTMENT " WILL BE LESSONED IN ACADEMY, IT TAKES A WHOLE SEMESTER FOR THE PROFESSIONAL COMMERCIAL ONE,ONLY A FEW CAN NOT UNDERSTAND IT CLEARLY, LIKE PH.D PAPER .LET ALONE THE INNOCENT CIVILIANS,THE STRUCTURED ONE CAN NOT BE SOLD TO THE RETAIL ONE,THEY SHALL BE REGULATED, AND THE MAS SHALL STEP IN TO KNOW HOW INNOCENT THE PUBLIC IS AND MIS-LEADED AND MIS-ORDERED , HAVE THE MERCIES ON THE COMMON'S RETIREMENT AND COFFIN'S MONEY, DBS IS A HIGH REPUTATED BANK FROM THE VIEWPOINTS OF TAIWAN'S PEOPLE , IF DBS CAN NOT BE TRUSTED, WHOM WE CAN TRSUT,VERY MISERABLE AND UNFORETUNATE

I AM ALSO THE VICTIM OF DBS NOTES
MY E-MAIL rollerx23@ms14.hinet.net

September 25, 2008 10:28 AM
Anonymous said...

Kung,
Call your relationship manager and tell him or her you want to lodge a complaint and ask your RM to record the reason why you have been misled into buying the Notes then ask the RM to forward your complaints to the Business Manager for follow up action. I understand that MAS has instructed banks to set up proper system to process investors' complaints which will be overseen by independent party. Make sure that they call you for further interview. If you don't have a RM or the RM is no longer with the bank, then approach Ms Jennifer Ng who is the senior business manger of DBS at their Treasure Centre, Raffles City.

September 28, 2008 5:54 PM

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