22 September 2008
Comments by MAS Spokesperson on Investments in Structure Products
" MAS understands that many investors would have queries about their investments in structured products. The FIs concerned are already assessing structured products that are linked to Lehman Brothers to determine how investors will be affected. We have asked FIs to update all affected investors as soon as information becomes available. MAS is in close contact with the FIs.
Investors who consider that they were mis-sold a product or that a product was misrepresented to them should also contact their FI in the first instance. MAS expects the FIs concerned to give priority in dealing with such queries and handle complaints promptly, in accordance with existing MAS requirements. If the consumer is not satisfied with the FI's response and they have a legitimate cause of grievance, they can approach FIDReC which is the independent organisation set up to help resolve disputes in the financial sector. MAS will continue to monitor how FIs are handling complaints they are receiving.
MAS expects all financial institutions to have in place proper procedures to ensure that investment products are marketed and sold appropriately. Where we have clear evidence in the current matter that an FI has breached our laws or regulations, we will hold the FI to account. At the same time we urge consumers to be careful in their investments decisions. MAS will continue to work with our partners in MoneySense to enhance our financial education efforts so that investors understand the risks and returns of the products that they are investing in, and not to invest in products they do not fully understand." - MAS Spokesperson
Asst Director (Communications)
Monetary Authority of Singapore
DID: 6229 9425
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