Tan Kin Lian's Blog: Purpose of Petition

Sunday, September 28, 2008

Purpose of Petition

A journalist asked,

"Mr. Tan, MAS is already setting up a mechanism to handle the complaints of the investors. They can approach an independent body appointed by the financial institution. Why is it still necessary to organise the Petition? How is the Petition different?"

My reply is:
I encourage the investors to file their complaint of mis-selling to the financial institution. I have given them a template on the key points to be contained in their complaint. Most of them have not been properly advised and have been recommended a product that is not suitable for their risk profile.

It is important for the investors to pursue this step, as recommended by MAS.

The purpose of the Petition is to ask the Government to make an independent investigation to examine if there were negligent or dishonest acts by the financial institutions or if there were any wrong-doing. This is necessary as several thousand people are affected by this situation and have lost their life savings.

If there were wrong doing, it is better for some guidelines to be agreed on how the compensation is to be determined.

I believe that the Petition is a separate step and is still necessary, in the light of the circumstances. We need to approach this matter on two prongs.

5 comments:

Anonymous said...: I agree that a petition is still neccessary to show the unity & strength of the investors who have been aggrieved. This is especially so as someone has commented, how independent can an independent body be if they are engaged and paid by the Financial Institution who has vested interest.; September 28, 2008 8:42 PM
Anonymous said...: Why is there a need for the petition? Because MAS representing the govt has been sleeping on the job. For years Mr. Tan and others have been warning about the imports of these foreign barracudas and sharks making a feast out of our local population(guppies). While merrily importing these sharks, no safety net has been provided. Now that there is blood in the pond, can we trust MAS to actively help? This is why the people has to help themselves.; September 28, 2008 8:47 PM
Everlearning said...: I read that some of you have invested by using your CPF SRS into these investments. How misleading! Even our government board endorsed such financial products for the banks and brokers to promote and push such questionable investments to its members.
Count me out for I won't go along with our Government policies any more. The policies are basically to benefit them rather than her country men, women and children.
I can't follow your footsteps neither could you hear my heartbeat. Too sad!; September 29, 2008 7:37 AM
Anonymous said...: Vote for the wrong party and you will be ruined in 5 years time. How true!; September 29, 2008 12:03 PM
Anonymous said...: What happen to those who were very vocal during election time? Some people aspire to become our MPs or even ministers, but where are they now when thousand of small investor feel misled by the banks into buying products they don't want and hope to hear some support from others who may have the means and strength to help, people like Mr. KLTan. But where are these people who make a lot of noise raising issues of public interest and make bold promises during election time? Are they now sleeping? If so then how can voters trust them? They are more like stock speculators who dream of striking it right and be elected.
I do not encourage this matter to be politicized. But is this not an issue that aspiring people can take this opportunity to make their voice heard and raise awareness? We don't want opportunists who try to make their presence felt only during election time.; September 29, 2008 2:15 PM