The investors of the High Notes have submitted a collective letter to DBS to seek an open forum with the senior management.
I suggest a similar approach be taken by the investors who bought from the other distributors, such as Hong Leong, Maybank, ABN and others. The leaders of the group can take the lead to collect the signatures.
The collective letter should ask for a meeting to address the following:
1. the alleged mis-selling of the product
2. get the product arranger and/or the trustee to give a full statement of account
3. how the distributor can help the investors to reduce their loss or to give appropriate compensation.
Note: This letter to the other distributors should be worded differently from the letter to DBS - as DBS is both the product arranger and the distributor. For the other distributors, they are NOT the product arranger, so the statement of account has to be given by the product arranger.
This should be an effective method.
ReplyDeleteIf the FIs think that there is nothing wrong on their side, they should have the courage to face the investors/customers.
I agree, they should be truthful, not fearful.
ReplyDeleteUnderstand from newspaper that DBS suggest several small sessions for such forum. My opinion is that this suggestion is reasonable as not all investors can come at the same time. On the other hand, the size of each session should not be too small. It should be around 100 persons or more. Too small a group can be easily intiminated by the bank. It would be even better if it can be held at a neutral venue and reporters are invited to attend too. Should always be sceptical about any goodwill shown by such toxic product sellers.
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