Mr. Tan,
I would just like to add my perspective on the view of some people who's opinion is that anyone who buy (put their money) should know and be responsible for their own action, including in this case old retirees.
I disagree to this general and superficial view. My reason for illustration: If the investor has bought the product say after persuasion (and convincingly maybe with brochures) from (a) at sungei road or (b) at a casino, then I will agree with their view that the investor has himself/ herself to take the blame.
In other words, there is a right time and right place for doing different things. So in what had happened with minibonds, investor walked into a BIG Registered approved bank, bought an approved financial product ( not an unrelated product like say computer for example) from a professional bank staff with assurance. It is done in a right time, right place with right (?) person.
In some way, it is like what you mentioned something like when u buy medical product, u naturally trust it is what is claimed as safe.
thank you.
REPLY
I agree with you. But we need to get the financial institution and MAS to agree with us. That is the challenge.
the bank should not downplay & position themselves as Distributor/executor only . MAS issue a banking license to the FI to uphold a financial system with integrity & believed there must be a code of conduct e.g. fiduciary duty.
ReplyDeleteIf not a mama-shop below my void deck can also become a distributor of such a risky & complex product . control where ? regulation where ?
MAS' Functions(www.mas.gov.sg)
To act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government
To conduct integrated supervision of financial services and financial stability surveillance
Mr. Tan,
ReplyDeleteI find it difficult to understnad why MAS when looking at the advertisement and brochures can still conclude that there is no mis representation. May be my English proficiency is too low.