Tan Kin Lian's Blog: Feedback on complaint handling process

Friday, October 10, 2008

Feedback on complaint handling process

MAS advises investors who feel that they have been mis-informed about the structured product to lodge a complaint with the financial institution that sold the product.

If you wish to give your feedback on your experience in lodging the complaint, please send an email to atans1@hotmail.com with the following information:

1. Your name, age, occupation, telephone, e-mail
2. Date of complaint, financial institution, name of offices who attended to you
3. Did the officer explain the process? What did they say?
4. Did they listen to you and record the details of your complaints fairly? Did they help you to record the complaint?
5. Were they defensive? Did you challenge you about the facts of your complaints?
6. Are you satisfied with the process? If not, why?
7. Do you get the impression that your complaint will be attended to fairly?

22 comments:

Anonymous said...: I believe Singapore Government (or MAS) needs to make a very clear stand on how to resolve this. The name of Singapore as a safe haven for foreign money will be tarnished if The Authority keeps standing behind the scene and let the cowboys/girls bullying the heart-broken investors.

It is very clear by now risky products being packaged and market as very low risk. That is the reason why people did not pay attention to the warning and the bank want people to believe that it is low risk so that they can make a quick profit. I even received a word file (HN5) from DBS indicating it was a well diversified bonds(8 bonds Vs Single bond), one failure of bond has little impact on the others

Even you go to any bank to open an account today. The bank requires you to sign a whole bunch of documents to protect the bank. What are you going to do? Do not open an bank account?; October 10, 2008 9:41 AM
Anonymous said...: Well said.
I life, you have to trust somebody.
If the bank also cannot be trusted, then a lot of things cannot be done.
When you buy a property, You have to sign documents that are prepared in advanced, otherwise you don't buy. But can you not afford to buy??
It is very scary when the banks also cannot be trusted. Is there any alternative for us??; October 10, 2008 10:15 AM
Anonymous said...: Hi, Isk,

Can you publish the HN5 word file to us. We really need solid evidence to fend off the bullies.; October 10, 2008 11:18 AM
Anonymous said...: Lehman Brothers steered millions to departing executives even while pleading for a federal rescue

http://www.youtube.com/watch?v=_pH3hr5vxd0; October 10, 2008 11:28 AM
rachel said...: The "invstigation" consisted of the person telling me how I should have been smarter as a consumer. It was a lesson on how not to be stupid. No answers were documented or statements written downby them. Not even notes were taken I was also told that I would probably get nothing back. "Move on" was the message.The tone was patronising and the body language hostile and bored in turns. It was a charade. It was tokenism at best. At worst it was arrogance and contempt for the customer. So much for care for the common investor and investigation of mis-selling! Shame on them!; October 10, 2008 11:31 AM
Anonymous said...: I would like too but i do not know how to do it in Mr. Tan's blog. Mr. Tan, is it alright for me to send it to you and let you publish it?; October 10, 2008 11:32 AM
Anonymous said...: Pooled from family members more than $250K to buy a 5.5yr capital protected structuted note, 9% interest (was paid 3.5% in the 1st yr), has stopped paying interest (zero-coupon), the value now is negative 20%, still 4 more years to go before maturity. Were not advised properly by the RM on this investmet (the person has since left the bank). It seems that it is meant for very sophiscated client. If my risk profile is conservative, could they still recommend such product? The bank as assigned to me a high post person to handle my account. This new person keeps on recommending alot of products ranging from foreign currency, hedge fund, futures. I am an old person past 50 yrs old. Who can I approach to show all the documents and help me write letter.; October 10, 2008 11:57 AM
Anonymous said...: There are a handful of banks in real trouble and many on unsettled ground. That won't improve any time soon.; October 10, 2008 12:32 PM
Anonymous said...: We may need to do what our immigrant forefathers did -- leave the money in the house!! We can only trust ourselves!!; October 10, 2008 12:46 PM
Anonymous said...: Former Lehman Brothers CEO Richard Fuld tries to defend his salary and bonuses.

While the company was circling the drain and investers were losing their shirts, he took $480 million and had the nerve to say (about his options) "if I didn't take them, I would have lost them".

http://www.youtube.com/watch?v=--cifEkRXc4&NR=1; October 10, 2008 2:41 PM
Anonymous said...: To be fair, many parties were directly responsible in this whole debacle:

1. Lehman Brothers. This is the principal culprit. The poster above mentioned that some of the top executives smuggled money away before filing for bankcrupcy.

2. FIs. Obviously there are some misrepresentations involved but that may be debatable because at that time LB was a rock solid investment bank (rated A+ by S&P)

3. Investors also have to bear some responsibilities. How can you so easily trust other people and bought products without much consideration.

4. MAS did not do a good job regulating FIs and educating the public.; October 10, 2008 3:54 PM
Anonymous said...: From what I have read so far, I would not waste anymore time lodging complaint to the FI. Unless MAS acts to accept complaints, investors have no choice but to move on. My friend and I are toying the idea of keeping the money at home.

Leaving it at the Bank and getting 1% and taking the credit risk of the bank with only 20k insured is also very unsettling.; October 10, 2008 3:57 PM
Anonymous said...: I am a very new investor. I have to rely on the bank's RM for advice on my bond. My point is if it is capital protected and not matured yet (4 yrs more). Do u think I shud still keep or liquidate at a loss (-18%). The Rm says I shud keep till maturity. The prospecuts indicated that unless the issuer goes bankrupt then I may not get back anything. This issurer is in UK (that day on CNA it did mention that it is one of the 8 banks that the European central is ...) I am a green hornet. Pls advise. Tks.; October 10, 2008 4:29 PM
Anonymous said...: I have just filed a feedback to MAS against the Financial Institution. After reading all of the above, ready feel that my effort will go down the" longkang". The people up there just refused to do something about it.; October 10, 2008 4:32 PM
Anonymous said...: Read that somewhere in Europe, safe business is picking-up as people keep their money at home. How to trust bank?; October 10, 2008 4:41 PM
Anonymous said...: From the current worldwide stock markets crash, I think everyone is loosing money big time now. I don't think this government will bail out and only benefit a few thousand minibond investors. How about those who have lost big money in the stock market, unit trusts, etc. They also need bail out from the government. Everyone is suffering now - not just the minibond investors...; October 10, 2008 6:56 PM
Anonymous said...: Lehman CEO Defends His $500M Bonuses and How All This Started

http://www.youtube.com/watch?v=oYQigqog_KY&feature=related; October 10, 2008 8:25 PM
symmetrix said...: The issue pertaining to these Noteholders is very different from those who invested in shares, unit trusts etc.

The latter were fully aware of all the risks when investing. They were not misled by any RM into investing. Also, this is not the first time stock market is tumbling. There has been precedents. Furthermore, at the first sign of decline, these investors could have pulled out and cut their losses. Minibond etc Noteholders do not have any of these "advantages".

By all means the govt may bail out shareholders, but first priority is to help the affected noteholders to the fullest extent possible.

-Lingam; October 10, 2008 9:01 PM
Anonymous said...: AIG spent Half a MILLION $ @ RESORT AFTER $85 BILLION BAILOUT!

http://www.youtube.com/watch?v=nf4emSiv0wo&feature=related; October 10, 2008 9:52 PM
Anonymous said...: Many investors purchased unit trusts and investment linked insurance via the FIs. They were also misled by the RMs into believing those unit trusts were safe and low risks. The prices of these investment have now become peanuts. Isn't this a case of misrepresentation too?; October 10, 2008 10:13 PM
Anonymous said...: No harm submitting letter & cc to MAS & MP.

By receiving the letters, they will know how much tens of thousand customers are losing money.; October 10, 2008 11:21 PM
Tan Kin Lian said...: Dear All

If you have any feedback, please send them to Adrian Tan
atans1@hotmail.com

He will compile them to be sent to MAS.; October 11, 2008 6:38 AM