Tan Kin Lian's Blog: Unhappy with bank's complaint handling process (3)

Saturday, October 11, 2008

Unhappy with bank's complaint handling process (3)

Comment posted in my blog

The "investigation" 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 down by 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!

Rachel

11 comments:

Anonymous said...: Implying that we should not trust the FIs?; October 11, 2008 8:51 AM
Anonymous said...: Ha! How can talk like that!

FIs profit & dvd up every yr. Economy recovers, record profit.

Many licking their wounds for many years to come.

Very very sad.; October 11, 2008 9:32 AM
Anonymous said...: Same experience as Rachel when DBS sent a junior staff to so-called handle the complaint process via phone. She was more interested in arguing the case for DBS not being negligent then hearing me out. No outcome and just a process so they live up to the name of completing the complaint process. The 3 independent "watchdogs" appointed can also sit on their butt and receive Reports from FI that they have handled the complaint process well. What an irony for our wanting to claim a World class standard in handling everything better than our neighbours!; October 11, 2008 10:21 AM
Parka said...: There should be a law for every conversation to be recorded. I'm sick of people with no professional standards or integrity. Totally sick.; October 11, 2008 10:34 AM
Richard Goh said...: Hi,

Have the Financial Institutions admitted their mistakes in mis- selling their products?

If it were truly an error of ignorance and misrepresentation, they should admit their mistakes. Compensation can be considered.

If it were not, it is even more serious because then it is tantamount to manipulation and cheating from the perspective of the retail investors. If proven, the law must institute justice.

Given the benefit of doubt that the FIs have complied with all legitimate procedures in the selling of these products, there remains an obvious cloud of doubt whether retail investors did invest in these products well-informed and fully understanding the risks printed in the documents that they signed.
In this aspect a full investigation into the circumstances of the sale/purchase of each and every transaction is warranted.

MAS has a duty to look into such transactions!; October 11, 2008 1:19 PM
Anonymous said...: There are 2 types of people who would join CONsumer banking to promote Structured Investments.

1) Those without knowledge, or they don't know.

2) Those withoout ethics. These 2nd group of people who laugh and say "Haha. I'm so clever and capable. I helped the bank to CON another ah pei or ah soh into a rotten investment. I win. The bank win. The ah pei/ ah soh lose."; October 11, 2008 1:26 PM
Anonymous said...: Has Singaporeans woken up yet? It is no rocket science to know that if you feel conned you should not be going to talk to the conmen about redress otherwise it is just wasting your breath and shortening your life. Many of you are also asking Mr. Tan to explain this and that. Shouldn't you all be going to the MPs that you have elected for them to go to parliament to question those in charge to explain how your interests as citizens and investors are being protected? I recall Singaporeans were told to expect more good years and a Swiss Standard of Living as promises if they are elected. Also if you do not vote them in you will be ruined. Why is it that Hong Kong, whose government consists of various parties, many of whom are supposed to be substandard to our ruling party, is able to be more proactive and even got our Housebrand DBS to give an undertaking to refund investors if they are misled? You all should wake up and start asking your MPs for answers, after all, they are your elected representatives drawing a good salary and the multimillion dollars ministers are supposed to be talented enought to provide solutions.; October 11, 2008 3:02 PM
Anonymous said...: Apart from the multimillion ministers..
Maybe you should also question WHAT IS THE OPPOSITION PARTY DOING AT THIS MOMENT?; October 11, 2008 9:21 PM
Anonymous said...: We have sent a petition letter to the MP, what we got back was an official letter stating that it will be forwarded to MAS who will in return reply to us directly. So see we look for MP, MP direct us to MAS, we look for MAS, MAS direct us to FI ! MAS mentioned that if any they found neglience on the FI, it will ensure action taken. So far, any evidence on neglience found yet? A BIG NO! FI just sent a mananger to do a courteous verbal phone call and over the conversation, it was so clear that both of us have a conflict of interest and the officer just keep on defending for the FI and claim that that is no MIS-SELL cos' it was stated in the fine print that once credit event kicks in we will recover 0% of our investment. Somebody out there is just expecting things will just die down & vicitms like us just have to assign to our fate and SWALLOW it silently! We taxpayers suffer from injustice having sleepless night but those "taxreceiver" dare not even make any public comment till date. What a sad "fine" country we are in!; October 12, 2008 12:15 AM
Anonymous said...: Wonder why the users of products and services are known as 'consumers'?
I think more appropriately this word should be spelled 'conned2usemores' or 'connedsumores'.
Don't you think that is what is happening to them?; October 12, 2008 10:05 AM
Anonymous said...: Another alternative way to make your complaints hear is to write directly to the Compliance & Legal department (make sure you cc a copy to FIDReC, MAS and MP. Give the Bank 7 days to reply to your letter). You should also express your dissatisfaction on the customer care center handling procedures. This will act as an addition evidence to the independent party to review in the later stage. Hopes my 2cents worth of suggestion add value to the poor investors. Cheers; October 13, 2008 1:50 PM