Tan Kin Lian's Blog: File an affidavit to support your claim

Saturday, October 11, 2008

File an affidavit to support your claim

Dear Mr. Tan,
MAS statement says that only 600 people filed their complaint. Why so few? There are more than 8,000 people affected. Can you get more people to file their complaint? In Hongkong, more than 6,000 people have filed their complaint already.

REPLY
The Hong Kong Monetary Authority set up a hotline and service center for investors to file their complaint. This is more convenient to the investors. The service center takes down the complaint and make investigation later. This approach is more effective.

The system adopted in Singapore is for the investor to file a complaint with the financial institution that sold the product. Few people file the complaint because they were not clear about how it can be done. Several people who filed the complaint reported that they were badly treated. They were challenged by the officer receiving the complaint. The process is badly handled. Some of their reports are published in this blog.

I suggest that the investors can take the following steps:

1. See a lawyer to write an affidavit. I have arranged with one lawyer willing to do this work for a fee of $120. You can approach another lawyer if you wish, using the template given here:
http://tankinlian.blogspot.com/2008/10/affidavit-statement-made-under-oath.html

2. Use the affidavit to file your complaint.

3. If the matter is not resolved within three weeks, you can use the affidavit to lodge your complaint with FiDREC (http://www.fidrec.com.sg/)

4. This affidavit can be used if you decide to take collective legal action at a future date.

5 comments:

Anonymous said...: Dear Mr.Tan,

I think there are several reasons why there are so little people filing in their complaints to the FIs and these could be:

1) Elderly folks and the less educated who do not know how to go about filing such a complaint.
2) Some who are "kiasi" and just want to "piggy-back" on others to initiate action.
3) Some who bought the products from their close friends and relatives, and are now in a delemma as they do not want to implicate them by filing a complaint to the FIs concerned.

If the MAS is not prepared to be as proactive as the HKMA, which is most disappointing, could an appointed lawyer simplify things by setting up a similar hotline and service centre for investor to file in their complaints at a standard fee?; October 11, 2008 11:02 AM
Anonymous said...: Under the existing arrangement of filing complaint, I do not find it worthwhile to do so and based on what I have read, nothing can be achieved so I might as well save my time.; October 11, 2008 11:42 AM
C H Yak said...: Hi Mr Tan

Although I have no direct interest in this matter, I felt your advice is sound.

I think may investors may not be familiar with the legal process of abducing evidence later on.

Also many are also unfamiliar with writing a complaint letter to include vital points which they can later abduce as evidence; which has to be filed as an affidavit if the case is taken to court anyway, whether in an individual civil suit or a class action suit.

What you suggested is indeed a short cut; it kills 3 birds with one stone; and is cost effective. In a class action case, all the affidavits would come in handy to be filed under the AEIC(Affidavit-of-evidence-in-chief). Even if it is not contested in court, individual affidavit serves as a good complaint letter anyway. It is important that each investor get their particular circumstances recorded as facts in the affidavit. E.g. how misrepresentation took place?

Having an affidavit written is indeed less of an hassle for all.; October 11, 2008 12:48 PM
Anonymous said...: The objective seems to be to discourage as many people as possible to file a complaint. This way they can later say there is just a small number of people who are complaining and sweep the matter under the carpet and return to the more good years slogan. It is outrageous that the MAS chairman is going to other countries to continue the more good years dream instead of making it easy for people to file their complaints, unless, of course, the objective is to discourage complaints.; October 11, 2008 2:50 PM
Anonymous said...: I didn't bother to do so as I think FIs are not sincere and independent enough for me to file a complaint. What's more, I heard negative feedback on those who had filed complaints. So why bother when you know it is fruitless to do so?; October 11, 2008 11:19 PM