Thursday, October 09, 2008

Oversight of the complaint handling process

Dear Mr. Tan,
Can you ask MAS the following?

Do the three "well-regarded individuals" MAS has identified have sufficient resources especially manpower to do what MAS requires them to do

"review the internal complaints handling and resolution processes of the financial institutions (FIs) concerned to determine whether these processes are independent, fair and transparent. While these independent parties will not be involved in handling individual customer complaints, they will update MAS regularly on the progress of the complaints review.": and

" as part of the terms of reference of their appointment, the independent parties will highlight to MAS any shortcoming in the FIs’ processes as well as any issues that require regulatory follow up."?

If not, do they have to rely on the FIs they are overseeing to provide them manpower and other resources to ? If so defeats their independence and credibility.
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3 comments:

Anonymous said...

Can anyone let me have, or direct me to where to get the High Notes 5prospectus or documents, and the earlier Mini Bonds prospectus. The ones on the MAS website are the latest ones, and not representative of what investors contracted with.

October 09, 2008 10:05 AM
Anonymous said...

The 3 MAS appointed people is for show. The real actors are still from the FIs. The role they play is "hulo tarik" game. They are not genuine or interested to get to the bottom of it.They are put there to defend the banks. They have all the documents but not showing them to the investors.
What is the point?

October 10, 2008 12:13 AM
Anonymous said...

The 3 "independant" watchdogs appointed to watch over the complaint process of FIs appeared to have fallen asleep. Not a bark from them what they have covered and what findings. The public also do not know how to have access to them .This just lives up to the suspicion of the skeptics that they are just PR exercise to hoodwink the public.

October 13, 2008 10:39 PM

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