I will be handing over the Petition tomorrow (9 October) to Dr. Andrew Khoo, Executive Director of Capital Markets of MAS. The Petition is addressed to the Senior Minister and Chairman of MAS, Mr. Goh Chok Tong. Mr. Goh was not able to receive the petition personally and has asked me to pass it to Dr. Khoo.
The wording of the Petition is below. The final Petition has 983 signatures. I have removed signatories with incomplete particulars. The original list has more than 1,000 signatories.
PETITION TO SINGAPORE GOVERNMENT
1. We write to petition the Singapore Government, particularly the Commercial Affairs Department (Singapore Police Force) and/or the Monetary Authority of Singapore, to conduct a full and independent inquiry in relation to the credit linked securities sold by various financial institutions in Singapore. These structured products include, but are not limited to, the Lehman Minibonds, DBS High Notes, Morgan Stanley Pinnacles Notes and Merrill Lynch Jubilee Notes.
2. Singaporeans, including the persons who have signed this petition, lost their hard-earned savings by investing in these financial products. Such products clearly did not suit the risk profiles of these consumers. The consumers were not made aware of the high risks involved in the financial product when buying the product. They became innocent victims of misrepresentation by the financial institutions that distributed the structured products.
3. We now wish to be assured that those who invested in such financial products have not been victims of negligent and/or dishonest conduct and/or fraud by these financial institutions.
4. The Government has a duty to ensure that investment products are marketed and sold appropriately in our jurisdiction. Such products must be sold in a manner compliant with the laws of Singapore. Financial institutions, including their respective key management, that do not follow the laws or regulations applicable to them must be held accountable for such breaches.
5. Please commence a full and independent inquiry into the sale of structured products by various financial institutions in Singapore. If the inquiry deems necessary, the Attorney-General of Singapore should act against these financial institutions.
6. We also ask the Government to help these investors to claim fair and adequate compensation from these financial institutions for their losses which are caused by the mis-conduct of these financial institutions.
7. We ask the Government to act now and restore the peoples' faith in our financial system.
- ► 2016 (743)
- ► 2015 (691)
- ► 2014 (144)
- ► 2013 (501)
- ► 2012 (1269)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1654)
10/05 - 10/12
- Distributor: UOB Kay Hian
- Social responsibility to Singaporeans
- Speaker's Corner - 11 Oct 2008
- File an affidavit to support your claim
- Rebuilding the Global Financial System
- High cost of life insurance at older ages
- Class action against Lehman Brothers in USA
- Is MAS at fault?
- Unhappy with bank's complaint handling process (3)...
- Hong Kong - selling of structured products
- MAS publishes timeline for Minibond resolution pro...
- Climate of fear and intimidation
- Risky to trade on leverage
- Feedback on complaint handling process
- Difficulty with travel insurance claim
- Lehman Bond Probe Widens
- ST Index approaching 1900
- Petition has been lodged
- How the market really works
- Hong kong: Curb on banks' investment sales aired
- Complaint to MAS against a financial institition
- SCMP - DBS offers full compensationto mini-bond ho...
- Fiduciary duty
- HKMA vs MAS
- Global Financial Crisis - subprime loans
- Get information from my blog
- Book on financial planning
- Unhappy with bank's complaint handling process (2)...
- Bank agree to buy back risky investments
- No personal investment in credit linked securities...
- Media interviews on Petition
- Call for investors to take the next step
- Unhappy with bank's complaint handling process
- Financial institution fined for mis-selling
- Oversight of the complaint handling process
- Misleading advertisements
- Hong Kong: Minibond investors demand full refund
- Restrict the issue of credit cards
- Petition to Singapore Government - 983 signatures
- HKMA investigates complaints of alleged mis-sellin...
- South China Morning Post: 2003 case sets precedent...
- New type of foreign talent
- Poor payout on Anticipated Endowment policy
- Is bond fund risky?
- Legal fees - action against distributor
- Credit default swaps - who benefits?
- Coordinated interest rate cuts
- Reduced bonus under Income policies
- Dividend under STI ETF
- Credit default swap
- Full particulars of investors of credit linked sec...
- Hong kong - minibond buyback proposal
- File a police report
- Securities Investors Association of Singapore (SIA...
- Consumer Association
- Collective Action against specific distributors
- Unable to give individual advice or attend to indi...
- Monetary Authority of Singapore - Consumer Complai...
- ST Index is still falling
- Lodge your complaint with the Distributor
- Write to Monetary Authority of Singapore
- Meet the Member of Parliament
- My blog passes 500,000 visitors on 6 Oct 2008
- Petition to Singapore Government - Credit Linked S...
- Expensive to battle in court
- Consumer banking sells the structured products
- Loss of retirement savings
- Speaker's Corner, Saturday 11 October, 5 - 7 pm
- Section 199 of the Securities and Futures Act
- Section 27 of the Financial Advisers Act
- Request for help from Relationship Managers
- Petition on Credit Linked Securities, Singapore
- Capital protected product
- Service to the people
- CNBC short video on Minibond
- Is it wise to cash out on the structured product n...
- A highly risky structured product
- Selling of life insurance through multi-level
- Engaging a lawyer
- Elderly get hit the most!
- ▼ 10/05 - 10/12 (80)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)