Letter sent to Straits Times
I read your report in The Straits Times dated 24 October 2008, entitled "DBS begins process to compensate customers". It had a statement which mentioned "Brokerages like OCBC Securities, which distribute, but do not advise investors on Minibonds, ..........".
I beg to differ with the words 'do not advise'. OCBC Securities has an alternative product department which gives advice on alternative products such as minibonds, pinnacle notes, equity linked notes, etc. By stating so boldly that they only distribute but do not adivse is clearly a misnormer. How else can you market your products if you do not advise? Do you think clients of OCBC Securties will just purchase these products off the shelf with no questiones asked and advice given by their alternative product sales personnel. Insofar, I find statements made by OCBC Securities as a way of trying to evade responsibility and I find it very disturbing.
For your information, my husband and I are both victims of the minibond and pinnacle notes debacle and you probably can guess who had sold us the products. I also find that brokerages (in general) that had marketed these products to their clients, have been keeping a low profile and not willing to admit to any misrepresentation in mis-selling. Perhaps it is time to put pressure on them to "do the right thing' as of the like of DBS, Maybank etc. "
C P Tay
- ► 2013 (306)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
10/19 - 10/26
- HK Monetary Authority refers 40 more 'mini-bonds' ...
- Speech at Speaker’s Corner – 25 Oct 2008
- SCMP: Angry investors protest
- Speaker's Corner - 25 October 2008
- A serious recession in the months ahead
- Call for Public Inquiry - some views
- No compensation from ABN AMRO
- Just One Year
- Investors want open forum with DBS
- Hong Kong: Legco raps shortcomings in minibonds mo...
- Global financial crisis is getting out of control
- Treat all investors fairly
- Response to: DBS begins process to compensate cust...
- Reputation as financial services hub
- High risk, absymal return
- Impact of Lehman Brothers on different types of se...
- Demand for Compensation
- A fair compensation
- Distributor should be responsible
- Hong Kong: Minibond investors demand full refund
- New swap counterparty
- Avoid land banking
- Requests for media interviews
- Draft: Letter to request for Open Forum
- Inteview with journalist (4)
- DBS Bank, Hong Leong Finance and Maybank to give c...
- Marketed to Asians
- A good settlement?
- Did the financial institution carry out any risk a...
- Understanding the technical terms
- Collective letter to distributor
- Collective legal action - request for proposals
- MAS push responsibility to Financial Institution
- Where does the BUCK STOP?
- Lawyer: No obligation, no fee consultation
- SCMP: Investors hit by Lehman collapse get papers ...
- Volunteers to write statements of complaints
- Post in my blog without Google account
- Block comments
- Response to Mr. Lim Hng Kiang and MAS
- Independent financial advisers are not able to com...
- Investors should not be compensated
- Do you hear the people sing
- Exploitation of the consumer
- Views from an ex-private banker
- MAS reply to Parliamentary Questions on Credit Lin...
- Interview at Bloomberg TV
- Continue your good work for ordinary citizens
- HKMA refers Lehman-Brothers-related cases to the S...
- Positive or negative?
- Petition #3 (To Mrs Lim Hwee Hua)
- Fraudalent misrepresentation and clear mis-selling...
- Be careful of your relationship manager
- Tips from an ex-financial adviser
- Be truthful, not fearful
- Petition #3 - Fair and equal compensation to all b...
- Onus of proof
- Volunteers to write statement of claim
- Jubilee Notes
- Speaker's Corner - Credit linked securities
- Suing for defamatory remarks
- Call to MAS - investigate mass cheating
- New list of investors sorted by distributor
- Conscience, integrity and trust - a leader's hallm...
- General advice to investors of structured products...
- Interview with Sunday Times
- Ask for a full refund now
- Do not succumb to greed
- Ask MAS for advice to sort out this type of proble...
- Not an isolated case
- Lehman Structured notes on Wheat and Milk
- ▼ 10/19 - 10/26 (71)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)