Saturday, October 04, 2008

Review internal complaints handling and resolution process

Dear Mr. Tan,

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 ?

Will their terms of reference be made public?

5 comments:

Pat Choe said...

Please, can someone tell me how and where to send my 'complaint' to Mr Gerald Ee, Mr Law Song Keng and Mr Hwang Soo Jin. What are their snailmail addresses and their email addresses? Thanks

Anonymous said...

I am glad to note that Mr. Gerald Ee is appointed by DBS to monitor the High Note 5 complaint cases. I am one of them and would like to meet him face to face.

Please inform all your friends or relatives who are holders of DBS HN 2 or HN 5 to come forward meeting Mr. Gerald Ee.

Mr.Ee, please focus on how DBS placed 8 reference entities with good credit rating and use their names to sell to innocent investors who expect only 5% interest in return. Please ask DBS the first question, if investors are told that if anyone of these 8 reference entities suffer a credit event, they may lost ALL of their capital. Will anyone of them put their hard earned money in these HN 5 just for the 5% return? Ask DBS to answer it. The answer is obvious no. Then please ask DBS to refund all HN holders the principal sum. May I call for all DBS HN 5 holders to turn up on 11 Oct at the Speaker Corner to meet and discuss. See you all there.
Alex Wu

Anonymous said...

As stated clearly they are not involved in handling individual complaints. Take note, Pat Choe.

They are just to provide a judgement and opinion for MAS on the complaints handling by the FIs and what regulatory followup (for the future) required by MAS. Nothing on redress or compensation for losses to investors who were misled by the FIs.
So don't expect any resolution soon or at all on investor losses even if the 3 completed their task and submissions to MAS.

Anonymous said...

Don't expect any constructive reults from these 3 highly respectable gentlemen. MAS is trying to mis-lead us further to no-where. Reviewing complaint handling PROCESS is as good as nothing. We have to demand DBS for compensation directly.

Anonymous said...

It is just a show or "wayang" to show that 3 respectable persons are there to oversee the complaint "process". But it is not the Complaint "process" but the outcome or "Result" that investors need an independent watchdog.
How independent can you be if you are paid a fee by the Company whom you are supposed to investigate?
Do you Bite the hand that feed you?
Benedict

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