Dear Mr. Tan
I have spoken to my financial advisor who sold me the Notes. My financial advisor mentioned that it seems like the banks & financial institutions are trying to protect their interests and have pushed all responsibilities of misrepresentation to the sales persons selling the Notes products to investors.
I need to highlight this because if the sales person is the one who misrepresented, the banks and financial instituations can claim they are not in the postition to refund or attend to our complaints.
Apparently, my financial advisor mentioned that last week, his company has gotten all their sales staff to sign some documents that in the event of misrepresentation to investors, the sales persons will have to bear the compensation to investors themselves.
REPLY
The responsibility lies with the financial institution, as they have not provided the correct information and training to the sales representatives.
The sales representatives should tell the truth and not be intimidated into telling lies. If they lie, they are commiting a crime. If they make a mistake and gave the wrong information, they should admit it, as it is a genuine mistake.
It is better for the sales representative to tell the truth.
When will the bank stop bullying everybody?
ReplyDeleteEven their own staff(RM) have to sign their life away?
Can MAS come out with forms that protect consumers rather than big bullies?
We put $$$ into banks to grow not kenna bullied.
It is no use to complain the sales people. Even they got punishment for wrong doing, it won't help us at all to get back our hardearn money.
ReplyDeleteWhen NTUC sell those toxic milk from CHINA, shold we balme the sales girl?
THe milk producers should bear their miss and the NTUC need to refund their customers and call back the toxic product.
I am an eldery person and has invested quite a hugh sum (the $ not all belongs to me, some from family members)on a structued note, maturity 4 years' time. My current RM refused to comment or talk about it whenever I mentioned that I was not been properly advised by her former colleague who sold to me.
ReplyDeleteSo far I have not given this current RM any business so why would she want to attend to my problem. Inspite of what is happening worldwide, she does not seems afraid of getting into trouble. She tries very hard to convince me to switch to an equally high risk products (it is like out of the pot into the flying pan). I am wondering if this is what her bank wants her to do. Try to get us out before we go after them.
You are gathering new signatures for your petition. As I am not being affected yet, can I still sign the petition. Or is it only for those affected.
Hi, IT is no help to complain the sales staff. Even the bank punish their staff for wrong doing, we can not get back our money.
ReplyDeleteWHen NTUC sell the toxic milk, should we complain the sales lady? THe NTUC call back the product and refund us in full. That is the way for cheating financil product also.
I guess financial institution is responsible in the following way:
ReplyDeletea. supervisory:
the manager has supervisory responsibility on the frontline staffs, going up level by level, even the CEO is responsible too.
b. training
c. compensation structure
if pressure/quota is given to the frontline staffs to sell; if high commission is given on these products etc.
d. documented selling procedure
e. existence of ethics guidelines
The financial advisers and the company are liable severally or jointly.This better to go after the company even it is the wromg doing of the advisers.
ReplyDeleteI cannot imagine a bank can be so irresponsible to let their sales people sign the agreement. The bank is trying to shirk responsibilities.
ReplyDeletehongjun
fyi, if the salesperson fails to submit the forms documenting customer's risk profile, the commission will be clawed back by the bank for the sale.
ReplyDeleteif the salesperson fails to document the forms using the 'correct wording' such that it appears that customer's purchase is not within his risk profile, there will also be a penalty on the salesperson.
hence, no use studying the risk profiling, everything will more or less be along the same lines and 'correctly' documented.
When my structured product (Note) suffered a huge loss recently, my RM was unable to explain what caused the price to plunge! Ten days later, he was still unable to explain claiming that no such information was available. Meanwhile, I also noticed that he apparently has no product knowledge at all pertaining to the Note - he was the same RM who sold me the Note last year.
ReplyDeleteIn this case, can I make a claim against the bank that I was never properly advised to purchase the Note since the RM himself was not knowledgeable at all?
How can you say these victims are greedy people. It is very natural that every one wants high return for low risk. What more a decent return without risk.These old folks weren't told about risk..
ReplyDeleteGreedy people are easily conned so are stupid people . Majority of the victims were stupid about finance.
What about you, siew kim?
When I said I want to ask my lawyer to contest the bank,you know what the RM said? "Don't waste your money. You can't do anything to the bank. The most is I resign."
ReplyDeleteShe is wrong . She can be subpeonaed
ReplyDeleteto testify against the bank.
Risk profiling is most unreliable document to detect the risk tolerance of investors.Product recommendation based on this document is very often inaccurate.Many other factors need to be taken into consideration. No matter how the RMs fabricate the info there are still traces of misrepresentation and miss-selling.
Use section 27 to sue the RMs and the banks.
ReplyDeleteWith so many people misled and affected, it's time for collective action to deal with the banks and for collective settlement. No use dealing one to one.
ReplyDeleteIf all the financial advisors were telling the same thing to the customers about the products that they sold and somehow it resulted in a very large amount of people were victimized, then it is obvious that the fault does not lie with the advisors. It does not matter whether they have to sign any documents.
ReplyDeleteYou don't have to be a genius to know that they have been gone through some product trainings that taught them about the products in such manner.
SiewKhim,
ReplyDeleteCan you come forward this sat day (18.10.08) at speaker corner (6pm) to tell all of us what do you meant by "Greedy" in relate to "Mini-Bomb"? We are most happy to learn and understand from you?
CL
Human beings starting from the worst criminal to the most holiest father of the church lied like shit in their lifetime. Unless you corner them like in the court of law, many people escape lying because of their status in society. For example all politicians lied to win votes. All salesperson lied to get sales.
ReplyDeleteI lied like shit. What about you Kin Lian? You never lie? Are you that honest and honourable? If you are not 100%, please don't tell others to do so.
People only tell the truth to benefit or to protect themselves.
So let us be realistic.
There is a risk profile at every Needs analysis portion. What is your investment risk? High, Moderate or low? if your investment risk is low and was recommended with these HN5 and Minibond, maybe the risk classification by the product owner (ie the bank) is WRONG! Should this be sufficient to indicate that the Bank product owner mislead the consumers? (In this case, nothing to do with the RMS unless the RMS totally mislead the investors in other information, such as product features are like FD or the duration of the product is 1 yr etc)
ReplyDeleteWhen I am making money, risk is to my advantage.
ReplyDeleteWhen I am losing money, I am a low risk taker
siewkhim,
ReplyDeleteI agree with you humans do lie sometimes. We are no saints.
However, I can feel Mr Tan Kin Lian is doing the right thing.
hongjun
5.03pm,
ReplyDeletei know you are an Income agent.I call you agent because you aren't smart enough to be called consultant and so are your colleagues.
Consultants don't write like you and think like you. You are a parrot
SiewKhim,
ReplyDeleteHave you helped or are you willingly to help the victims of this toxic investment products ?
From the comments you have posted so far, the answer is a obvious NO.
So why are you attacking a good man like Mr. Tan who is helping so many people ? Either you are very jealous or because two very important organs are missing from you - heart and brain.
Did you turn up at Speakers' Corner last Sat. ? We were wondering whether the silly man wearing the Santa Claus hat was you. Please show yourself at Hong Lim Park this Sat., or are you too coward to show your real face, only dare to hid behind a name called "SiewKhim" ?