Tan Kin Lian's Blog: Unhappy with bank's complaint handling process

Thursday, October 09, 2008

Unhappy with bank's complaint handling process

Dear Mr Tan

In my experience so far the "investigation" by the bank into mis-selling is unsatisfactory. In fact what happened was that as soon as I raised a point, there was a rebuttal from the bank's view by the Investor Care person.

From MAS's assurances the FI's "independent" arm is meant to be fair and impartial.
What I encountered was defensive and biased. In my case I had a written statement to give them. Should we not also get in writing how they will proceed and what the timeline is?

Are they wearing us down? Is this a tactic to ensure attrition? In fact it makes me even more determined to fight on! We have all lost enormous amounts of money and don't need this badgering. If they wanted to ask us questions they should do so in a less confrontational manner. Their approach is also biased because the person who interviewed me defended the RM!

REPLY
I suggest that you complain to the person who was appointed by MAS to oversea the bank's complaint handling process.

7 comments:

BlackJack said...: Dear Mr Tan,

I also attended a fact-finding session at the bank, and there were 2 bank officers present.

I was quite surprised by the way it was conducted. It felt as if the same questions were repeated over again but in different words, many times.

And each time I raised a query, the officer reacted by pointing to my signature on the back of the form, in support of the bank's position and the RM.

I also asked for a copy of the thick risk profile form with my signature on it but they refused to give me a copy for me to take home and run through. It looked totally unfamiliar to me and I wanted to see what the RM could have written about me then as I was with the RM for less than 30mins one year ago.

All the forms they had in their file were filled in by the RM, comments, ticks...etc (not my hand writing) On the main application form, there was however a slight difference on their copy compared to the one I had.

I understand from the bank officers that the independent person appointed by MAS to oversee the investigation has the authority to select case files to take a look but it does not mean that all cases will be looked into by this independent person.

MAS should assign independent assistants (not employed by the bank) to help review all cases to ensure each case is given due attention and justice, afterall our Government should try its best to help us citizens as much as possible.; October 09, 2008 11:51 AM
Anonymous said...: That is why I did not bother to file my complaint as I think it is a waste of time.; October 09, 2008 12:17 PM
Anonymous said...: Nobody says getting our money back is going to be easy. It is individual against the institution. What happen if we succeed? It is going to be a major blow to the financial industry in their point of view. For me, I believe the system will be stronger and less sgp people will CONed with FIs more responsible in training FAs and selling products. Go for class suit. I see it the only way. Publicize their wrong doing and stop buying any investment products from them. $500 million is hugh. Continue to push, I say.; October 09, 2008 12:38 PM
Anonymous said...: blackjack,
you should be given a copy of the fact finding form after the sale. It is requirement of the FAA that the customer is given a copy of whatever he signed; October 09, 2008 5:31 PM
Anonymous said...: Strange that they behaved so defensively. Geez... Is it b'cos they cannot find a properly completed of your risk profile form, and the RM has left the bank???; October 09, 2008 9:44 PM
Anonymous said...: It is in the form that you can have the evidence against the RMs for miss-selling and misrepresentation.
Strange that the customers are not given a copy of the KYC.; October 09, 2008 10:46 PM
Anonymous said...: They are putting in negotiation and cross examination experts to glean information that can be used against you later. Do not sign anything or say anything that is incriminating to you. They probably recorded the conversation to see how they can use the information later to protect themselves. Just sue those burgers without giving them the opportunity to screw you further.; October 10, 2008 12:19 AM