I wish to ask for volunteers to help the investors to write statements of complaints. Please meet at Speaker's Corner at 4.30 p.m. on Saturday 25 October. You will get a briefing on how to do this work. A form will be given to you to enter the particulars of the investors. We need volunteers to handle complaints in English and Chinese.
Please send your particulars (name, email, telephone) to Adrian Tan atans1@hotmail.com for record. Thank you.
Letter to CEO of financial institution (distributor)
ReplyDeleteTo CEO of (financial institution)
Name of product bought:
(a) What did you invest in, i.e. name of product, amount invested and other particulars?
(b) How you happened to invest in these securities. E.g. convinced by the marketing officer (NAME and Rank) to make the investment
(c) Any assurances (verbal or otherwise) that you received concerning the low risk nature
(d) Your personal risk profile, i.e. were you risk adverse? What did you tell officer?
(e) Did the adviser inform you about the nature of the risk?
(f) Why you feel that you have not been properly advised, i.e. mis-selling, by the adviser?
(g) Why a risky investment is not suitable for your circumstances. Did you tell officer?
(h) If you have any written evidence to support your statement, you should provide it in your letter.
Use a registered mail if you need to. Otherwise, call the financial institution up after a few days to confirm that they have received your letter if you don’t hear from them.
ReplyDeleteIMPORTANT: Do not simply cut and paste from those two letters above. You will need to change the contents of the letters so that they tally with your own circumstances. Answer the questions (a)-(h) detailed above. Sending a letter with the wrong facts can weaken your case.
MAS
ReplyDeleteMr Goh Chok Tong (Chairman)
Monetary Authority of Singapore
10 Shenton Way MAS Building
Singapore 079117
Tel: (65)-6225-5577
Fax: (65)-6229-9229
FIDrec
Charis Lee
Assistant Manager (Complaints Management)
Financial Industry Disputes Resolution Centre Ltd
112 Robinson Road, #13-03
HB Robinson
Singapore 068902
Email: charislee@fidrec.com.sg
Tel : (65) 6327 8878
Website: http://www.fidrec.com.sg
"(g) Why a risky investment is not suitable for your circumstances. Did you tell officer?"
ReplyDeleteI have a comment on this.
A person may be an investor who can take high risk. A person may be trading stocks, warrants, even futures.
A person may be dividing his/hers cash into two category: 60% at low risk, 40% at high risk (e.g. stocks, etc).
When a person buys this mini bond, the money / fund is belonging to the person's low-risk-fund category (i.e. the 60% category). Thus, the person decides to look for some low risk with stable interest income, something similar to time deposit.
Who would want to lock up money for 4-7 years with a 5-7% interest, and facing a total loss risk ?
can the complaint letters be written in Chinese ?
ReplyDeleteif you want to prove that it is the portion of your 'safe' deposit, you probably need to provide and show proofs that you have had many years of keeping the money in FD. And that you transferred the money out of FD into this product.
ReplyDelete