I submitted a letter of complaint regarding my pinnacle notes and I was told to fill up a feedback form. As usual I ask the banker how to fill up the form the banker just told me to fill up my name and he will fill up the rest.
Honestly I do not know what is written in the form and he told me is just a routine and the bank will get in contact with me soon. He didnt bother to explain the details to me.This is the same scenenio when I signed those risks assessment forms during the sales of the structure products.
I was told that there will be an early redemption (not due to credit event of reference entities) of the pinnacle notes series 10 and the return of my investment will most likely to be zero.
I ask why and I told him I dont believe the basket of notes or secuities worth nothing. The explaination given to me was that when the notes went into liquidation, the money will first be paid to the reference entities and the remainder then to the investors.
I do not understand why should the reference entities get the money instead of the investors.The money come from the investors and the reference entities are getting the money instead.It is not logical and I do not believe anyone even a small kid will invest in this type of product if it was properly explained.
To me this type of product was meant to fail at a start as a failure will benefit the others except the investors. It was designed to cheat investors of their money!
I also had an interview with one of the FI recently and I bluntly told them do not threatened me with the risks disclosure form that I have signed. I told them the risks disclosure forms that I signed was according to the risks that was told to me by the RM and not those hidden risks that was unknown to me.
I suggest that you should prepare a statutory declaration to support your complaint. This is explained here:
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