I wish to ask investors, who have gone through FIDREC, to share your experience.
While you are covered under some confidentiality agreement, it should be all right to give some public information about whethere you accepted or rejected the adjuication, or the number of interviews and length of time taken to present your case.
This information will be helpful to other investors who are waiting for FIDREC adjudication.
I have asked the media to find out from FIDREC and give an update of the number of cases cleared through FIDREC and the summary of the outcome. I believe that this information is necessary for the public to know.
Know of 3 cases least
ReplyDeleteReporting and lodging, everything in order, not much problem there, quite efficient and straightforward.
But noted some them kept hinting or implying? theres no guarantee, no promise, reporting is just a process thats self initated by the reporting party, the responding party might not need to respond appropriately according expectations, or even respond at all, seems theres no legal obligations
Then go back wait. And wait. And wait.
Either they finally responded to initiating party or one wait until he lodge another query...Only to be informed, case still under process due to xxx, yyy, zzz, ie person in charge changed, left, unavailable, reassigned to another, responding party need further info, or reiterate stand or if lucky counter offer settlement but very little. Or mostly, simply no response so far.
Then silence again. Then ask again.
Usually same response as above again.
Then someone would ask if want to close case or try other alternatives etc etc. Wtf??
If not, can die die request try again, then silence again. Then ask again, then same response again.
By then 6 months passed. Nothing.
Then one day maybe, receive call to be informed either
1. Responding party can no longer be contacted
2. Theres no other avenues or channels for pursue, all have been exhausted, so ask you WHAT you plan do next up to you
Ha.
If you go to FiDRC to fight your case against the FI, please be aware that the FI is allowed to bring in their own lawyer to fight you, but you are not allowed to bring in your lawyer.
ReplyDeleteThis is certaintly not fair to the victim investor, why does FiDREC allow this, whose side are they on ? Can FiDREC please answer ?
You might have your 'greviances'
ReplyDeleteU think anyone will answer you.
And if they do, do you think it will be the 'Truth'.
Think. Carefullly. Seriously
If FiDRC is allowed to bring in their lawyers and you are not, where is the natural justice? The normal rule is that if you want to bring the lawyer to the hearing, inform them beforehand so that they can do likewise.
ReplyDeleteBefore this drag on and on
ReplyDeleteI think i will summise it for those still unaware, or unwitting
Almost every instrument out there now can throw your quest offtrack.
Theres very few that can actually help you succeed.
and pls dont blame anyone or try complain to any particular party, no one is really at fault, this is the way THIS market has been designed
Do the Investors understand they are now surrounded by minefields, NOT allies, between them and their Refund.
You need INSIDERS to bring you across.
Clearer or not
Should we skip FIDREC and go straight to class legal action?
ReplyDeleteThere is another proposal which asks the investors to apply through High Court to ask MAS to act. They called it "Mandamus". So far, this is the most logical action to me as MAS has the right and authority to turn FIs upside down inside out to get the truth.
No Whistleblowers. No High Court. No Class Action. No Higher Authority Intervention.
ReplyDeleteThere you can turn to other options now.
It is a joke to believe in Fidrec. Do you know who sponsors them? They will try their best to wear you down. Only one way and they act fast, and that is when you decide to close case, then they smile and act very fast. Otherwise they grind and grind and each step try to tell you to do this and do that punctuated with "Do you want to withdraw the case?" Uniquely Singapore!
ReplyDelete"They will try their best to wear you down. "
ReplyDeleteAh! i knew i recall that statement from somewhere.
must be the Bible, under the Chapter "Gospels of Truth"
Aye?
I agree FIDRec is just there to wear us down. Pretty useless.
ReplyDeleteI don't believe in going to FIDRec. there will be no outcome from them. They are on FI side.
ReplyDelete"Anonymous Anonymous said...
ReplyDeleteI agree FIDRec is just there to wear us down. Pretty useless.
12:28 PM"
"Anonymous Anonymous said...
I don't believe in going to FIDRec. there will be no outcome from them. They are on FI side.
12:30 PM"
Please dont say that.
The FIs might feel upset they actually have Friends.
ya..fidrec is useless..i believe this is true from the bottom of my heart..just DO NOT INVEST ANYMORE IN LOCAL BANKS!
ReplyDeleteI agree, do not invest any more with local banks and bokerages. Go for foreign ones. At least it hurts less to be cheated by foreigners than one of your own country companies. They are local and you thought you can trust them more, ended up being eaten alive and cleaned
ReplyDelete