Thursday, November 20, 2008

Lodge your complaint now, before the fund collapsed

Dear Mr. Tan,

I have just visited to H. I think you may want to highlight the following:

1. PS6 is not worth 1.7% of original value

2. PS6 now has a high chance of worthless, but no letter was sent. However, the letter dated 10 Nov 2008 from H only said credit event has occurred. It is up to you to research. Thanks to your website, which is very informative.

3. I try to see my wife’s RM and I can sense that they are systematically preventing her from meeting us. They arranged until we insisted, or otherwise they give us a written letter whey we could not see our RM. I thieir strategy is that once you lodge the complaint, the RM dropped out. At it becomes words against words, in cold environment. RM become shun from lying infront of the client.

4. I went to the branch and they originally sent a very junior RM who is only prepared to take complaint and not explaining the product.

5. My RM was on MC although I had scheduled and confirmed meeting with her. Even the branch manager did not even know she is on MC. She said she only started relieving as Br Mgr the day before.

[I had 3 different stories. The counter staff said RM was having outside appointment and will contact her. The relieve RM said she was very sick, but did not know we spoke to our RM the day before. The more senior RM said my RM has stomach flu. The branch manager did not know my RM was on MC until I told her what they told me.]

6. The RM whom met us even dare to say, even if the prospectus is given after sale, as long it is given on the same day, it is considered given BEFORE sale. It shows how green those people they use to speak to us.

IMPORTANT
I think you may want to advise others their complaint for mis-selling, if any, even before the fund collapsed.

As for my case. I am clear it was mis-selling, because the RM today said differently about the product compared to the RM at point of sale. I think it is very likely that the current RM and original RM may not understood the product.

I think we will do a SD and file it, and let nature takes its course, bec it is already a dead horse unless the Authority really takes action.

I really feel painful for those who may not know how to take care of themselves. I am saddened not because of the loss of my $50,000, but how institutions take advantage of ordinary main-street workers’ hard earn saving. This is SOFT TALK for our HARD CASH.

We are grateful that you stood for ordinary men and women, and yet being criticized by the Chua Chap [don’t even bother to remember his name].

LKH

11 comments:

Anonymous said...

how this not be a POLICE CASE?

PURE FOOTBALL KICKING AROUND.

Anonymous said...

for a bank which holds your FD, all your maturity date are known to them, Sr Mgr Knows when to assign RM in cosy environment with a cup of italian brewed coffee....and sweet talk sales.

I wonder how many RM dare to sacrifice herslef and be on the witness stand?

AG can call these RMs turn on witness , only can we know the dirty sales tactics to switch ahPek and AhSoh FD to subscribe Mini-Bond.

Now they are undergo another Training, how to talk so that the bank are not an Idiot.

friend 50,000 is a lot of money.

Anonymous said...

I think this is typical experience of the victims, repeated many times in various forms but with the same substance - to quote MM Lee " go in with your eyes open" and "case closed".

As I said before, be strong to prepare for the worst.

Or to put it bluntly, you can struggle and fight fiercely but finally still got killed.

Only Heaven can provide justice later to the victims.

Anonymous said...

Get it in your head before you might decide to do anything

There will be NO COMPENSATION.

Only once you accept that, you will be clearer what to do. next or whatever.

Anonymous said...

you till have another Power....>

RUN on the bank. What other bank can we swtich..?

Anonymous said...

Exactly the same happened to me at Hong Leong. I was told on Monday the RM on sick leave for 2 weeks therefore they will call me in 2 weeks later. Then my friend went there following day and was told the very same RM is on long vocation. These FI are delaying our complaint for as long as possible with such lies.
MAS should mandate FI to settle all complaint within 3 working days.

Anonymous said...

This time next week you will be told that the RM has been retrenched. Case closed. Lets move on. More good years. Golden Period.

Anonymous said...

The RM at H who sold us the product also did not want to come out to speak to us when we lodged the complaint. Its a total contrast when he came pestering us to stop depositing our $ in FD & go listen to his lies.

Despicable!

Anonymous said...

http://www.straitstimes.com/ST+Forum/Online+Story/STIStory_304706.html

Anonymous said...

I 've some internal news from HL if you believe me. The RMs are not sick or mc. They have been assigned to new role that forbid them from meeting clients.

Most of them are now operating hotline now.

Anonymous said...

My case is with Siti Bank. The RM who sold us has left and even contacted me to transfer all my investments the new company. This RM jolly well knew is leaving citibank so sold all sorts of thing to me. When I requested for Risk Analysis Form, the new RM refused to give me and said it will take a long time to get it out as it is with their head office and not at the branch. This RM tried to recommend insurance, annuity, blackrock, hedge fund, futures, commodity to us. Can you imagine I am near retirement, are these products suitable for me. Does this RM knows anything about insurance. Or is it try the luck on me hoping I am convinced and buy. MAS where are you? Why is the bank still doing such things?

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