Tan Kin Lian's Blog: No reply from financial institution after four weeks

Wednesday, November 26, 2008

No reply from financial institution after four weeks

Hi Mr. Tan,

I think you should bring attention to the investers that under Step 3 outlined by MAS, the financial institution is required to give a reply within 4 weeks:
http://www.mas.gov.sg/consumer/structured_products/fidrec_3_step_process.html has

I have not received a reply after 4 weeks. Why doesn't MAS take action against the FI?

REPLY
I suggest that you should lodge a complaint directly with MAS on this matter.

13 comments:

Anonymous said...: "No reply from financial institution after four weeks
Hi Mr. Tan,

I think you should bring attention to the investers that under Step 3 outlined by MAS, the financial institution is required to give a reply within 4 weeks:
http://www.mas.gov.sg/consumer/structured_products/fidrec_3_step_process.html has

I have not received a reply after 4 weeks. Why doesn't MAS take action against the FI?

REPLY
I suggest that you should lodge a complaint directly with MAS on this matter. "

i expect you might get a reply to refer to a 'certain financial dispute resolution entity'

if you havent already received one
AHEM; November 26, 2008 5:52 PM
Tan Kin Lian said...: Hi 5:52 PM

I wish to encourage all investors to lodge a complaint with MAS, if they do not get a reply within 4 weeks. This will make MAS realise that their 3-steps are not working as expected.

Just send in a letter or e-mail.; November 26, 2008 6:15 PM
Anonymous said...: "This will make MAS realise that their 3-steps are not working as expected."

I understand where you are coming from

You might have missed my deeper point

They ALREADY prepared a template for that referral.

:); November 26, 2008 7:10 PM
Anonymous said...: My suggestion to everyone is that you should write to the respective banks every week asking for an update. The banks are already dealing with more than 2000 complaints. Imagine if they had to reply to everyone every week. This will put tremendous stress on the banks. This will mean that they will not be able to keep to the dateline set by MAS, forcing MAS to intervene. In my case, I have written to the bank concerned more than 10 times, asking questions regarding the product at times, seeking updates at others and also requesting clarification regarding reports that I read from the press. If everyone can do the same, we can expect MAS to get involved in the not too distant future.; November 26, 2008 7:18 PM
Anonymous said...: "Anonymous Anonymous said...

My suggestion to everyone is that you should write to the respective banks every week asking for an update. The banks are already dealing with more than 2000 complaints. Imagine if they had to reply to everyone every week. This will put tremendous stress on the banks. This will mean that they will not be able to keep to the dateline set by MAS, forcing MAS to intervene. In my case, I have written to the bank concerned more than 10 times, asking questions regarding the product at times, seeking updates at others and also requesting clarification regarding reports that I read from the press. If everyone can do the same, we can expect MAS to get involved in the not too distant future.

7:18 PM"

Do pardon, but You obviously hadnt been in management

What you had just proposed is but for me (FIs) to drop a 1 minute phone call to my secretary for her to put up an advertisement for a Contract Temp Staff to Assist in Filing for the next 6 months, no Experience required at $6 an hour.

If I am nicer, I will ask her to specifically put that ad in your kids' school newsletter.

This seems harsh, but this is Reality.; November 26, 2008 9:47 PM
Anonymous said...: In reply to 9.47pm

In my communications with various investors, I realised that many share your view. This is unfortunate.... Nothing ventured nothing gained as the saying goes... Please do not adopt a defeatist attitude that anything done is of no use and that this matter can only be resolved through legal means.... Strength is in numbers....

If you put thought to the questions that you ask and the points that you raise, you will force the FI to put in effort before responding.... this will be a drain in time and resources for them.

It is better to put in as much effort at this stage then to leave it to just a single letter of complaint and hope for the best, thereafter hoping that legal course of action will get the result you want.

FYI... my efforts have already seen results. And I am sure yours will too... Good luck.; November 27, 2008 7:03 AM
Anonymous said...: I received a written reply from Maybank after about 4 weeks, seeking more time for the investigation.
So, I can only continue to wait.

Jasmin; November 27, 2008 7:54 AM
Anonymous said...: 9:47pm

The managers of the various institutions (including the FIs, MAS, the Ministry, the Cabinet) are highly paid to do their jobs properly.

When there is a complaint, it means that one or more components have not met the expectation of the clients, i.e. US.

Hence rather than resign to fate or supposed "reality", it is important to escalate the pressure. I think you can see for yourself the official responses under this pressure.; November 27, 2008 8:00 AM
Anonymous said...: "Anonymous said...

I received a written reply ...after about 4 weeks, seeking more time for the investigation.
So, I can only continue to wait.

Jasmin

7:54 AM"

Thats ANOTHER Template up their sleeves.

Dont worry, you'd get to see each of them eventually every 4 weeks.

"Anonymous said...

9:47pm

The managers of the various institutions (including the FIs, MAS, the Ministry, the Cabinet) are highly paid to do their jobs properly.

When there is a complaint, it means that one or more components have not met the expectation of the clients, i.e. US.

Hence rather than resign to fate or supposed "reality", it is important to escalate the pressure. I think you can see for yourself the official responses under this pressure.

8:00 AM"

I dont know, rather dont dare to point out the fallacy of your ASSUMPTIONS.

But my final reply to you will weigh heavily on the reply to me next coming up below.

"Anonymous said...

In reply to 9.47pm

FYI... my efforts have already seen results..

7:03 AM"

HAVE YOU GOTTEN YOUR COMPENSATION

Remember, No False Hope pls; November 27, 2008 9:12 AM
Anonymous said...: Me too.
Attended interview on 1st week of Oct.
No news until this week.
How many weeks? Lost count.
They called up to arrange for a 2nd interview.

I think it is just delaying tactics.; November 27, 2008 9:41 AM
Anonymous said...: Don't be such a pessimist.... It appears that you find it shocking or an impossibility that there may be individuals that have put in effort and received just and fair treatment as a result....

And why must it be that you would only consider putting in effort when you are able to receive confirmation that others have been rewarded for their actions. If you believe in the case that you have, then you should go all the way out to convince the FI.

With respect to compensation, I will only say at this point in time, that there is an offer on the table, and it is as per what was reported in the papers.

So i encourage all of you out there, still sitting on the fence, putting up a half-hearted attempt because you are reluctant to deal with the respective FIs, go give it your best shot. MAS may have failed us, but please don't fail yourself....; November 27, 2008 1:24 PM
Anonymous said...: "I think it is just delaying tactics."

You think so?

I mean YOU REALLY THINK SO!?; November 27, 2008 1:46 PM
Anonymous said...: "If you believe in the case that you have, then you should go all the way out to convince the FI."

You have my admiration for your principles.

And pockets.; November 27, 2008 1:48 PM