Sunday, November 09, 2008

Rejection letter by DBS

Hi Mr Tan Kin Lian

It's been a dismay after this long struggle for justice with DBS ending with yet another rejection letter from DBS on the appeal against their High Notes 5.

Even if we raised a number of direct and specific questions about the Mar and Jun letters from them urging and misleading investors into holding on to their Notes till the fateful day of 15 Sep, they simply refused to offer any replies on these questions.

The only thing that DBS keep referring to is that the investor has signed on the sales agreement, which we thought is the obvious otherwise how could the product be sold in the first place.

The appeal on mis-selling on the part of DBS and the many issues surrounding the complex product went totally unanswered.

What should we do now?

REPLY
You can sign a statutory declaration and bring it up to DBS again. The statutory declaration should state the grounds of mis-selling. If they still reject your complaint based on the statutory declaration, you can take it up to FiDREC. You can also join the collective legal action.

Read my blog:
http://tankinlian.blogspot.com/2008/10/general-advice-to-investors-of.html

13 comments:

Anonymous said...

I think legal action should be considered seriously now. Banks should be sued in this whole fiasco no matter how they claim they are also victims in this fiancial crisis. The picture is very clear now MAS is sitting on the sidelines cooking maggie and making coffee, come election time we should all remember this. Boycott Straits Times as well they are helping the banks.

Anonymous said...

i dont think you have a choice other than class action.

tkh said...

I have made a complaint thru the phone (62255577) and email
(consumers@mas.gov.sg) to MAS regarding the outright std rejection letters from DBS. I hope those of you who have recd the rejection letter will do same.

Anonymous said...

Newspapers are quite expensive.
Quite often u can see older people queueing at CC or library to read jobs advert.
Older people over 45, with degree or diploma, would find it hard to find job, with so many young sporean & FTs hungry for jobs, some even can't afford to buy a copy of the paper to look for a job.
For those older folks over 45 with deg or diploma, after lossing their savings, also cannot claim compensating (bec they are educated). So how to survive???

Anonymous said...

Hi 3:11 PM ,

You should ask yr MP to help .

Anonymous said...

It's time for us to accept bank and MAS would not do anything further. They will let matter subsided. I've signed up Leonard Loo for class action. All of you decide if you want to move on or want to take this group action.

Of course we need more people to have stronger case and to impose pressure to them.

Anonymous said...

4 things u can do if u are unhappy:
1. move your money out of local banks.sever all relationships with them.tell yr familiy to do the same.
2. come together and sue them.
3. remember this when election comes.
4. stop buying newspaper from SPH.
that's all i can offer u.

SL said...

Yes, United States of America is helping their citizens. Why can our government help our very own citizens to get back the money from the bank. As a Signaporean who has always speak up for PAP, I am disappointed that they are preaching buyer beware. Obviously these investment products are not suitable to the retail investors.

Anonymous said...

Hi 3:34PM,

You are obviously not a Minibond or HN5 victim. Many of us have approached MPs for help. Practically all MPs are playing tai-chi.

Can you help us to reorganise to reapproach MPs ?

Zhong

Anonymous said...

"investor has signed on the sales agreement"


Enough said.

Anonymous said...

I received a rejection letter from SCB saying they have investigated the matter and they can't find any evidence of mis-selling or misrepresentation. They also said all their RMs follow stringent procedures, and will explain all risks involved in any investments. If I knew there was any risk of loosing everything do they really think I would have invested in the product? If you ask for a low risk investment and say you want your money to be protected, if you are told this product is safe and principal protected you believe it. How do they know what was said at the meeting with RM when they haven't even interviewed me? Misrepresentation can be orally or even by conduct so I don't see how they have conducted a full investigation at all. They don't seem to be taking these things seriously.

I have also registered with Leonard Loo for a class action.

Anonymous said...

I agree investors should enage legal suit now. The normal complaint and discussion is not yielding anything but just wearing use out.

Anonymous said...

I think people should know that MAS is the one who gave the green light to the banks to sell these products to retail customers.

My advice is not to waste your time with the banks or MAS. I believe once the banks receive your lawyers' letters they will invite you to discuss an amicable settlement.

The banks know they cannot stand up to scrutiny in the court of law regarding the selling of these products.

Best regards
Golden Era

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