Dear Mr Tan.
I brought $X pinacles note 15. I have complained to F1 for mispresentation , but received a negative reply.
Thinking of putting the all matter behind because I have seen little actions done postively, I decided to cut loss.
I went to direct to the bank. They give me the email price of 84.75% as pricing today at 2pm. Beside I have an sms from business manager with the same pricing. I signed the forms and they do not allow me to put the pricing. They give me the assurance that there will be little changes to it.
In the evening,they called and tell me nicely they have sold it at 76.76 % as a bad news. No explanation are given , they only sympathise with me.
Yes, the only alternative to complain again or sue. I wonder what the banker have become? I getting very tired.
Please be very careful if anyone wish to made redemptions. Dun trust banker 's words anymore. Make sure the pricing are written black and white.
A unit trust also adopt the same practice - they given an indicative price and calculate the actual price at the close of the market. The is called "forward pricing"
But tjhere is a big difference. The forward pricing adopted by the unit trust is based on the actual closing price of the underlying shares. It is possible to audit the forward price to be a fair price.
In the case of the forward pricing of the credit-linked notes, there is no such transparent process. We do not know how the bank calculate the forward price to redeem the contract. If there is a drop of 8%, it could be profit of the bank that bought the credit linked note from the investor. If so, this will be grossly unfair.
I suggest that the investor should make a written complaint to the bank and ask to receive a written explanation. You can bring the case to FIDREC.
- ► 2019 (1436)
- ► 2018 (1406)
- ► 2017 (1258)
- ► 2016 (828)
- ► 2015 (691)
- ► 2014 (144)
- ► 2013 (501)
- ► 2012 (1269)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1654)
11/09 - 11/16
- New swap counter party to replace Lehman Brothers
- God help the righteous
- High risk is not disclosed in Prospectus
- High risk of credit linked notes, inadequate retur...
- Retrenchment Loan
- Complexity of Credit Linked Notes
- Be careful if you wish to redeem your credit linke...
- Banker fill up complaint form, but did not disclos...
- Structured products linked to Lehman Brothers
- Why You Need to be at Hong Lim Park Tomorrow (15 N...
- Retrenchment and its impact on Singaporeans
- SCMP:Divine intervention in Legco debate
- Adequate saving for retirement
- Financial Advice for Young People
- Reuters: Financial crisis politically awakens Sing...
- Hear the voices of High Note 2 investors
- Open letter to chairman of DBS Bank
- Unexpected surge - 700,000 visitors to my blog
- Trustees act to terminate the swaps
- SCMP:Approval ratings of finance chiefs drop
- Rebuttal to "invest with your eyes open"
- SCMP:Legco probe best hope for minibond mess
- Morgan Stanley hotline for Pinnacle notes
- Accountabiliy, transparency and social justice
- Reply from MAS on the 3 petitions
- Letter to Prime Minister on Credit Linked Notes
- Speaker's Corner - 15 November 2008
- Sunday Times article on Petitions
- Call to the Government to be fair to the affected ...
- Business Times: Look at pricing structure, risk di...
- SCMP:Time to reconsider class action lawsuits
- SCMP:Two investors reach settlement with bank befo...
- SCMP:Legco likely to pass bill on minibond investi...
- New Paper: Structured Products: "What banks don't ...
- CBS Videos on derivatives, etc
- Obama's Speech at Election Night
- Did the RM explain "first to default" ?
- Sued for misleading investors
- Joseph Stiglitz
- Quality of financial advice and fact find
- Leadership styles
- Investigate the creators of the structured product...
- Decisions of FiDREC
- Investors should be aware about the risk: MM
- HK: Probe into minibonds bankers wins support
- Credit default of Pinnacle Notes Series 9
- Loss in the Singapore reserves
- Obama's Day
- Is this fair?
- SCMP:Bank admits substandard tactics
- SCMP:Minibonds meeting ends in recriminations
- Exchange currency in a bank - an analogy
- Rejection letter by DBS
- ▼ 11/09 - 11/16 (53)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)