FOR TOP PRIORITY ATTENTION
A RM of a bank called me. He is willing to come forward to sign a statement that he has been giving the wrong information about the credit-linked notes to the bank customers, due to his ignorance. He will be contacting other RMs to come forward and make a similar statement.
He told me that his bank had put pressure on him by stating that he would be held personally responsible to compensate the customers, if he admitted to giving the wrong information. He said that, when he sold the notes to the customers, he was not aware about the actual risks of the notes, due to the complexity of the structure and the poor training given to the RMs.
I told this RM that the bank does not have the right to hold him financially responsible for the honest mistake, especially as most of the other RMs were also poorly trained about these notes. It would be wrong for the bank to expect the RMs to tell a lie now to cover up for the mistakes.
I will arrange for these RMs to get legal advice and to make a statutory declaration about the actual statements and assurances that they gave to the customers about the notes.
I wish to call other RMs to step foward and be ready to make this statement. Please act honestly and with courage, and do what is right and fair. If you are willing to make this statement, send an e-mail to firstname.lastname@example.org. I will get a large group of RMs to make this statement, so that you will not be standing alone.
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