Dear Mr. Tan,
The bank wishes to meet me on my complaint and asked me to sign the following letter of confidentiality. What is your view?
CONFIDENTIALITY UNDERTAKING
We refer to the meeting scheduled to take place today (“the Meeting”).
We agree that the Meeting will be held on a Without Prejudice basis.
By our signature of a copy of this letter we agree as follows:
1. We undertake:
a. not to record the proceedings or discussions during the Meeting (however we may take our own written notes during the meeting);
b. except as otherwise required by law, to keep the Confidential Information confidential and not to disclose it to anyone or use it for any purpose without our express written consent;
c. to ensure that the Confidential Information is protected from unauthorised disclosure or use.
2. We agree to inform you (to the extent permitted by law) of the full circumstances of any disclosure or upon becoming aware that Confidential Information has been disclosed.
3. The obligations in this letter shall survive the termination of any discussions or negotiations between the Bank and us.
4. We acknowledge and agree that each of the Bank and/or Related Person (defined to mean Bank’s officers, directors, employees, professional advisers or any of the Bank’s affiliates) may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you.
5. No failure or delay in exercising any right, power or privilege under this letter will operate as a waiver.
6. The undertakings given by us under this letter are given to the Bank and also for the benefit of each Related Person. We shall keep the Bank and each Related Person fully and effectively indemnified on demand against each and every claim, loss, liability and cost which the Bank and/or a Related Person may suffer or incur as a result of any breach of the provisions of this Letter.
7. If the Account is held in the name of more than one person, our obligations under this letter are joint and several.
8. In this letter "Confidential Information" means without limitation, all discussions, statements, materials, information, document and records in whatever form and any material derived or copied therefrom concerning the Customer, Account, services by the Bank, transactions with the Bank, and any other matters in relation thereto disclosed or furnished to us before, during or after the Meeting, as well as the fact discussions are taking place, that the Meeting is held, that further discussions may be contemplated, and that this confidentiality letter has been entered into.
REPLY
I suggest that you ask the bank to agree that the same conditions stated in the letter of confidentiality should apply to their side as well. It reflects fairness and natural justice. If not, you should not sign this undertaking.
The writer should know the % of compenastion before signing. I heard someone's offer is only 1%.
ReplyDeleteZhong
Even in their death throes, the banks foreign management are still at it, i.e., still trying to dish out webs of legal thrash to protect its interest and tie up its customers. This adversarial approach is the cause of its undoing. Instead of repenting, it sinks deeper into drawing a coarse line between customer and itself, and is trying its best to go for win for itself and lose for its customers. So when hot air meets cold air, there is alot of mist, which obscures vision and leads to a thriving hotbed of disease and decay, all thanks to these greedy and selfish "management talents".
ReplyDeleteFriends,
ReplyDeleteI have questions relating this "Letter of Confidentiality". My understanding is that "MAS advocates the complaint review be based on principles of fairness rather than taking strict legal position".
Q1. Is the Confidentiality Letter contravenes the principle set by MAS "to avoid strict legality"?
Q2. Should the bank refrain from unnec legality, as MAS stipulated that principle of fairnesss is the basis for complaint handling.
Q3. The Confidentiality Letter actually bars the aggrieved from seeking help from friends; while the FI can seek legal help. Is this fair?
Q4. The Confidentiality Letters bars the taking of official notes. Without the right to take official notes, how can the aggrieved move to step 2 (go to FiDREC), if he is not happy with step 1 (ie go to FI). Is this fair?
Q5. Can this "unfair" Confidentiality Letter be taken up by WHOEVER who is ensuring the proper handling of the complaint process.
Q6. Is it legally wrong to have the Confidentiality Letter? This is bec if mis-rep or mis-selling is involved, that means potentially contravening the Act.
For example, do you think we can sign a Confidentiality Letter with the thief who has stolen my car, so that hopefully the thief would return the car? Do you think the police will allow me to do it?
I was not asked to sign any such written letter in my interview. I only signed on the statement prepared by the interviewer on what I said at the interview after I had vetted it and agreed. As the interview is very much a one-way account from the complainant's perspective, the bank's said document is not necessary and could be against the complainant interest and right in future. The interviewers were there just to take your statement as they are not the ones to assess and decide on your complaint and did not have any prior contact with the complainant.
ReplyDeleteThis letter of undertaking is ridiculous and one-sided, protecting only the bank with only disadvantage to the signor. This bank is typically kiasu and kiasi. I sense the intention of that bank fishy.
ReplyDeleteI have attended meeting with the bank whick sold me the structured notes but was not required to sign such letter. Notes of the meeting were taken on the spot in proper form classified as privileged and confidential and I signed the form only after reading the notes and clarified certain points with the bank officer.
Are you even keen to meet?
ReplyDeleteOr you dont want a cent now
if you are giving up, inform the rest, so we all get our chance
Since you are the one making the complaint(plaintiff), the bank should be the one signing this confidential letter and not you.
ReplyDeleteYou will be crazy to sign such letter. Do note that this letter could be written in the press positively as statistic of how the FI have attended to the victim even though nothing is resolved, or even use as excuse that the matter is resolved for this interviewed investor since you cannot disclose such info and talk about it, you are explicitly giving them the permission to do whatever they want to you.
ReplyDeleteSo don't be foolish to sign such letter, else you will regret.
I too only signed to acknowledge that what they recorded as my responses to their queries was accurate.After a month, the FI wrote to say it is still looking into the matter.
ReplyDelete