As you are under a "no disclosure agreement", you do not have to provide your particulars. You can avoid giving personal details that can identify your case specifically.
Please provide general information that can be helpful to other customers who were misled into buying these notes in this survey.
Here are the survey results.
Please provide general information that can be helpful to other customers who were misled into buying these notes in this survey.
Here are the survey results.
20 comments:
i think those who bought from brokers are done
I thot it is very safe to buy from IFA.
Now it is just the opposite. If u buy from banks, u get compensated, if u buy from IFA, u get 0.
What is IFA for, they suppose to advise us, end up we give them free & full protection.
Nothing happend, we pay them commission. Something happen, we buy insurance to cover and protect them for free. What is this??????
Why we need IFA at all?????
I think those who bought HN from DBS who are Treasure Priority Customer are also done. What a blatant truth that they published in the media that those who invested more than $200,000 with DBS who are "treasured" and given "priority privileges" qualified to be misold with HN and have no grounds for compensation. What a blanket sweep of arrogant assumption by DBS and the so called independent complaint investigators. Every single case of complaints should be reviewed in isolation on the specific sale process between the RM and the investor. If DBS is above board and fair in its investigation they should provide a specific reply to each case investigated detailing their argument against the investor answers to the 23 questions. The investor cooperated fully in answering the 23 questions and DBS, if it is worth its salt, should likewise reply fully instead of a standard letter reply of rejection. To show its arrogance and disrespect the letters are signed for by a 'tom,dick and hairy' intial other than the person named to be the signatory in the letter. What treatment being a "treasured customer" of the bank gets?
I think banks should not be selling insurance or such structured products in the first place. The whole "financial supermarket" concept has been shown up as one big failure, with bad consequences for the consumer. The "financial supermarket" concept is just one big sales gimmick for Sandy Weil to trick the US government to allow his Travelers Group to buy Citibank. Even now, Citibank has acknowledged the big mistake and is splitting its banking business and selling away its non-banking business, such as insurance and structured products.
I am not a Treasure customer, my complaint was also rejected, my amount is above $50k, I have never benefited from DBS as a Treasure customer and yet they refuse to compensate me, even though I have proof of them falsifying my FNA, so now the only way is to sue them.
DBS should not assume Treasure customers are financially sophisticated because the condition to be one is how much $ you have. Whether one is financially sophisticated is never a criterior to qualify to be a Treasure customer.
Above 50k difficult. It is common sense why they dont pay you as compared to someone who has invest 5k, few people buy same product but the result at the end is different.
I wonder what happened to the sense of justice and fairness?
In my opinion, a distributor is differenct from a issuer/arranger of the structured product, just as a runner is different from the mastermind of a toxic product that employs the runner to sell the product to the buyers. The money received by the runner will eventually be passed to the mastermind who will pay the runner a commission for the service.
Likewise, the distributors for the toxic structured products such as minibonds are not the creator/issuer, so they only earn a commission from the issuer/arranger and the money they collected from investors was handed over to the issuer/arranger (LBrothers). Now to expect the distributor to refund the money to the investors is very difficult as there is no guarantee that the distributor can have any recourse to LBrothers which is bankrupt.
In the case of High Notes, this product is arranged/issued and distributed by, said to say, our own national bank. So it should bear full responsibility for the loss caused to investors. It has no excuse as there are clear evidences of flaws in the product and the way the product was sold to the investors through its RMs. The bank has admitted mis-selling hence agreed to compensate some and only some investors. The making of selective compensation is most unsatisfactory. The bank should come clean and be more transparent in how they decided on who to compensate and who to reject. We need to fight on.
After reading all these, all the more, I felt great disappointment in DBS. It is a government bank and very much localised and yet its attitude....
It is so obvious that these are toxic products. So whether the investor is a Treasure Priority member or not is not crucial. What is crucial is that, he/she still get conned into buying those products.
Anonymous 3.28 pm - their sense of justice and fairness - eaten by the DOG.
Sometime unfairness is worse than no compensation.
Dear friend who said this "Sometime unfairness is worse than no compensation."
I respect your deep sense of JUSTICE. From CASHEW NUT
To "Runner v bookie"
Surprised you don't know that if bookie run away, runner is responsible to punter.
So if Lehman bust, runner shld pay up.
Can we included RM/ adviser name to warn them against future mis-behaiour???
I am not sure if there is any implication. Anyone can advised?
Even SMALL investors are NOT offered compensation.
One case is awaiting Fidrec. $5,000 Minibond, from Brokerage. First-time open a securities account (as part of procedure to buy Minibond). Brokerage sent a standard rejection letter.
u believe in karma, then is spoken, those who cheat,lie & skin people's to bone deep, let e greater force deal with them, e cosmic & natural cycle of karma & universe shall, we hope, show no mercy to the greater cheat for it has caused far to many to suffer & cry in curse of their undertaking, let the cycle begin & speak greater voice, liken ancient curse, well, let's begin in such 'prayver' for a clean & just soul shall witness the karma & taking of such evildoer even unto to the doing by people in govt upon the suffering of his people.
All the bokerages rejected compensation base on they are just executing orders. And MAS and Mr Hwang think this is fair? Fairness has died in Singapore system.
Hi 9.33am
You mentioned independant advisers like Mr Hawang who is supposed to watch over the whole complaint process. Unfortunately these watchdogs have been very quiet and we have not heard any barkings about what they have been safeguarding and what they are being paid for.
I think these so-called independeant advisers are pro-FI's and MAS.
been checking around, it seems like hong leong is more generous in compensating its customers...
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