Mr Tan Kin Lian has urged that the many people who have yet to lodge a complaint to do so.
If you are one of them, you should because the results of the MAS/FIs Complaints Resolution process are more favourable than many have expected. Read this.
In particular, minibond investors who have not complained, should do so because "For the Lehman Minibond Programme Notes which were sold by banks and one finance company, 34% will receive offers of full settlement and 41% will receive offers of partial settlement; for those sold by stockbroking firms, 1% will receive offers of full settlement and 12% % will receive offers of partial settlement."
The following form, was drafted for the use of the layperson complainant. It is self-explanatory. Many investors have used the format.
(Note to users -- You can just type the questions down in an email message, and answer them according. You need not, print out a hard copy and answer on it. Just use the format in an email message.) After completion, you can send the form here.
As said earlier, the form is self-explanatory, and anyone who has a secondary school education in English should have no problem filling it in for himself, a relative or friend. But for anyone who doesn't want to fill it in person, and is willing to pay me S$120, I will prepare a draft based on the information provided. I can be contacted at atans1@hotmail.com.
No point asking me to do it for free. If you can send me an email in English, you can fill it in yourself at no monetary cost to yourself or to complainant.
A Tan
Just point for thought.
ReplyDeleteHave any 4D or Toto punters ever complained about loosing 100% of their investment?
If investors know that they can lose 100% of their investment, no one will complain.
Another example is people buying stocks, if the company when bankrupt and stock drop to ZERO. No one will complain, as they know they can loose 100% of their money in stock trading.
If so many people complain about a investment product, surely, there is some problem with the seller.
Hong Kong government agency did the investigation and found problems in FI.
MAS stop handling as complain, period. Do your job.
I have not filed the complain earlier. When I called May Bank last Saturday on the main line to ask if I can still and where to send my complain letter, they simply took my contact no and someone called me back on the following Monday to arrange for an interview. EASY.
ReplyDeleteAdrian Tan said that most people can handle the complaint on their own, using the form that is recommended. However, if they need to consult him, he can offer his service for a modest fee of $120.
ReplyDeleteI have many people trying to seek my advice. I cannot find the time to take care of them. I suggest that they should consult Adrian Tan and pay him this modest fee.
I have already taken a large burden in maintaining this blog and coordinating many request. It is not possible for me to handle individual requests. I hope that the noteholders are aware about this limitation. And will act fairly not to impose an additional burden on me.
I got Lawyer Glenn Knight to do a Statutory Declaration (SD) for only $120/- instead of drafting a letter. An SD is better than a letter.
ReplyDeleteGlenn Knight
Bernard & Rada Law Group
Tel. 6899-9888.
In parliament yesterday the deputy chairman in his reply to NMP , Mr. Siew regarding changes to the FAA to protect the consumers , Mr Lim said that "one of the changes governing business conduct, the central bank will put up a public register with information on licensed bank representatives, including their qualifications and any prohibitions or black marks against them".
ReplyDeleteThe licensing will include all tied insurance agents. They will also be in the same public register as the bank representatives with their details and prohibitions too.
Well this is the most proactive step taken so far but we would like in the " 5 broad areas" MAS to include this serious area, ie.the way the agents and representatives approach the customers' needs and the agents to be RESPONSIBLE AND LIABLE for the advice given under section 27 and eventually to banning commission as remuneration.
Before applauding MAS , the amendments should be quickly done instead of wasting time by putting up for public and industry consultation. The FIs will definitely object or will find excuses to stall the enforcement. FIs will not shoot their own feet by agreeing to making difficult for them and their sales representatives to mislead and cheat the consumers.
Industry consultation is useless.MAS should go ahead and amend and implement what they have gathered from public feed backs during the fiasco.A lot of views have been expressed . Why go back for same views? Is it a delaying tactic by MAS? Please ,MAS treat it as urgent.
Hi Mr. Adrian Tan
ReplyDeleteIs it true that broker like OCBC Sec is not subjected to FAA and as such complaining against them on this point is useless?
Regards
It is time MAS removes its head out the sand and have a better perspective of the financial landscape otherwise it will be seen as having vested interest. A regulator cannot have vested interest lest the public will lose their confidence in a body that is created to look after their interest and ensure fair play. There have been a lot of wrong doings by FIs and their salespeople and it is MAS 's duty to clean up the mess for NOT enforcing and policing.
ReplyDeleteTo be credible again MAS must start the damage control.
I believe the banks and finance companies had no true understanding of the complexity of the structured products they were selling to their clients.
ReplyDeleteIf they did, they themselves would not risk exposure to it, much less to sell them to their clientale.
Nobody could see through the layers of lies these products were packaged with. Hence, it is not fair that compensation be made to only to a certain class of clients (uneducated, elderly etc..not that they do not deserve it), as the same lies had been sold to all the people...
whatever was told to one client was no different to that told to another...
Excellent point 2:30am.
ReplyDeleteWish someone would extract these valid points and highlight in court or something.