There is something that disturbs me tremendously. I read your blog post that talked about some of the factors that affect the final decision of the FIs on the investors complaints. I empathize with many of the investors whom I believe have been most sadly given inadequate and inaccurate information and advice by the relevant FIs and their staff, which led to them buying the structured products, in particular Minibond and Pinnacle Notes and suffering loss and distress in the process.
I have received news that there are endless delays and repeated changes in the timeline given to clients who have lodged complaints with the FIs. All too often, investors have received a letter in the mail, hoping that it communicates the FIs compensation decision, only to be notified that the FI is still reviewing their case and will reply soon. 'Soon' can mean a couple of months.
In the questionnaires that the FIs are asking investors during the complaint interview, many investors have been quizzed on their education level, past investment experience, source of funds and the amount of savings they have. Many of such questions have no actual connection to their complaint on mis-selling and make no sense at all.
In the questionnaires that the FIs are asking investors during the complaint interview, many investors have been quizzed on their education level, past investment experience, source of funds and the amount of savings they have. Many of such questions have no actual connection to their complaint on mis-selling and make no sense at all.
I have also heard news that some FIs are investigating into the wealth and property held by the investors, which once again is totally senseless and only serves to terribly delay the reviewing process.
I hope that the FIs can focus on the facts of the investors' complaint case and offer a swift and fair reply to investors, cutting short their torment over their failed investment products, rather than dig into the investors private information on their finances and assets.
Anonymous
I hope that the FIs can focus on the facts of the investors' complaint case and offer a swift and fair reply to investors, cutting short their torment over their failed investment products, rather than dig into the investors private information on their finances and assets.
Anonymous
11 comments:
7 weeks later, after the interview, we're still waiting for Hong Leong Finance to make a decision for our complaint for Pinnacle Notes .....
*sigh*
*shake head*
MAS!
Do something about it !!!
*Fuming MAD*
The truth is that the depositors/ investors are misled into buying the toxic products. By obtaining their financial status, the FIs may just be trying to find excuses not to compensate them. I hope I am wrong in that especially as I trusted that FI alot.
Hopefully, they are not doing what one bank did to their "valued" Priority customers.
I agreed with the writer totally. The investigation should be based on the complaint case itself. It has nothing to do with his financial status.
I am still waiting for reply .. and it is almost 8 weeks now.
Dear blog contributor
I agree. My wife was also asked how much money she has during the interview, which took place more than 1.5 months after lodging complaints. I was disgusted.
Do you mean there is a difference between you lie to a rich guy or a poor guy? How rich is rich OR how poor is poor?
From Fellow Victim
I totally agreed with the writer. My complaint was rejected and during the interview, I was questioned on a joint-account with my mum. Though I highlighted that this joint-account has got nothing to do with my investment, they still prompted questions: "What's your mother occupation", Where the money comes from?" If my complaint was rejected based on this account, then my advice to all is closed all your accounts with DBS before proceeding further.
I lodge complaint in early October, 2008. It's now almost end January, 2009. Almost 4 months (12 weeks) now, still no outcome of compensation. Last correspondence received in mid-November from FI (manager of customer experience management) advising that "investigation is till on-going and would advised as soon as possible once investigation is completed".
When?, another 6 months??
But all the independent parties who oversee the process of investigation expressed satisfation. Or do they really know what is going on in these FIs?
It is totally senseless that the FIs are allow to dig into our individual financial assests and then determined that if you are rich enough to survive then you should not be compensated. Throughout, the interview my mum is being pressed on whether the funds makes up how many percent of her savings. Whether she had other accounts in other banks, whether she had intend to buy stocks n houses since the mkt is cheap now. The questions are repeated again and again hoping my mum can leak out some info of our family finances. They even asked her how much pocket $ is her children giving her! They also asked her whether she had do any small business b4 and how my parents gonna spent their retirement savings!!To be fair to everyone, I have told my mum we have to be truthful in our replies but I am totally disgusted that throughout the interview the questions asked are irrelavant to our complains.Mr Tan, can we reflect this to the MAS? Why cant the FIs be transparent of their investigation procedures? Frankly speaking, I carry some hopes that my parents can be compensated cos they invested in series 3 & 9, which I believed might have some residual value left. Lastly, I cant thanked Mr Tan and his volunteers enuf for leading us in this fight. Without you, we will not get to what we are today. The fight has to go on and I will be willing to donate $ out of my own pocket to help the others if my parents are duly compensated.
Thanks for the tip-off. If queried I am going to let off as bad a sob story as possible to the FI concerning my financial situation. It is quite ridiculous to equate personal wealth as criteria for compensation. In other words an investor with a postal district 9/ landed property address would stand a lower chance with compensation.
The FIs appear to be trying to find reasonable excuses to compensate less or not compensate for those who are more wealthy. While education level does play a part in assessing one's vulnerability level, it is discomforting for the FIs to pry into the investor's financial status.
It is sad that the investors' trust has been misplaced in the FIs. Many times, we walk into FIs trusting in their reputation that they will advice accordingly to our needs and disclose truthfully all details and risks of the product. I have heard that some FIs take up to 6months to give a final reply to investors following their complaint interview, despite the anxiety over their failed products.
I sincerely hope that MAS can step in to push the FIs to give a swift and fair reply to investors. The focus should be on the complaint (granted taking into consideration the investor's education level and occupation for literacy and product understanding ability), rather than on delaying the case and prying into one's privacy and financial sensitivity.
Yes, MAS please do your job and get a fair compsensation for all. Not let the FI pick and choose to compensate the low amount to boost their public % to them and you look good.
MAS is very hardworking already. What do you expect?
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