Tan Kin Lian's Blog: Full refund of $100,000

Saturday, January 17, 2009

Full refund of $100,000

Dear Mr. Tan,

My mother-in-law obtained a full refund of $100,000 from the financial institution on the minibond that she bought. We positioned our complaint based on the advice given in your blog. (Specific details have been removed, due to non-disclosre requirements). I wish to thank you for your help.

10 comments:

Anonymous said...: please share the details.; January 17, 2009 4:10 PM
Anonymous said...: A letter from the banking offering the full refund will be great.; January 17, 2009 4:32 PM
Anonymous said...: Well I would assume all who have read the blog would have more or less done the same kind complaint based on the same advise? It seems like you just have a stronger case (in your case a very strong case) than the rest.; January 17, 2009 8:17 PM
Tan Kin Lian said...: Someone asked why this person knew about the refund, when the financial institution has not sent the decision yet.

Actually, the financial institution had started to send out the "full refund" cases a few days ago. I received several emails from grateful people who received the good news.

I had to ban the question as the person made a rude remark, which was quite unnecessary. I do not know why people had to behave in an uncivilised manner.; January 17, 2009 8:25 PM
Anonymous said...: Actually one FI started to settle with their customers since Nov, from full to partial. Because of non disclosure agreement, dont expect anybody to share the letter. Even one white out the name and other sensitive information, you can still suspect it is a fake. Believed it or not, when my relative settled with the FI, the officer leaked out 500 to 600 cases were closed at mid Dec. I think this local FI wants to preserve the good relationship with their customer base and thus make such offer. I dont think MAS will fake the data.; January 17, 2009 9:51 PM
Anonymous said...: I think Mr. Tan KL has really done a very good job in helping some people to obtain compensation from the notes sellers. The Hong Lim park rallies surely put a lot of pressure on the notes sellers and the authorities to act. But compensation for only about 50% of the complainants and only 25% of these get full compensation is not really satisfactory if the FIs themselves admitted mis-selling/misrepresentation to the public. And since there is mis-selling/misrepresentation, we will wait and see how MAS is going to deal with such mis-conduct by the FIs and broking houses.; January 17, 2009 10:08 PM
Anonymous said...: My minibond units were repurchased by the bank in Nov based on principle less coupon received. So out of curiosity, is the refund here in full against the principal or less coupon received?; January 17, 2009 10:36 PM
Anonymous said...: MR TAN
I am sure that you do play a SIGNIFICANT ROLE in the outcome of these refund. You call the product TOXIC, because you call a "spade as a spade". Your voice is clear and concise, that FI and regulator find it hard to gloss over the issue. Salute. From GRATEFULLY YOURS; January 17, 2009 11:31 PM
Anonymous said...: Mr Tan, you have done a good job to help those in need.
If not for your organisation and foresight, many people would have just given up hope or feel completely helpless. Thks.; January 18, 2009 4:55 PM
Anonymous said...: Even though I do not get a single cents bec mine is from a Stock broker thru IFA, I still want to thanks Mr. Tan. I have learn a lot from yr blog.
I am very sad bec I thot I hv a good case. But I was ignorance abt "INTROD>>>>>>" and it is a costly mistake.
Will not & shd not deal with IFA again in future.; January 18, 2009 10:40 PM