Almost all elderly investors with little income, formal education or investment experience were compensated.
By Francis Chan
MORE than half of the reviewed complaints of structured products of Lehman Minibonds, DBS High Notes 5 and Merril Lynch Jubilee Series 3 Linkearner Notes have received some compensation, said the Monetary Authority of Singapore on Friday. In the latest update, MAS says 58 per cent of investors who have lodged complaints of mis-selling to the financial institutions that sold them the products have received a full or partial settlement.
About 25 per cent of those received full settlements, while 33 per cent got partial settlements.
According to the MAS, almost all elderly investors with little income, formal education or investment experience have been fully or partially compensated.
MAS deputy managing director for market conduct, Shane Tregillis said: 'MAS is satisfied that FIs have carefully reviewed the complaints based on principals of fairness without taking strict legal positions. This is reflected in the settlements offers that the FIs are making to the investors.'
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