MAS has announced the decision made by the financial institutions on the 5,000 complaints received from the holders of the credit-linked notes (i.e. minibond, high note, jubilee note).
The other holders who have not lodged their complaints can still lodge them now. If you do not know how to lodge this complaint, I suggest that you see a lawyer to prepare a statutory declaration containing the truthful answers to the following questions:
1. Your name, NRIC, address, telephone
2. How did you get involved in the investment?
3. Which financial institution, branch, amount invested, date
4. What happened when you purchased the investment?
5. Were you alone or accompanied by another person? Who?
6. What did the representative (who sold the investment to you) tell you about investment?
7. Did the representative tell you about any guarantee on your investment?
8. Did they make you sign any form regarding the investment? Did you understand the content of the form? Was it given to you before or after you agreed to make the investment? Did you read the form? Did you understand the content?
9. Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
10. Do you have any other statements to make regarding this matter?
This declaration can be used to support your complaint to the financial institution that sold the credit linked note to you. It can also be used for your complaint to the Financial Industry Dispute Resolution Center (if you have to take it to the second stage). As this statement is made under oath, it is likely to have a stronger impact.
However, you should take note that it is not compulsory for you to have a statutory declaration).
You can contact the following lawyer:
Fee $150 plus GST plus disbursement (total $201.55)
Assomull & Partners
111 North Bridge Road
#22-04/05/06 Peninsula Plaza
Singapore 179098
Contact Person: Ms. Lauereth Loh, Tel: 63394466
You can also contact any of the lawyers listed here:
http://www.tankinlian.com/forms/ListofLawyersFinancialCrisisAssist(081101).pdf
Here is the guide for lodging a complaint to FIDREC:
http://www.mas.gov.sg/consumer/structured_products/fidrec_faqs.html
The following questions might help.
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2.whatever the above , did the salesman conduct a need analysis?
3.Did the salesman ask you your objectives, your risk tolerance, did a check on your financial circumstances, your existing portfolio of investment and risk profile , your income , your employment etc, your age and your dependents?.
4. were you warned that without need analysis the product might NOT be suitable for you?
4. did you read before you signed the fact finding form or you were asked to sign here and there without your knowing what you signed or made to sign blank forms.
?
5.did the salesman disclose how much commission he or she earned from the product?
6.did the salesman advise you whether the product was good for you or not
7.how long did the salesman take to "close" you?
The above questions apply to insurance agents too if they do a proper job.
Normally financial planners take at least 2 meetings to 'close' a case. For 'big' cases involving $500K it may take longer because the analysis has to be thorough leaving no stone unturned.
Surprisingly the super duping insurance agents and RMs can do it in couple of hours.THey are really super excellent dupers.
Somehow I remember that all financial institutions interviewed all the note holders regardless of whether they have made a complaint? What's your point again?
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