Tan Kin Lian's Blog: Sue the relationship manager

Monday, January 19, 2009

Sue the relationship manager

A noteholder wanted to sue the relationship manager for giving bad advice. Other people said that there is no point to sue the relationship manager, as he will not be able to compensate the noteholder for the financial loss.

Someone told me that this is a good strategy. The relationship manager is likely to confess and tell the truth. In that case, the wrong-doings of the financial institutin will be brought to light. They might be more willing to give a fair settlement.

12 comments:

Anonymous said...: you only get truth from the horse's mouth.
What is being done, the compensation on piecemeal basis, is pulling the wool over the consumers' eyes. You can say, it is wayang, to appear 'doing the right thing'. Are they doing the right thing? Don't be fooled. With all the praises heaped on the 3 so called indepedent people to oversee the mediation process, my question is "were they biased" pro FIs?
There are still many many disgruntled investors who are victims of their own background which has absolutely nothing to do with this debacle.To say that being educated or being young you had the capacity to understand those products you bought and to make informed decision is unfair and echoing the MAS mentality.
I think it is futile to argue on this basis. The best strategy is to get evidence of mis-selling from the the very people you bought the product, sue the RMs.Once the beans are spilled go for the kill, go for the FIs.The truth will prevail.
Lies and falsehood cannot withstand examination and cross examination.; January 19, 2009 9:40 AM
Anonymous said...: MR TAN
Is it possible to carry out a SURVEY in your BLOG of those "RM's names" and "number of occurrence" and the type of "Produts", which complaints was lodged. This would help us to see which RM has the HIGHER OCCURRENCE. If a pattern is clear, we may be able to go after the particular RM as a mini-class action against "the specific RM" of whatever FI.

Part of the process will definitely requires the RM to present his/her case and knowledge of the products. I think this s a fair process, bec current the interview is the FI asking questions on the investors; while the investor is only waiting for the sky to drop gold or dust?

The SURVEY can be in the following format: [a] RM name [b] Product name [c] Amount [d] Month purchased [e] FI name [f] Nickname of participant of the survey.; January 19, 2009 10:26 AM
Anonymous said...: Dear friends,
The BIG THIEF is sometimes caught when committing SMALL THEFT. This is because the police is very good in linking isolated cases together. Seems to me that this skill should be put to use by the independent persons entrusted in ensuring the complaint handling is fair.

Yours truly, Humble Thot; January 19, 2009 10:57 AM
Anonymous said...: I agree the propose from 10:26am; January 19, 2009 11:04 AM
Anonymous said...: Is anyone really going to start a court proceeding if banks are proceeding to compensate investors?; January 19, 2009 11:06 AM
Chan J C said...: Anonymous at 10.26

This is a possible idea.; January 19, 2009 11:41 AM
Anonymous said...: The banks must be taught a lesson not to mess with ordinary people who
trust them and also the their benefactor.
It is a shame to rob the poor man in the street; January 19, 2009 12:21 PM
Anonymous said...: Dear Friend who wrote this " Is anyone really going to start a court proceeding if banks are proceeding to compensate investors?"

This is the precise reason we feel helpless, because the FI saw the full picture; while we see a fraction. They are the cheating; while we are the cheated.

Yours truly, Humble Thot; January 19, 2009 2:13 PM
Anonymous said...: The banks didn't compensate everyone and everyone FULL.
So suing the RMs to spew out all the evidences to nail the banks. Also to let MAS know that they did a F job all this time, no control of the FIs and the salespeople.; January 19, 2009 2:16 PM
Anonymous said...: sue and sue the RMs. If not for the RMs these folks wouldn't be cheated.
As long you have a human in between you are finished. Humans are liars, manupulative, phoney, unethical and unscrupulous and greedy and conscienceless.; January 20, 2009 1:39 PM
Concerned said...: These RMs have been lying for ages by trying to induce investors to invest in all sort of products. So long there is a commission or quota system and the RMs are under pressure to produce, RMs will lie to achieve the target. To prevent such thing from happening in future, RMs must be made to be responsible for all their actions and what they said.; January 20, 2009 5:42 PM
Anonymous said...: so are insurance agents , lying, cheating for decades but unfortunately no consumer thinks or knows they have been cheated because these consumers are as idiotic as the investors of minibombs.These consumers need something like the bomb to wake them up to the fact they have been cheated for decades.These consumers think being short changed for 30% or 40% of the cash value or surrender value is okay. If that is , so be it. Wait till their family they left behind go on the dole then they will realise.; January 20, 2009 7:53 PM