Wednesday, March 04, 2009

Dispute Resolution through FIDREC

If you have lodged your complaint to FIDREC, please read the following advisory from MAS

You have probably been asked to complete a questionnaire to provide the facts on your complaint. This puts the onus on the investor to justify the claim.

As the complainant, you can ask FIDREC to get the financial institution's representative to complete a questionnaire based on the attached questionnaire. This will provide information for the adjudicator to decide on any possible mis-selling of the product.

I have asked the Consumer Association to suggest to FIDREC that this questionnaire should be used. I have not heard about any decision on this matter. 

As you investor, you can ask FIDREC to get the answers to this questionaire, in the interest of fairness and natural justice. I hope that you find this questionnaire to be useful to support your complaint,


CC said...

We do our best to follow the instructions from authorities in seeking redress for our complaints against the FIs but so far we are getting nowhere.

1. Would someone comment on their experience with FIDReC?

2. Out of nowhere, SIAS recently issued a statement offering "advice".
I sent an email to inquire how they can help but have not received any response after a week. A friend called and was not given any specifics either.

3. We are left with no choice but to take legal action.

zhummmeng said...

Class action is the only recourse to full compensation. You only have to prove that you were misled and conned into buying and also that the section 27 of the FAA was breached by RMs.
They are not difficult to prove. All the evidences can be found in the KYC or fact finding forms.
Your key witnesses are RMs and if they are willing to come forward to testify the FIs will be nailed.
The truth is the FIs are afraid of going to court. They are trying to deter you by telling you it is going be long drawn and expensive.If it is long drawn their reputation is going down the drain too.
Be warned, SIAS is a red herring,

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