Dear Mr Tan,
I have filed my case with FIDREC and I am waiting for FI's investigation report. I will decide, after getting the report, on whether to proceed to the next step, i.e. to get FIDREC to adjudicate the case. It is important for me to get the investigation report first.
For any investor who wants to go through legal action, it is necessary to get FI's investigation report. In Chinese, we have to know the enemy to win the battle.
Currently, when we were interviewed by the FI, it is one direction. We have to answer many questions, but FI do not need to answer us anything.
REPLY
I agree with your approach. It is important for the complainant to get the report from the financial institution and decide how to present your case for mis-representation. You should submit documentary evidence or witnesses who can attest to your side of the story.
Caution: If you have high blood pressure or heart problem, make sure you take your medicine first before you read your FI's report.
ReplyDeleteU may be winning all the battles. It is so easy for u to win battles, but u will loss the hearts.
ReplyDeleteIt may be better to win more hearts by losing some battles.
U win all the battles but loss the hearts, eventually u may loss the war.
Adjudication by FIDReC is basically on what transpire between you and the sales person during the procees of the sales.
ReplyDeleteThe Adjudicator will only be interested to see whether there is any mis-selling by the sales person during the sale process.
Unless you are sueing the FI in court based on mis-selling, FI report is quite inconsequential.
Can one make use of the investigation report obtained through FIDREC for subsequent legal actions? I thought there are some confidentiality provisions in the FIDREC documentation that would not allow such information to be used outside FIDREC.
ReplyDelete1 Definitely there is a confidential provision in the Fidrec process.
ReplyDelete2 Even if there is no confidential provision in Fidrec process, I do not see how the FI's investigation report can be beneficial to the investors. It could be quite the contrary. You want the FI's report similar to prosecutor's evidence or defence's witness.
On the one hand, u may be fool into spending too uch time and effort in rebutting some of the points.
ReplyDeleteOn the other hand, if u use it skillfully, u could use their points to support yr views, or even to yr advantage.
I think it is a worthy effort in
ReplyDeletegetting a investigation by FI from
FiDREC. Reasons:
1)To prove that the investigation
by FIs were lopsided as it was
done by the referee and members
from the same team. The conclusion
by the IT would be very bias
against the retail investors.
2)The IT dares not ask relevant but
sharp questions so to prove FIs
had committed errors. On the
contrary,they might use the
opportunity to collect data so
to strengthen their defencive
arguments.
3)The IT reports may not be able
to get from FiDREC as FIs insists
that the report is their internal
document and not for outsider to
read.