Dear Mr Tan,
I will be facing a legal counsel from X (the financial institution) and one of the 5 other listed representatives in my adjudication. Further, the RM who sold me the minibond is named as a witness. As mentioned to FIDReC and MAS, I do not understand why for instance, a robber can be named as a witness instead of the 'Accused'. The arrangement has the effect of X sending three representatives including one legal counsel against me alone.
FIDReC stand since March (I sent in my complaint in Nov 2008) when I was told of adjudication procedures has been that I have to accept this arrangement if the Adjudicator did not reject.
I am wondering if others are facing similar unjust arrangement? Did they share their solutions with you? Appreciate if you can provide some advice. Thank you.
Many investors have expressed unhappiness with the FIDREC arrangement and the outcome.
I suggest that you bring up this matter to the Consumer Association (CASE) to ask for consumers to be given a fair hearing. CASE is represented on FIDREC. You can send your letter to Mr. Seah Seng Choon at firstname.lastname@example.org
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