Tan Kin Lian's Blog: MAS and PM decline request for a meeting

Monday, September 07, 2009

MAS and PM decline request for a meeting

Dear Mr Tan

I refer to your requests to the Prime Minister and MAS to meet with yourself and a representative group of investors. The Prime Minister's office has referred the request to MAS.

MAS has responded to your petition on 31 August, where we set out our approach to handling investors' complaints on failed structured notes. This has also been explained to Parliament during its 20 July sitting and detailed in numerous MAS' public statements over the last nine months. We have released our investigation findings for the financial institutions that sold the notes as well as the regulatory actions taken.

MAS has addressed publicly, the issues raised in your petition on a number of occasions. As such, we decline your request for a meeting.

Investors who are not satisfied with the outcome of the financial institutions' resolution of their complaints can approach the Financial Industry Disputes Resolution Centre (FIDReC), or seek legal advice on the recourse that is available to them, based on their own facts and circumstances.

Yours sincerely,

Andrew Khoo
Executive Director, Capital Markets, MAS

19 comments:

Anonymous said...: "We have released our investigation findings for the financial institutions that sold the notes as well as the regulatory actions taken."

The MAS investigation findings is incomplete because it did not address many complaints raised by the investors such as:
(1)minibond products are unsound products and unfair products
(2)misleading newspaper advertisements and misleading sales brochures
....; September 07, 2009 5:42 PM
Anonymous said...: Hi Mr Tan

We suggest we should shoulder on and resend the petition to our PM Lee again, after all the petition is addressed to the PM, not MAS. The regulator has no business to be a busybody to reply on PM's behalf. PM Lee should not take the easy way out by pushing the responsibility back to the regulator, who do not want to take responsibility from the beginning, or else why we have to petition the PM as a last resort. We should have as thick a face as MAS.; September 07, 2009 5:51 PM
Anonymous said...: Perhaps some investors should consider other ways of protesting, such as picketing the PM office. Only then can the PM take notice.; September 07, 2009 6:01 PM
Anonymous said...: Send the petition to the 2 elected opposition candidates in parliament asking them to seek re-address of MB, HN5, PN, etc issue. We can gauge the calibre & performance of the oppositions against garmen to see whether they dare to fight for the people or just warming the sits, simply yes men.; September 07, 2009 7:26 PM
Anonymous said...: Anyone noticed how "sincere" these new blokes are? I do not detect anything sincere in the letter yet he unashamedly signed off as "Yours sincerely". No wonder the world is in a turmoil now with these "Paper Sinceres" in control.; September 07, 2009 7:53 PM
Anonymous said...: Please don't drag the opposition parties into this mess. They did not create this problem.

You should approach your elected representatives. Your voices in parliament. i.e. your MPs. You elected these blokes into office. It's now time to ask them to return your favour/vote by fighting for you.; September 07, 2009 9:30 PM
Anonymous said...: Your investment lost - lifetime saving. Really true!

Estd. S$500m lost, what is the percentage of GDP?. Estd 1000 investors, what is the percentage of population? So sorry!

If Ong Teng Cheong is still around, the story might be different.; September 07, 2009 10:30 PM
Anonymous said...: The government know very well that we Singaporean have been "brain washed" for decades and will not do things such as "protest or strike" like other countries especially these group of 777 people signed the petition should be mostly in the middle or higher income and intellectuals group will not "abandon" them and will not vote for opposition as these "high end" group likely to disdain the qualification of opposition as compared to governing party..... they will complaint and complaint but they still vote for ruling party no matter how...so the govenment will not worry and thinks why bother to spend time on them.

It is those large group of very poor, old and unemployed group that the government is now need to take great care to help them....to prevent them to vote them out "emotionally" as these poorer group, they have nothing to loss further after all except one vote in their hands....; September 07, 2009 10:37 PM
Anonymous said...: They are so very predictable. The only way to wake them up is to give deprive them of a few more constituencies. Can't wait for election!; September 07, 2009 11:08 PM
Anonymous said...: I strongly believed our leaders have factored in the political cost when they made such a decision. The cost is just only about 1000 votes, which is peanut when spread out across the whole island. All credit linked notes holders have to reserve to their fate. Pity !; September 08, 2009 12:05 AM
Anonymous said...: I agree we should resend the petition to the PM, who is supposedly to be compassionate to the plight of the citizens of Singapore. Clearly MAS is wayang only.What good is it to fine FIs? Not a cent of the fine goes to the victims.In fact, its a happy party. Garmen gets to pocket the fines and FIs gets to keep their commissions. The only losers are the victims who lost their hard earned savings.; September 08, 2009 12:56 AM
A Tan said...: Each of the 770 petitioners surely got 10 close friends or relatives with account in FI has account. Each of these 10 people surely got another 10 people with similar accounts.

Do yr sums. You 770 people have vast network of people that you use to tell FI that customers are unhappy with way FI treat you.

But I suppose you will wait for non-investor to organise for you? ((((((

You prefer to whinge, grumble. Get organised or MOVE on; September 08, 2009 5:40 AM
Anonymous said...: Since the PM is not bothered with this petition, then let us send the petition to the President and see how he handles the matter.; September 08, 2009 9:49 AM
Anonymous said...: Is the 777 petitioners will to attend another HLP gathering? This is a simple request and show of support is important. Purpose of gathering is for petition update. It will take only 1/2 hour.

If these 777 petitioners don't even want to show face, then Mr. Tan, let's move on as they are as useless as the MAS. I am a MB investor and have attended most of HLP meeting including the last one.

Let the 777 petitionist email to TKL to participate. Simple logic is a simple monthly gathering until election day will be a good simple message to the govt that they are doing a lousy job in sweeping MB under the carpet.; September 08, 2009 9:52 AM
Anonymous said...: Shall we send a petition to complain MAS, so that PM can not forward our petition to MAS? Dear A Tan, it is not we are lazy to draft the petition letter, but becasue we are not good enough to draft the letter. So we are very appreciate what Mr Tan KL did for us.; September 08, 2009 11:39 AM
Anonymous said...: Don't count on the President. He is too busy shaking hands,attending functions and sending congratulatory messages to heads of states.; September 08, 2009 12:32 PM
Anonymous said...: To The 777 minibond holders:

Don’t worry about the government ignoring the petitions and avoiding meeting you, because the longer they drag on this issue, the more people will get to know the real facts of minibond. (i.e. the time and tide are with you).

What you should do now is to send Mr. Tan's Article "Singapore now stands alone" to your relatives , friends and whoever you know.; September 08, 2009 3:47 PM
Anonymous said...: Many of us (bought from IFAs) have approached FIDrec, who said there is no jurisdiction against the IFA, who linked to FIs (Broking firms). So what MAS is talking about ?; September 08, 2009 3:52 PM
Anonymous said...: To: Poster of September 07, 2009 9:30 PM

Sending petition to oppositions is a way of gauging & testing their compassion, credibility & ability whether people come 1st or money come 1st. Most of the time politic & money are binded together just like most of the garmen in other countries. Sorry to say that I don't vote for garmen but oppositions. Garmen has more than enough kaisi and kaisu people to vote for them. What about your vote???; September 08, 2009 8:14 PM