COMMENT POSTED IN MY BLOG
Now every body understand how bold our MAS in defending the interest of the FIs under the instruction of our top learders.They openly said the HK accross the board method is not acceptable. You think HK people are all stupid and we are smarter? The whole world thinks otherwise.
MAS said FIs are not using legalistic approach. I wonder what approach they are using? MAS is blind or twists the fact that FIs are forcing investors to take action becuse investors have no alterlative. How dirty was these tactics adopted by MAS.
Do you think you will have a fair hearing in FiDREC? Every FI can send 2 legally trained officers as defenders, and the RM, who mis-sell and mis-rpresent the products to us, will stand as witness. You are alone to fight against them.
Do you find the arrangement by FiDREC is rediculous?
The fight is over. The winner--FIs. Score--100 to 0.
I think It's a one-sided game. MAS+FIs against people who got cheated. Referee = FIDREC. Loser = people who got cheated. Game over.
ReplyDeleteThose who have gone thru' FIDReC adjudication hearing have realised that the adjudication is extremely legalistic. "You can read English or Chinese and have signed the documents, therefore you have no case."
ReplyDeleteOne-side game + extremely legalistic.
Don't place too high hope of getting your money back through FIDREC lest you end up a frustrated nut. MAS+FIS+FIDREC-people = $000000. 3 Against 1
ReplyDeleteFIs to recover commisions from the advisers?
ReplyDeleteSee, even now advisers also got "bullieed" by the FIs.
The "ill-gotten" money should be refunded to "victims".
I feel saddened for those being "cheated" but don't think much will be done.
ReplyDeleteIt is the same with operation procedures too where patients who know nothing about medicine have to sign indemnity letters with complex medical terms.
The bullying is so strong that investors have zero chance. MAS and government are ths main culprits controlling the plot
ReplyDeleteWe were told by MAS in a roundabout way to take these FIs to Court. I don't know what they mean.. MAS, Fidrec and the FIs look like they are snakes and rats in the same nest.
ReplyDeleteThe strategies MAS uses in protecting the interest of FIs sometime looks fair to both parties, actually they are all dirty tactics which cannot stand with further scrutiny. They firmly got hold the fact that investors had signed on the AF so insist that FIs are not liable irregardless of mis-sell and mis-represent done by the FIs. Let us
ReplyDeletetake a look of these dirty tactics:
1.Culprit for approval to sell-- MAS has never admit that it has to be responsible for the approval given to FIs for the sale of these toxic products. That is why MAS dare not blame FIs for mis-s and Mis-r.
2.Review by FIs-- the result is not liable for FIs, and no faults were found in their sale.
3.Investigation by 3rd party-- this is the most absurd part as the inv. team consists only FIs own staff. Referee and players come from the same team, do you think the end-result will be impartial? Worst of all, they put words into your mouth and so to strengthen their ground of defence.MAS claimed that the investigation was oversee by them. Can MAS prove that it has done its job properly? Does MAS found any irregularity on FIs investigation? If MAS really want to be fair, a multiparty investigation commission should be setup for the job.
4.Case by case-- MAS now insists that across the board is not acceptable, and compensation must be based on case by case. This is to tell all investors, you have to look for your justice in the court, or you have to rely on the mercy of FIs. MAS told FIs not to adopt legalistic approach, in fact telling FIs wait for the investors to take legal action as they have no alternatives.
5.Ban-- MAS imposes ban for sale by FIs from 6-24 months. This ban is so shamelessly announced by MAS and turns itself as a laughing stock in the financial world.
I think all our neighbors like Malaysia , Indonesia, Thailand will laugh at all S"poreans now as to how stupid they are in letting their $600m dollars swindled by cheating syndicates yet ironically these syndicates are strongly supported by their world-class leaders.
I think we should give a gold medalto MAS -- the champion of protecting FIs interest.
Financial Crisis Money plays an important role in our lives.
ReplyDelete