MAS encourages financial institutions to make a corporate statement about their goal to achieve "fair dealing outcomes" for their customers. Here is an example of a statement issued by Citibank,
http://www.ipb.citibank.com.sg/global_docs/pdf/fairdealings.pdf
http://www.ipb.citibank.com.sg/global_docs/pdf/fairdealings.pdf
Even though we are not among the unlucky investors in the DBS High 5 notes, we still shudder at how DBS, MAS and the Court treated them.
ReplyDeleteWe stay clear off MAS, the Judiciary and any FI in Singapore.
If timing is not ripe, would rather be cash king, earning less than 1% returns, than to be unjustly cheated right under our own noses.
If inflation drags for years, then so be it. No amount of new regulations to protect investors would remove our distrust of any Institution here, most notably our so called Regulator MAS.
Fair dealing outcome guidelines were introduced in 2009.The objective is see insurance companies having a culture of fair dealing....and it falls on the CEO to the salesmen to give their customers fair dealing.
ReplyDeleteDo you think it is successfull? Or is MAS successfooled?
If this guidelines have been enforced by MAS all the CEOs have to be sacked and jailed.