tag:blogger.com,1999:blog-11702093.post2486451069234736656..comments2024-03-27T20:18:34.069+08:00Comments on Tan Kin Lian's Blog: MAS Media Release on Structured ProductsTan Kin Lianhttp://www.blogger.com/profile/00617069056914635271noreply@blogger.comBlogger27125tag:blogger.com,1999:blog-11702093.post-31305733960409599592008-10-19T23:01:00.000+08:002008-10-19T23:01:00.000+08:00As one mini-bond "gullible sucker", after reading ...As one mini-bond "gullible sucker", after reading and listening to so many empty statements from various organisations since Leyman crashed, my only thought now is :"What's the bottom line?".<BR/><BR/>zero cent on the dollar payback?MSLeonghttps://www.blogger.com/profile/06199173286186823309noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-6753413521494931682008-10-18T23:36:00.000+08:002008-10-18T23:36:00.000+08:00I understand the plights of investors who have los...I understand the plights of investors who have lost their money. But I think instead of criticising what the government is doing, we should try to understand why. It's not easy being where they are. A lot of decisions they make are policy calls, and they must have their reasons why they're doing it this way. I think it's fair that the old retirees are given priority. They are after all those we sympathise with the most. I'm sure in other cases if there is clear evidence, there will still be hope. When people make money no one thank the government. When they lose they'll point their fingers to the government. Let's be fair to them.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-33108778564754869522008-10-18T23:08:00.000+08:002008-10-18T23:08:00.000+08:00Rating for Warren Buffett AAA+ MAS FFF-Rating for Warren Buffett AAA+ MAS FFF-Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-28012268172494310952008-10-18T21:48:00.000+08:002008-10-18T21:48:00.000+08:00Hello, those so called vulnerable people cannot ev...Hello, those so called vulnerable people cannot even read and write, so how they complain to FI? In S'pore everything must be black and white, law by law. If they don't know how to write a complaint letter to the FI then does it mean no need to compensate? You think the FI will call and ask, "hello uncle u buy mini bomb and lose money, plse come to my bank i return the money to you". Wait long long. So MAS action is useful or not or wayang only?<BR/>I saw Mrs Foo's comment that she as a CPA for 20 yrs also got cheated. Don't dispair, u are not alone, Some of us got Professional Engineer title or MBA and PhD also got cheated. It's not a question of whether you are educated or not. Everyone on Kin Lian and LionInvestor blog are educated, so means we all should just "move on"? Come on MAS....if this is what u are saying, i think a lot of people will protest again, may be there will be a riot.<BR/>It was too clever a concealment that 99% will fall into, the balance 1% are from the Gifted Program and unfortunately most of us are not. May be MAS should use the Gifted Program to qualify whether u are cheated or vulnerable. I beg u not everyone in MAS understand the complexity inside the prospectus as well, may be the one who vetted it too. Sorry I wrote this because I can't help wondering what hope is there for most of us?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-16887018894398059722008-10-18T15:14:00.000+08:002008-10-18T15:14:00.000+08:00I viewed that MAS shall in the first place study a...I viewed that MAS shall in the first place study and evaluates is there any misrepresenation in the brochures and the sales information that has been used by the FI/banks to sell these Minibonds to their risk aversed customers,esp. to those that has the intention to place their saving in fixed deposit but some how being pursuaded to divert their FD amount onto these Minibond by their Finacial Consultant advise ....that is the root caused of the problem arising for most of the cases.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-80638597866087057042008-10-18T14:39:00.000+08:002008-10-18T14:39:00.000+08:00Dear Mrs Foo, which FI are you in?I have bought Mi...Dear Mrs Foo, which FI are you in?<BR/>I have bought Minibond Series 7 from Hong Leong Finance and wondering will I get the same reply for my lodged in complaint....still awaiting for their reply to me.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-77800625618935909692008-10-18T12:41:00.000+08:002008-10-18T12:41:00.000+08:00Actually, with the MAS statement, nothing much has...Actually, with the MAS statement, nothing much has changed. The poor investors still get push to lodge complaints to the FI that sold them the product. Just like in the last few weeks, most cases would be dismissed.<BR/><BR/>Why cant MAS set up to receive the complaints like in HK?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-89850553969582826002008-10-18T12:37:00.000+08:002008-10-18T12:37:00.000+08:00now you only see desperate ntuc agents operating r...now you only see desperate ntuc agents operating roadshows. Be careful of these product pushers.The year is ending and they can be so desperate that they will do anything to sell you toxic packages(revosave with vivolife) to qualify for MDRT or some incentive trips.They will guarantee and promise anything to get you to buy. It is any how sell now. Whether you are young, old, blur, or retarded uncle or aunites, as long you can walk past their pasr malam stall you can be a victim.<BR/>They tell you home is safe.They are trying to scare you that other insurance companies are not safe, that other companies may go bust.Did you see their ad in news paper? This is unethical tactic. Don't fall for the trick.<BR/>These agents have no conscience at all.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-30218190512154135672008-10-18T12:17:00.000+08:002008-10-18T12:17:00.000+08:00Mis-sold is a mis-sold. There are no qualification...Mis-sold is a mis-sold. There are no qualifications to it, whether educated or illiterate. I hope that MAS is not trying to divide and conquer. We need to stay united and fight for what is right!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-56306645338027778482008-10-18T10:03:00.000+08:002008-10-18T10:03:00.000+08:00I am a Certified Public Accountant with 20 years o...I am a Certified Public Accountant with 20 years of experience in accounting field. But this does not mean that I am a financial expert that understood Minibond. I’m now doubtful how much the FI manager knows about Minibond when he was promoting to me, who recognised myself as a risk adverse. From the product name, interest rate of 4.25% and the regular quarterly payment, I genuinely thought it was a "bond". "Lehman" was not mentioned in the brochure. A lot of trust was on the FI manager who represents the largest finance company in Singapore. I even sign on the paper to acknowledge I was given the prospectus when he said he does not have a copy then and will send me a copy, which was many weeks later. I wrote to the FI and it now refer me to what I have signed. I seriously considered myself being misled and MAS should help people like me too. We are good citizen who pay our income tax diligently. I will be very disappointed with the government if this is the way they handle it.<BR/><BR/>Mrs FooAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-35458979158717992772008-10-18T09:32:00.000+08:002008-10-18T09:32:00.000+08:00I am a victimised 70-yr old retired civil servant....I am a victimised 70-yr old retired civil servant. It appears this case-by-case basis is similar to that as adopted to the "performance bonus" given yearly to civil servants. Those who angkat their superiors and work less(but know how to sweet-talk) will get more bonus. Those who work hard but timid and cannot express are being bullied and left out. In this case it is worse. It look like that those who can express their cases to the FI better will get more sweets. For myself I cannot talk well. How?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-12723268759670748822008-10-18T08:06:00.001+08:002008-10-18T08:06:00.001+08:00I totally agree with Zhummmmeng. MAS should also...I totally agree with Zhummmmeng. MAS should also stop insurers from giving incentives to distributors, as this will antice themn to do 'forced' selling. Some insurers are giving trips, gifts to top sellers. Is this right? Sad to say a lot of things goingd on, why MAS is very quiet about it. The industry is managed by businessman who may be former agents, their objective make money and not protecting customer interest. Product pays more commission they go in. Mr Tan, there could be other 'time bombs' like dual currency, hedge funds, land banking etc. Hope your blog could create more awareness and maybe those distributing could put their processes right.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-79380608354050006722008-10-18T07:56:00.000+08:002008-10-18T07:56:00.000+08:00The way I forsee - there's very little hope for th...The way I forsee - there's very little hope for the educated and younger investors to recoup loss.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-59952071864163774292008-10-18T07:47:00.000+08:002008-10-18T07:47:00.000+08:00My mum was 75 when she bought this. She is Chinese...My mum was 75 when she bought this. She is Chinese speaking but not lowly educated. She was accompanied by me - a degree holder - but yet we were both mislead. I worry she doesn't "qualify". This is rather upsetting.<BR/><BR/>Those who "qualify" are likely those who would have no idea how to write a letter of complaint in the first place.<BR/><BR/>They didn't mention how they could help this group complain.<BR/><BR/>So it doesn't soundn't like a good thing after all?<BR/>Koh Soo HiemAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-86461499411520424122008-10-18T07:00:00.000+08:002008-10-18T07:00:00.000+08:00The mis selling is not only to the old and uneduca...The mis selling is not only to the old and uneducated though those are more obvious.<BR/><BR/>MAS needs to wake up to the fact that the sales brochures and advertisements are so misleading that many educated peole including me and many of my friends who are graduates fell for it.<BR/><BR/>May be the only difference is that we did not place our entire savings into it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-56322320471679199272008-10-18T06:26:00.000+08:002008-10-18T06:26:00.000+08:00Last time msa was the best in the world, when thei...Last time msa was the best in the world, when their salaries were lower.<BR/>Now may be the salaries are too high, so can't afford to send teams to conduct thorough audit?????Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-49105011205877044002008-10-18T01:45:00.000+08:002008-10-18T01:45:00.000+08:00MAS has finally called this press conference to ad...MAS has finally called this press conference to address public concerns on the investment failures.<BR/><BR/>As a financial authority, MAS should not hesitate to investigate into the dealings and circumstances which led to most retail investors crying foul.<BR/><BR/>The fact that investments which failed are seemingly fragile and reflect to some extent, ineffective regulation and supervision of the financial institutions which sold the questionable products.<BR/><BR/>One aspect which was only lately known to exist is the risk profiling of investors. <BR/><BR/>Investors have made known recently that the procedure was not carefully adhered to in finding out if the product suits the risk-profile of the would-be investor.<BR/><BR/>The procedure is at best superficially rushed through after a deal is closed. <BR/><BR/>When FIs set tight sale targets for their managers, it is no wonder that short-cuts may be taken to market these high risks products.<BR/><BR/>Sale brochures are known to emphasize objectives which FIs are too concerned in their bid to win over the retail investors when highlighting risks factors should be equally important.<BR/><BR/>Shouldn't it be time now to review and revise the "As to Zs" that will make investments safer to all.<BR/><BR/>In the interest of the public and if proven, victims of misrepresentation must be compensated and those who mismanaged must be held accountable.Richard Gohhttps://www.blogger.com/profile/15274234858763603148noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-23844438602759614152008-10-18T01:40:00.000+08:002008-10-18T01:40:00.000+08:00Mr. Tan, if it wasn't for you, we wouldn't have se...Mr. Tan, if it wasn't for you, we wouldn't have seen actions taken.<BR/><BR/>Thank you for showing Singaporeans the power of courage. Its now time to learn from Mr. Tan and stop getting scared. <BR/><BR/>If every Singaporeans stood together, we wouldn't have been bullied times and again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-49104176066523492372008-10-18T01:16:00.000+08:002008-10-18T01:16:00.000+08:00the statements are very sweeping, they are more of...the statements are very sweeping, they are more of a technical readout, of a clarification of possible proceedings, of a general memo to quell displeasure rather than any sort of assurance, much less insurance, the most its saying is they are not sitting around, they are ACTUALLY monitoring into this, they are basically doing more than ALSO reading news updates and twitching fingers, waiting the next big one, they are probing bit by bit where they can, when they can, as an overseeing agency, thats all. it did not promise anything, it did not explain indepth into anything, it did not warrant any action or ramification. it is a wall of text that said next to nothing other than they SEEM to be doing their job EVERYONE expecting them to say they are doing. they are drawing up maps of systems they CLAIM to be perfectly in place to handle such crisis/matter, on top that, they try to claim they actually have SOME legal power to come in hassle anyone FOUND (read: CONVICTED) of false doing. Atlas they DIDNT really (want to) mention that everything is still SO SO FAR AWAY from any form of a judgement, much less a conviction, in this ongoing fiasco.<BR/><BR/>read it again. carefully.<BR/><BR/>if anyone smart enough and put two in two, the recent guarantee would go all the way up to end 2010, this is more less the timeline they<BR/>are working along on but they are NOT saying so. Affected parties of this fiasco, THATS your guiding compass for whatever you are thinking or planning about, retrieving, seeing your money or whatever whatever. For now.<BR/><BR/>again if anyone find this post offensive, i apologise sincerely if it had been anyway miscommunicated and will gladly remove it by all means necessary.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-87096847403156961842008-10-18T00:39:00.000+08:002008-10-18T00:39:00.000+08:00i think this is a fair trial as it is the old, une...i think this is a fair trial as it is the old, uneducated and illiterate which deserves most attention. It is quite heart breaking to see old folks loosing their hard earn $$ and "coffin $$". This also serves to weed out "opportunistic" investor who wants to ride on the wave of claiming "mis-selling" and demand compensation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-25392581575106517472008-10-18T00:27:00.000+08:002008-10-18T00:27:00.000+08:00It's time FIs be PROACTIVE and contact the elderly...It's time FIs be PROACTIVE and contact the elderly (not wait for them to write complaint letter). How many out there have NOT written a complaint letter, because they don't know how?<BR/>Then again, how objective can the FIs be? Perhaps for the "vulnerable", there MUST be a safeguard, e.g. family member, independent party.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-54648416226640007022008-10-18T00:19:00.000+08:002008-10-18T00:19:00.000+08:00I think MAS is trying some clever damage control m...I think MAS is trying some clever damage control moves - make a show of resolving some cases of "vulnerable customers" and move to close down the whole show. Tell everyone to move on. Basically let the rest of us to rot. What an eyewash.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-83945747774325794772008-10-18T00:12:00.000+08:002008-10-18T00:12:00.000+08:00I have a Masters, not yet retired but not so sophi...I have a Masters, not yet retired but not so sophisticated in investment - I guess I'm screwed! Is this how MAS wants FI to proceed. When they took money from us, were they so careful to distinguish between us? NO! They just took!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-44336753660351970452008-10-18T00:05:00.000+08:002008-10-18T00:05:00.000+08:00Oh my. "Vulnerable customers" - what does this mea...Oh my. "Vulnerable customers" - what does this mean?<BR/><BR/>Does that mean I have to have:<BR/>1) A piece of paper from my RM that clearly state something like "Don't worry, DBS HN5 will NEVER EVER fail. Please invest now", or<BR/>2) DBS cannot now find any piece of form with my signatures on them, or<BR/>2) I need to be an 80 year old retiree who don't know English<BR/><BR/>in order to stand a chance at getting compensation? How many of us have the above attributes? My point is that the whole process lacks transparency - among other things we do not know what qualifies as evidence. DBS was the issuer and arranger of the Notes and now they are judge and jury too.Betsybughttps://www.blogger.com/profile/00614167212875856849noreply@blogger.comtag:blogger.com,1999:blog-11702093.post-5406101087159434052008-10-17T23:52:00.000+08:002008-10-17T23:52:00.000+08:00This is first time that we hear comments from MAS ...This is first time that we hear comments from MAS regarding the issues of mis-selling. It it heartening to know that they too feel and recognise a certain group of investors were mis-sold considering their profile and circumstances.<BR/>I hope that that this will be the defining moment for the industry and will trigger a chain of reformation and fine tuning to existing guidelines to change the ways financial products are sold and also the products themselves will get stringent test and evaluation before allowed for sale.I hope that section 27 will be enforced seriously and that it will be the guideline the financial advisers conduct their business. To take a step further to ensure that this section 27 is NOT circumvented by FIs and their consultants MAS MUST conduct audits<BR/>frequently otherwise it will become a dead letter later and forgotten just like many of the notices and guidelines issued in the past.<BR/>Certain activities that can contribute to mis-selling like roadshows and gifts should also be examined.<BR/>We will continue to watch the development.zhummmenghttps://www.blogger.com/profile/11494903461266369989noreply@blogger.com