tag:blogger.com,1999:blog-11702093.post3058348306821453704..comments2024-03-28T22:56:40.743+08:00Comments on Tan Kin Lian's Blog: 50% compensation for MinibondTan Kin Lianhttp://www.blogger.com/profile/00617069056914635271noreply@blogger.comBlogger27125tag:blogger.com,1999:blog-11702093.post-7601228535096026562009-07-31T20:37:34.402+08:002009-07-31T20:37:34.402+08:00Many investors that bought from securities firms a...Many investors that bought from securities firms are through IFAs. The key responsibility of an IFA is basically that of a financial doctor who is required to ascertain and diagnose the investor’s financial needs and objectives, his risk profile, his current investment portfolio before he recommends appropriate investment product to his client. The IFA is governed by Financial Advisors Act just like the banks. The sec firms enlisted IFA to market to their clients by giving them an “Introducer Script” that absolves the IFA from carry out the fact-finding step mentioned above while securities firms claim that they are just "Order Executor"<br /><br />Is it unethical?<br />I don't know. Just open your eyes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-65646182596424861832009-07-31T19:20:38.336+08:002009-07-31T19:20:38.336+08:00If you asked for 50%, and get 50% compensation, th...If you asked for 50%, and get 50% compensation, then you should be contented and move on.<br /><br />If you not happy with 50% then should ask for 100% in the first place and prepare a longer wait.<br /><br />Now, you got what you want and still demand more. That is the greed that got you in the hot soup in the first place. <br /><br />Why not be contented with 1% in fixed deposit in the first place? Sigh, being greedy is your downfall. Live simply and be happy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-14250369168970469882009-07-31T17:28:54.896+08:002009-07-31T17:28:54.896+08:00When you want something from the citizens, you tal...When you want something from the citizens, you talk about keeping talent, what other countries are doing, why we need to do this and that.<br /><br />Now with HK giving at least 60%, why don't you use the same method? Compare with HK, tell us how you did better, tell us why you deserve the $million salary?<br /><br />After this morning interview of a S'porean in HK on 93.8, it goes to show HK govt care more about their people than you and draws very much less salary.<br /><br />Why don't you use the same method and compare again how much you care for the citizen esp. the MB investors who lost their life savings because of FIs bullying.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-61255072499917728422009-07-31T12:12:52.321+08:002009-07-31T12:12:52.321+08:00What shall we do with the Singapore flag. The five...What shall we do with the Singapore flag. The five stars, so my primary school teacher told me many many years ago, represent justice, peace, prosperity, equality and progress. Let us tear down the flag if these values are not upheld and ignored from top down. It's time to have a new flag with five black crosses, to represent unfairness, nepotism, persecution, boastfulness, never-say-sorry, these seem to be the sublime messages being sent top down to the citizens.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-38088754639721114162009-07-31T10:38:00.905+08:002009-07-31T10:38:00.905+08:00FI = MAS = Govt
citizen = mb investors = nobody.
...FI = MAS = Govt<br /><br />citizen = mb investors = nobody.<br /><br />Now you know why Govt and MAS is not replying and why FIs continue to bully us at mediation?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-56049118811793854392009-07-31T07:32:43.114+08:002009-07-31T07:32:43.114+08:00The samll investors are already so weak & poor...The samll investors are already so weak & poor.<br />Why must be so obsessed in protecting the big boys.<br />Why can't just be fair to both parties.<br />Sad.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-4675574684550054962009-07-31T06:25:27.273+08:002009-07-31T06:25:27.273+08:00"When Minibond was launched in early 2007, th..."When Minibond was launched in early 2007, the fixed deposit rate was 3.5% from SCB. For single premium endowment policies, you get 4% return plus insurance for a tenure of 5 years to 8 years. All these financial products bear very low risk and comparable returns. So, what high returns are we talking about? It is a myth perpetuated by the Minibond distributors after the Lehman collapsed to mislead the public and to evade their responsibilities."<br /><br />Read from www.miasg.com carefully.<br />It may help you in your submission to Fidrec.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-49401185640121205992009-07-31T05:46:36.581+08:002009-07-31T05:46:36.581+08:00"The most unethical market plot by the securi..."The most unethical market plot by the securities firms is to enlist the help of Independent Financial Advisory firms [IFA] in the marketing of Minibond. "<br /><br />"Securities firms' claims of "Order Executor" is just a smoke screen, a dubious claim to fool the public."<br /> <br />Please read www.miasg.com for more info. It is well analysed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-83933593418225977842009-07-31T00:47:59.959+08:002009-07-31T00:47:59.959+08:00All the victims so far have to bear the bullies fr...All the victims so far have to bear the bullies from FIs, I think to a large extent is the outcome of the very irresponsible and useless attitude of MAS. As a citizen, I have no hesitation if I could do to vote them out of office because the leadership are not doing what is right and up to now has remained silent especially in light of what is happening in HK. They are just wasting our tax payer money. It is a shame on the govt too.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-10122163850578826712009-07-30T23:47:22.921+08:002009-07-30T23:47:22.921+08:00It's really very disheartening to see the govt...It's really very disheartening to see the govt let the FIs any how treat those helpless investors. Any how offer certain % of compensation, let FIs acts like a hooligans again...FIs see those can eat ones just eat. Why can't SGP authorities came out to say or do some things for their citizen who are affected by the incident. This is the best time for them to demonstrate to all Singaporeans what kind of govt they are. See what HK authorities did and managed the case, they are at least sincere to negotiate the issue with the FIs for their citizens. No bullshitting. Unlike SGP authorities,just know how to put up a good show to tell people out there how they have punished the FIs.Is that what they meant world class standard? However, how about those affected investors??? In fact, they are barking at the wrong tree.Try deviating from the core subject and close case; and say that's it I have already done my job the rest are none of my business.Folks, take care yrselves.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-18735394504567199892009-07-30T20:44:05.666+08:002009-07-30T20:44:05.666+08:00SG's approach depends a lot on ind FIs.
If the...SG's approach depends a lot on ind FIs.<br />If the FIs do not want to compensate u, no matter what u say or write, they just not inteested.<br />What can u do? cry for their future? cry for ???'s future?<br />What can u do? U still get 0 or may 10-20%.<br />For those get 20%, they are so happy bec 60-90% get 0 or very little.<br />What can u do?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-67798433453020420042009-07-30T18:36:30.378+08:002009-07-30T18:36:30.378+08:00There are some basic but important problems we hav...There are some basic but important problems we have to face when we go for FiDREC for the <br />initial mediation stage and later on the adjudication stage. This will naturally touches<br />on whether the whole process is fair or unfair.<br />The mediation stage is for both parties, FI and <br />investor, to submit their papers for complaint and reply. FiDREC will tries to mediate with both parties on the offers form FI. If both cannot agree with the offer, FiDREC has to set a date for both parties to submit their final<br />rebuttal. The problems arise if FiDREC do not adhere to the date for both parties to comply.<br />Unfortunately FIs seem to have the flexibility to submit their final rebuttal whenever as they like. Is it fair?<br />At the adjudication stage, I strongly feel that not all the judges and senior lawyers fully understand the background of the toxic products. If they were not aware that several countries has already settle the compensation percentage satisfactorily, they might impose an unreasonable percentage to investors.To avoid these problems arises, FiDREC should provide all necessary information to adjudication judges for consideration in order to achieve <br />an acceptable fairer verdict.<br />Further more, the residual value of the financial products also have to be made known to all the judges. HK model of settlement also put it as an compensation component. <br />FiDREC do aware these problems or not?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-88725453469080095312009-07-30T17:08:16.458+08:002009-07-30T17:08:16.458+08:00Maybe you should go to this website www.miagsg.com...Maybe you should go to this website www.miagsg.com to view a group of minibond holders who are currently preparing a class action against the FIs. I heard those who were partially compensated can also take part to recover the balance.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-11577642940677354812009-07-30T16:52:35.303+08:002009-07-30T16:52:35.303+08:00I know Maybank is very "CAT" in compensa...I know Maybank is very "CAT" in compensating. They maintain their stance and is prepared to go for adjudication if u dun accept their offer of 10% or lesser. Poor us, we have to proof their mis-sellig and stress ourselves to fight for our rights ! Furthermore, the fees to go for hearing in Fidrec is by Series than per product. Even we win, this cost we still have to bear. How unfair ! What is MAS doing here ? By keeping dump is how they work ? Pls stay united & dun simply accept that miserable offer, we really get bully by the FIs !Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-20600725077958946482009-07-30T15:42:38.081+08:002009-07-30T15:42:38.081+08:00The FI rejected my case initially and I filed my c...The FI rejected my case initially and I filed my case with FRIDEC. When I was about to submit for adjucation, the FI give an offer but with conditions to withdraw certain remarks in my letters which they consider slanderous and I have to apologise to them. Do u think it's right for the FI to bully elderly folks into accepting their offer by their threatening behaviour.<br />TKSAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-19327612174232384882009-07-30T12:14:39.543+08:002009-07-30T12:14:39.543+08:00This is lesson to tell us that we must stand unite...This is lesson to tell us that we must stand united as one and get all involved in mis-selling to fight for our right.<br /><br />I am sure there will people accepting 20% compensation, unknowingly that they can get higher if they go one more step to be heard.<br /><br />The FIs are really heartless.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-53164451701012542692009-07-30T11:30:47.422+08:002009-07-30T11:30:47.422+08:00I have complained to FIDREC and is now arranging f...I have complained to FIDREC and is now arranging for mediation. What should I look out for?<br /><br />Did anyone have their risk profiling done before purchase of the minibond? Is this a requirement?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-39794503866997765612009-07-30T11:29:43.556+08:002009-07-30T11:29:43.556+08:00Hi
Good to hear that after this long tedious proc...Hi <br />Good to hear that after this long tedious process, you manage to get 50% compensation. Many of us still get rejection or <20% even though we are conservative investor. Can you share some of your tips?<br /><br />Thanks<br />HopefulAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-75658867695900674592009-07-30T08:19:49.837+08:002009-07-30T08:19:49.837+08:00Various articles been written to the press questio...Various articles been written to the press questioning the roles of MAS and asking why the different compensation in Hong Kong and Spore.<br />Until today I have yet to hear a formal reply in the forum. Are they deaf and dumb ? Probably they want to wear us down and hope the matter will just slowly be forgotten. Guilty conscience on their part ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-54077905755407513032009-07-30T07:45:58.704+08:002009-07-30T07:45:58.704+08:00I filed a complaint with Maybank and received ZERO...I filed a complaint with Maybank and received ZERO compensation and that is it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-84045541335586545962009-07-30T07:35:31.621+08:002009-07-30T07:35:31.621+08:00Even u have a very strong case. Some FI (esp the s...Even u have a very strong case. Some FI (esp the sec) just refuse to give u a single cents. What can u do? We are totally at their mercy!!<br />Really envy u. They give u 30%, then 50%.<br />If they don't give u a single cent, what can u do?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-75412975325028280312009-07-30T00:40:26.728+08:002009-07-30T00:40:26.728+08:00Wow 50% compensation. On what basis FI raised comp...Wow 50% compensation. On what basis FI raised compensation from 20% to 50%? Very arbitrary and unfair. Different FIs different standards. This tantamounts to bullying by divide and conquror. The whole process must be very intimidating to small investors like us.<br /><br />MAS must surely know such will be the consequences when it decided on a hands-off approach. <br /><br />I wonder how many cases out there similar to this, when FI raised payout from initial miniscule amount to 50% or more. Does MAS compile such data from FIDREC, and will MAS make public such data? The dice is loaded against the small individual investors. Once you sign to accept compensation, you are bounded by confidentiality agreement not to share this information. <br /><br />But surely MAS can demand from FIs and compile such information to be made public to ensure that FIs are not dealing fairly and not taking advantage of small and misled investors.CKnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-21944074919060950962009-07-29T23:32:17.025+08:002009-07-29T23:32:17.025+08:00I have filed my case with FIDREC since FI has send...I have filed my case with FIDREC since FI has send a letter to inform that there is no compensation offer to me for my case. After that there is mediation by FI, FI first offerred 15%. I rejected and later they offered 35% which I did not accept it since they cannot answer how they derived the % and how much is my minibond value todate but want me to make a decision so as to close the case just like that. I felt being bully. They stress that is the maximum they can offer. So FIDREC call me to arrange for a hearing.<br />I will see how it go.....headache also. Any advice or experience to share how to deal with it?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-701667035666332962009-07-29T23:09:33.965+08:002009-07-29T23:09:33.965+08:00What kind of logic is this? During Sales talk, th...What kind of logic is this? During Sales talk, they treat us like King. Once mis-sell and mis-rep happens, they treat us like dirt. We must slowly show proof to get back our own money when they conned us into it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-78369508131504034172009-07-29T21:39:49.740+08:002009-07-29T21:39:49.740+08:00How you do it? You mean you could reject after adj...How you do it? You mean you could reject after adjudication? and ask for another adjudication? That is amazing.<br />We are keen to learn from You.Anonymousnoreply@blogger.com