Tan Kin Lian's Blog: Unhappy with the interview

Sunday, October 26, 2008

Unhappy with the interview

Dear Mr Tan,

I had attended the interview. It's feels like asking a criminal to conduct the trial and pass his own verdict. It may be a bit exaggerating but it's definitely not a fair trial. I will be surprise if anyone can get a fair hearing and compensaiton from this.

One of the most ridiculous question I was asked is, "If no one from X tell you it's a Fixed Deposit, what is your complaint then?". I never know a broking house is allowed to sell FD. I started to recall and found out that this person actually heads the department that was selling all these toxic products.....Head of Business Developement Department. So is it fair?

The other one is he claimed that X is only distributing and not selling. So there is no mis-selling. X not selling but did received a commission from the issuer, sound ridiculous again. I went alone; I will only challenge him when there is a fair trial.

I insisted on bringing the form home to fill in. He tried to pressured me to submit on the spot claiming that my hearing will be delay if I don't submit on the spot, etc. Clearly this is another one of those pressure tactic used. I told him off. I do not want to say much, because the other 2 persons just keep writing the moment I open my mouth. It was quite a hostile interview because of the stupid questions asked and the pressure tactic used.

It's a waste of time to attend. Think about it, it really a ridiculous approach from MAS. Like asking us to go commit sucide.

I'm sorry to bother you, but I think only you can help us and provide leadership to us since MAS is washing hand. I'm very disappointed with the government.

I wish to remain anonymous

REPLY
This is an interview. Is should not be described as a trial or interrogation. You can write a complaint to the "well regarded person" who is supposed to review the complaint handling process for the distributor, i.e. Mr. Ee, Mr. Low or Mr. Hwang.

20 comments:

singaporenewsalternative said...: Those who wish to attend these "interview" sessions should take down notes during the session, and if possible, tape down the whole conversation so that there will be no dispute over what is said in the sessions.; October 26, 2008 6:48 PM
Anonymous said...: These are tell tale signs that things are not looking good for those who are not in "vulnerable" group.
Mr Tan had advised those to be patient and strong. I would just say be strong to face the worst because patience may not see the light in the end.; October 26, 2008 7:21 PM
Anonymous said...: In the first place, it is wrong for the authority to ask the FIs or distributors to conduct the interview without an independent party to be present. It is like asking a criminal to admit his wrong doing. Is this practical or possible? I believe this so call interview is not the final verdict of investor's claim. But if all FIs and distributors are holding the same attitude just to defend themselves and not prepared to look into such complaints objectively, then all cases will end up going to Fidrec, many thousands of them. This will be a big burden for Fidrec. So I think Mr. Tan KL is right to ask MAS to propose a more practical process in handling all cases in a collective basis.; October 26, 2008 7:50 PM
Anonymous said...: MAS and the independent panel should really look into this. It seemed many were "humilated" when they went for the interview. As writer indicated, the interview need to be fair, not conducted by the same people/department that sold the products.; October 26, 2008 7:58 PM
Anonymous said...: Dear Mr Tan,
That is the reason few of us who bought from the brokerages still have not submitted our complaint. Can we submit our complaint and refuse to attend the interview as it is not patial.

If the FI then give its decision, then we go to the FIDReC?

Anyway, the mis selling starts from the advertisement and brochures and not necessary the selling process!; October 26, 2008 8:07 PM
Anonymous said...: What is the point of ging for "interview" if all points hv already been included in our letters?
If the purpose is to "help" us write the "statement", then we would rather write the statement ourselves. Just give us the format of the "statement", if the letter is not enough.; October 26, 2008 8:27 PM
Anonymous said...: Dear Mr Tan,
The trouble is MAS DID NOT tell us the address to write to these "well regarded" persons. I did write to one of THESE person c/o the bank's address sent by REGISTERED mail. No prizes for the RIGHT answer. It got REJECTED by the bank!!!! Try asking the press, I did. They don't know either.; October 26, 2008 9:08 PM
Anonymous said...: I have attended 2interview.The interviewer from the first FI is not very friendly and keep on insists that I have sign the form, meaning I have understood what I have signed and keep insisting for proof when I say your RM say this and that, it is quite frustrating. But when I go to the second FI, the two interviewers are from backroom staff and they are quite friendly, take down note, finally write out the comments, pass the comments to me to verified, all three of us sign the complain form. I would have wanted to tape the proceeding because the experience from first FI, but I didnot because the officers did show sincerity to find out fact. When I mentioned that I have intended to tape the conversation, they commented that it is my right to do so as long as it is done openly, meaning telling them that I have started the tape. So for those of you that feel being threatened, you may bring a friend to go with you and tape down the conversation

HS; October 26, 2008 9:12 PM
Anonymous said...: If you got rape and report it to the police and they tell you to talk to the rapist, would you? It is ridiculous but what would you expect from leaders who decide their own salaries?; October 26, 2008 10:45 PM
Anonymous said...: The FI is definitely not sincere to hear from you , they are probably doing it as a requirement from MAS. They are trying to presurise you in saying the wrong thing and wrongly filling up the form in that kind of environment and use it for future evidence. In such a case why bother to attend such interview. A request for an open forum collectively will be a better option.; October 26, 2008 10:51 PM
Anonymous said...: Ask MAS to confirm whether securities firms can circumvent the requirements of s 27 FAA and call themselves execution brokers. If this matter is not resolved first, I think the interview will be a waste of time for those who bought from newspaper advertisements or following briefings arranged by the distributor. The interview will simply give them a chance to tell you that they did not recommend the product. They were merely taking your order because you yourself had made the decision to buy the product. You will end up frustrated.; October 26, 2008 11:26 PM
Anonymous said...: the interview is another instrument, as is the 'sales process' in the first place

instrument is harmless, its the way its used

or some might put, manipulated

i heard of psychological interview techniques (more interrogation techniques) that use fire and ice and warm water approaches

meaning its always a pendulum swinging wildly between extremes and rarely returning to a normative, this is to be the subject guessing.

read it up. try some interesting key words, 'war' 'prisoner' 'corner' 'taunt' 'aggravate' 'confuse' 'interrupt' 'deprive' 'distort' 'persuade' 'repeatedly' 'unreasonable' 'irrational' 'irregular' 'illogical' 'panic' 'depressed' 'break down' 'subjugated' 'cave in' etc maybe might get a better gist; October 26, 2008 11:37 PM
Unknown said...: the interviews are meant to cover themselves. As mentioned by 1051pm, they just wnat you to say all the wrong things to hold against you in future.

And i totally agree with 1045pm. If the police is the one raping, do you think they are gg to admit it? In this analogy, imagine, the Attoney-General ask you to report the rape case to the police?>??? what sort of justice can you reasonably or even remotely expect????

Come on. COnflict of interest!!!!!!!!!! such simple concept, cannot understand? Just can't see what MAS is trying to achieve - assuming these intereviews to bear fruits???; October 27, 2008 12:01 AM
Anonymous said...: If the interview is as above and FI has no sincereity .
I do not think we should go for the interview. FI interviewer defintely have more experience or they may come from FI legal section. We, lay- man in the street,one facing three ,is very scary.What we say they may note down in the way to FI favour.
WE rather draft down our fact submit to FIDREC and c.c.to FI.,; October 27, 2008 4:48 AM
Anonymous said...: I agree that the interview process was totally unfair and a waste of time. I was interviewed by the VP, head of sales whom my RM reports to. He basically told me that everything is in black and white and I have no case!; October 27, 2008 9:31 AM
Raymond T said...: You must look objectively at the big picture. Why would the banks and FIs hand you a rope to hang themselves with? ;); October 27, 2008 10:22 AM
Anonymous said...: The interview is flawed. The boss of the broker who sold the minibond to me conduct the interview. What fairness do I expect?; October 27, 2008 11:30 AM
Anonymous said...: Th interviews are put on for 'show', wasting investors time. The 'black and white' issued by the bank, vetted by lawyers have fully protected and sheltered the banks from such situations. The interview only add unnecessary torture to the poor layman investors, educated or not, who are already depressed by the hard-earned money accumulated over years, not months.; October 27, 2008 11:43 AM
Anonymous said...: This is called divide and rule. NB. I do not hold any of those bonds and notes, but i feel it is a very unfair tactic. Do not go for interview singlely, go in groups of similar situation. And MUST INSIST to settle as a GROUP.; October 27, 2008 4:43 PM
WY said...: I think it should be a 2-way communication, fact-finding channel.

The investors should not feel pressured. Don’t let the FI peoples intimidate you.

(My opinion, use at your own discretion) Investor can:
1. bring along another person with you, who can also act as witness if needed in future.
2. bring along a recorder, with enough tapes/batteries.
If they can get down notes, why not you use a more high tech device.
Just politely tell them in the beginning you wish to record.
Speak clearly. Ask for clarification if the other party didn’t speak clearly.
3. Ask for name cards of peoples present, name, position etc..
4. Prepare yourself on all the facts of selling process.
5. If he/she is not your original RM, during the interview you can ask whether he/she is still working in the FI.
6. Prepare a list of questions that you wish to know:
a. plan of FI regarding compensation, timeline etc.
b. request for a copy of forms you have signed
c. ask them how they are trained on selling minibond, quota, commissions etc.
d. any guidelines of FI on selling these products, training materials
e. you can even ask them to explain on Minibond (to test their knowledge),whether they have read the prospectus etc.
f. FI’s ethics policy
g. …. etc…
7. Calm down, don’t be too confrontational. Look for win-win situation..
8. Reserve the rights not to answer if you are unsure of the facts.
9. Feel free to stop the meeting if it drags too long or you are tired.
10. Don’t sign anything if you are not sure and wish to look at it thoroughly.
11. If they try to initimidate you saying you have no case, politely ask “why the FI still organize such a meeting if so”, “are the FI thinking that its staffs are too free ?”.; October 28, 2008 5:01 PM