Mr Wang Says So http://mrwangsaysso.blogspot.com/ is writing a series of articles on possible lines of arguments that investors could use when they use the FIDREC adjudication process. I urge you to read the articles.
The first two articles.
He may be writing other articles.
12 comments:
Mr Tan
this was shown on the news yesterday. http://www.channelnewsasia.com/stories/singaporebusinessnews/view/406428/1/.html
Just want to know, what about DBS High Notes??
We like to imagine the Legal Process and those who administer and practise it as being fair, equitable and honourable people.
Unfortunately, the process itself in reality is far from being fair and equiptable as we would want it to be. This is inspite of the fact that civil servants in Singapore are paid million-dollar salaries to administer justice and high legal fees are chargeable in the profession.
Next, the legal profession may not be really fair and equitable to the layman. It is a profession where "paper" slurs and lies are granted exclusive privilege to exist, without any professional regrets, in a process to so call extract what is meant as "truth" only to these honourable souls. Truths in the verbal form could never be readily admitted, even with statutory procedural provisions, and are easily deemed to be not the real truths by those adminsitering justice.
I would consider equity in law as only an ideal principle which can never be purely administered and / or practised equitably by these destined "Honourable" souls. In later stage of their destiny, they would probably need to be more soul-searching.
It is a not process to have good experience. But if you have to experience it, fight it hard; or even cunning. If not, the honest may suffer and the cunning may be taken as truthful.
According to DBS website, 3 more companies within the 100 entities list have filed for bankruptcy. This means all together 5 companies have become bankrupt and it is very likely that holders of HN2 and maybe some other series of HNs will be badly affected. This is surely going to stir another round of protest to the bank. There is however no new posting on the blog maintained by the High Notes Investors Group. What happens to this group?
Nothing interesting and nothing new in Mrwangsaysso.
Dear Mr. Tan,
Is the QC opinion available yet? Csn you share that with us if available?
Anonymous 1:44pm (Feb 3),
The three newly bankrupted companies in the DBS websites are
not in the CDO list of HN2, if you are holding it.
XH
Mr. Tan,
I am an investor of HN2 with the RM's risk label as "BALANCED",
while HN2 targeted for "GROWTH" and above investors. However, I received a rejection letter from DBS right before Chinese new year, saying that there is no substantiate evidence of miss-selling.
Therefore, it is not true either that DBS would compensate those with low risk appetite.
XH
Mis-selling can be found in the fact finding.
If you can prove that you are not financial savvy and that you were prospected by the RM and that need analysis was not done for you, you may have a chance.
Produce the fact finding form. Somewhere in the form you can find the mis-selling. Get an expert to examine it.
For those already been rejected by DBS, the only chance is to take a class action. I doubt FIDREC is going to be helpful. Those cases rejected by DBS must be on similar grounds and if FIDREC overrules some cases rejected by DBS, it may also has to overrule many other cases rejected earlier on similar ground by DBS. Can you imagine the impact? So we hope the QC's opinion can be obtained as soon as possible so that a decision can be made by the investors. Lately mose news are focused on the budget and issues relating to the failed structured notes seem to have been forgotten.
XH,
thanks for pointing out the 3 newly bankrupted companies are not in the list of HN2. I did not check out earlier and DBS also did not indicate which HN would be affected. However, given the continuing deterioration of the world economy, I really don't think HN2 can be spared. It is a matter of time.
It is not what you buy that matters (e.g. MB, JB or PN), but how you buy it or who you buy from that is important.
If you buy from IFA, you are finished, even if you are most conservative, even if you are 99 years old, even if you are no education, even if you are.......
you will not get compensated.
So it is not how u complain to FFF, but who you buy from, or how u buy it that is most important.
More than half of respondents feel proper selling procedures were not carried out
IN THE recent uproar over the sale of complex financial products gone sour, who should bear the greatest blame for mis-selling? Confronted with this question, most bankers pointed the finger at themselves.
According to survey findings released yesterday, 58 per cent of banking executives polled said financial institutions were largely responsible for the mis-selling complaints, which arose when the bankruptcy
of investment bank Lehman Brothers suddenly eroded the values of seemingly low-risk products sold to the man in the street.
The rest of the respondents blamed consumers (about 38 per cent) and regulatory agencies (5 per cent).
The survey was commissioned by Avaya, a telecommunications company, and was conducted by financial research firm The Asian Banker.
Some 40 industry professionals in Singapore and Hong Kong were polled, and they were typically chief operating officers, retail heads, wealth management heads and relationship managers. How did they feel the selling process ought to be changed? Not by a wholesale overhaul of the status quo, they said, but by
strengthening the execution process.
“The consensus among survey respondents is that it is not so much the selling process itself that is flawed and has led to mass mis-selling claims, but rather failure on the part of banks to effectively execute and enforce proper selling procedures,” Dr Grace Liu, senior manager of research at The Asian Banker, said.
Most in need of adjustment is training for sales staff, said 83 per cent of the respondents who cited this as “very urgent” or “urgent”.
Other crucial areas were suitability requirements, product information disclosure and supervision of sales staff. Lower on the priority list were documentation, internal controls and, at the bottom, sales culture.
In the area of customer communication, just 43 per cent of the respondents felt their banks’ present arrangements were insufficient. The survey found that banks were reaching out to customers “most
Frequently via impersonal channels with generically targeted communiques”. The Asian Banker listed several pieces of advice for financial institutions. These included ensuring that relationship managers are able to communicate in a language that the customer can understand and take special care when dealing with the elderly and less educated.
“It is also advisable for banks to place less emphasis on commission schemes, which encourage a quick sales culture and increase mis-selling risks,” said Dr Liu.
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