I have just received a rejection letter from the bank that sold the minibond to me. I am devastated. What can I do now? Shall I go to FIDREC? What about the class action?
REPLY
Over the past five months, many investors have recieved a rejection letter or a low offer that they cannot accept. The best course of action is through FIDREC. I have updated this guide on how to use FIDREC. I have found a lawyer who is willing to provide legal assistance to help the investor in the FIDREC process for a flat fee of $500.
Various groups of investors have approached several lawyers to organise a class action. I understand that most of these efforts have stalled. The class actions required at least 500 participants to contribute $2,000 or more. They were not able to get an sufficient number of participants.
27 comments:
Dear Mr Tan,
I have difficuties opening
Credit linked notes
2. contact persons (distributor, postal)
Can you please look into it and make the information more accessible to me)
I know one group is progressing well in the class action.
The class action organisers should change their legal fee amount. It should be % of individual's investment amount, NOT flat rate of S$2K per investor.
please do you have the numbers ,can you please tell us im sure everyone wants to know which FIs gave the most rejection letters can you list them so we all would know who to not give our bissness too we can at least do that!!
I totally agree with anonymous 3.28pm that legal fees ought to base on investment amount and hope the organisers will take notice of this. Having said that, I think $ 2,000 is quite affordable considering some lawyers charge $500 for writing Fidrec claim report.
Lawyers charge conveyancing fee for property transaction on % of the value of the property. Likewise legal fees for class action should base on the investment amount. How can investors of $50,000 or $1 million pay the same amount.
3.28PM, DBS gives the most rejection letters.
Besides the particular group that progress well on their class action, all other groups need to change their legal fee to % base. Otherwise they will be heading to nowhere.
With more victims getting disappointing FIDReC results, I believe all class actions must be re-organised and pushed ahead.
Beside DBS giving the most reject letters, I have not heard anyone got ANY compensation from my brokering house.
I believe all cheated investors should join the existing class action groups early. Do not wait for replies from FIDREC and FIs.
The chances of you getting compensated are very slim. You are on your own as the authority has stated very clearly that it is up to FIs to conduct the investigations.
UOB Kay Hian rejected ALL of the complaints and offered ZERO compensation.
All should close your account and not give them any future business.
FIDReC's processing is surprising slow. Are they purposely using delay tactics? Very inefficient and very irresponsive. Are they another WAYANG show? I am confused.
Do not forget the limit of claim in FIDReC is only $50,000. For investion more than $ 50,000, can consider class action.
they try to wear you down so you will give up.This is the trick. FIDREC is set up by FIs , what do you expect? to shoot their own foot?
I read from newspaper last month FIDReC was short of staff and additional staff cost was billed to the FI's.
11:40AM, if you have gone thru' FIDREC process, you will realised that the slow process is not due of shortage of FIDReC staff. It is due to 1.... 2..... Plse find out yourself by going thru' FIDReC process.
Don't put too much of your hope on Fidrec Process. The F.I will not compensate you just becos you have filed a complaint with Fidrec. You will be rejected again & forced to go to Adjudication stage & then you find you are facing the other side(F.I) sending their legal person to grill as a lawyer would. It can be a one-sided fight with you being framed into a corner as they go legalistic. Be Prepared!
No wonder we don't get to hear about advancement on the class action suit. Are these ppl afraid that others will know that they have a degree & above yet get cheated like an illiterate?
Dear Mr Tan,
My aunt got an offer of 25% from Hl even though her risk profile is balanced. She sought my advise on this issue whether to accept or to bring it up to Fidrec. Can you advise me? She mentioned that given a balanced risk profile should she accpet 75% lose?
Appreciate if the rest of you guys/gals can advice.thanks.
Greatly disappointed by the way our authority are dealing with this situation.
Mine from Maybank was rejected. I am moving on, not because I am rich but I prefer to work harder to earn back the money I lost to continue fighting a case which needs more energy, time, effort & $$ and outcome is still unknown.
Jasmin
6.30pm:If HL offers 25% it means your aunt has quite a strong case. Plus if your aunt is illiterate in English, retiree or housewife, then she will get more thru' FIDReC. I would propose she reject HL offer and proceed with FIDReC.
For FIDReC filing, she will to be well prepared for complaints on mis-selling.
Dear Mr Tan,
My wife(48 seconday level) joint acct with her mother(72 not educated) offer of 25%of $180,000 from Hl today. She was at lost to accept or to bring it up to Fidrec. Can you advise.
Appreciate if the rest of you guys/gals can advice.thanks.
Guys/Gals..I hve gone through the Fridec process and same conclusion ....my case dismissed by Fidrec after going through the process in the sub-court. All the same ..all legalistic..no compassion for us as Fidrec judge do not want to hear HOW the Banks trick customers through false presentation when pushing these product. A zero sum ...only now the goverment or MAS need to help to exposed the legal scam in their selling.
10.48am Why process in Fidrec involve sub-court? Could you please clarify? Do you mean you went through sub-court first as a civil case, got dismissed and then file a complaint in Fidrec subsequently?
Dear all, Just to share. My aunt had accepted the 25% compensation reluctanly. As she doesnt want to go thru the whole "grilling" process again with fidrec. i was with her when she went for the settlement. Guess what? what disgusted me was that the settlement officer offer my aunt a Fixed deposit once she signed the agreement! " Hey, in the first place, my aunt want to open a Fixed deposit and they got us to do it otherwise. Now they want to revert back and offer us fixed deposit after my aunt and other ppl had suffered such heavy losses." Isnt it disgusting of the FI? Sad to read that HK govt are trying to resolve this issue at least they acknowlegde the problem. But others cannot be commented.
Dear Mr Tan
I'm very lucky to get 75% compensation (Pinnacle Notes) from HL..thank you so much
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