Tan Kin Lian's Blog: FIDREC Adjudication process

Wednesday, August 25, 2010

FIDREC Adjudication process

I carried out a survey on the FIDREC adjudication process a few months ago. Less than 5 people responded. I was not able to post any results.

15 comments:

AC said...: I am a late comer in this. I am about to bring my case to FIDREC. My initial contact (thru telephone) seem to give me the feeling that I have to do a lot of justifications as to why the bank is wrong in selling me the Notes. I have given my side of the story to the bank and they came back with zero compensation. They refused to explain to me why zero. They said it's case by case and was decided by their internal panel. I am not really sure how to put up the case again if I do not know the reasons why some got zero, some 30%, 50% etc. Any info to share would be appreciated.; August 26, 2010 9:57 AM
sureesh40 said...: What is your age, educational back ground, did you approach them to invest or they approach you. How much did you invest. Did you sign any wealth map or risk profile. How long did they RM take to explain to you the product.

All the above infor would determine the merits of your case; August 26, 2010 12:22 PM
Solomon said...: Dear AC,

I would recommend to join existing legal group if there any for your case. From what I know, those banks have been collecting data from their customers to be used against them, that is we are providing them info on how to discredit us.

I am not sure how Fidrec can help but worth a try. But if there is any legal group, join them.; August 26, 2010 2:53 PM
AB said...: I have gone thru the adjudication but yet to receive the result. After I receive result I would participate in future survey if there is one.; August 26, 2010 9:10 PM
AC said...: Thanks Suresh40 for the tips. The bank assured me age and educational background would not affect my case. Anyway, the bank is not prepared to reveal anything about how they assess each case.

AB, care to share the outcome of your mediation stage (2nd stage)? I believe Adjudication is the 3rd stage. Do you have to put up a lot of justification for the mediation stage ? Did the bank show you their internal investigation report ?; August 27, 2010 2:47 PM
Unknown said...: I waent thru the adjudication stage & put up a 8 page reply to the Rejection letter from F.I and pointed all the discrepancy done by RM and finally the judge still awarded me zero.
So my age 50 & tertially educated sure were taken into account if not I can't think of what else are different from those awarded compensation.; August 27, 2010 7:06 PM
Unknown said...: SY
Went thru adjudication. Case against FI dismissed. What is the next course of action.....?; August 27, 2010 11:35 PM
Zhong said...: Don't put too much hope on Fidrec adjudication. There is a case that the victim is Sec 2 Chinese educated, stayed in 4 rm HDB flat, low income, RM came to his flat to con him to sign on those forms, never has any investment before, no CDP account. Such person also awarded ZERO by Fidrec adjudicator. Unless you are worst then her profile, otherwise better work hard for your justification.; August 28, 2010 11:08 AM
sureesh40 said...: Zhong
I find this very difficult to believe. How did you come to know of this victim. I am waiting adjudication myself and find this all very discouraging.; August 29, 2010 10:23 AM
Zhong said...: Sureesh40,

You will soon see your own adjudication result and prove it. This victim is not the only case. There are few more very sad cases quite close to that case and awarded ZERO by the adjudicator. My advice to you is that you MUST establish very solid reasons to justify yourself.; August 30, 2010 9:45 AM
AC said...: Agree with Suresh40 that it's pretty discouraging so far. I hope those of you who have gotten some compensation can share with us how you did it. The only way for indivudal investors like us to have a chance to win is to combine efforts and share our experience. If there are kind hearted people out there who are prepared to help us (victims), I would be very appreciative.; August 30, 2010 6:35 PM
sureesh40 said...: dear Rita

What are the descrepancies thr RM did; September 01, 2010 1:02 PM
sureesh40 said...: Zhong

Even if you can't provide solid reasons to justify your case the judge during adjudication should ask the relevant questions to establish if there is mis-selling; September 01, 2010 1:21 PM
Zhong said...: Sureesh40,

I would advise you to contact your product action group leaders(organised by Mr Tan KL) for more information with regards to adjudication process. They should have gather sufficient experience on Fidrec adjudication from their respective group members by now.; September 01, 2010 11:11 PM
Unknown said...: Dear Mr Tan
How do I contact the product action group leaders. Thanks.; September 13, 2010 10:54 PM