This blog contains a few useful tips for you to prepare your statement or affidavit to submit to the financial instition that sold the credit linked securities to you (i.e. minibond, high notes) without advising you clearly about the risk.
I suggest that investors should get the papers ready now:
http://thinkhappiness.blogspot.com/2008/09/meeting-lawyer.html
Tuesday, September 23, 2008
MAS statement on Structured Products
22 September 2008
Comments by MAS Spokesperson on Investments in Structure Products
" MAS understands that many investors would have queries about their investments in structured products. The FIs concerned are already assessing structured products that are linked to Lehman Brothers to determine how investors will be affected. We have asked FIs to update all affected investors as soon as information becomes available. MAS is in close contact with the FIs.
Investors who consider that they were mis-sold a product or that a product was misrepresented to them should also contact their FI in the first instance. MAS expects the FIs concerned to give priority in dealing with such queries and handle complaints promptly, in accordance with existing MAS requirements. If the consumer is not satisfied with the FI's response and they have a legitimate cause of grievance, they can approach FIDReC which is the independent organisation set up to help resolve disputes in the financial sector. MAS will continue to monitor how FIs are handling complaints they are receiving.
MAS expects all financial institutions to have in place proper procedures to ensure that investment products are marketed and sold appropriately. Where we have clear evidence in the current matter that an FI has breached our laws or regulations, we will hold the FI to account. At the same time we urge consumers to be careful in their investments decisions. MAS will continue to work with our partners in MoneySense to enhance our financial education efforts so that investors understand the risks and returns of the products that they are investing in, and not to invest in products they do not fully understand." - MAS Spokesperson
Denise Gan
Asst Director (Communications)
Monetary Authority of Singapore
DID: 6229 9425
Comments by MAS Spokesperson on Investments in Structure Products
" MAS understands that many investors would have queries about their investments in structured products. The FIs concerned are already assessing structured products that are linked to Lehman Brothers to determine how investors will be affected. We have asked FIs to update all affected investors as soon as information becomes available. MAS is in close contact with the FIs.
Investors who consider that they were mis-sold a product or that a product was misrepresented to them should also contact their FI in the first instance. MAS expects the FIs concerned to give priority in dealing with such queries and handle complaints promptly, in accordance with existing MAS requirements. If the consumer is not satisfied with the FI's response and they have a legitimate cause of grievance, they can approach FIDReC which is the independent organisation set up to help resolve disputes in the financial sector. MAS will continue to monitor how FIs are handling complaints they are receiving.
MAS expects all financial institutions to have in place proper procedures to ensure that investment products are marketed and sold appropriately. Where we have clear evidence in the current matter that an FI has breached our laws or regulations, we will hold the FI to account. At the same time we urge consumers to be careful in their investments decisions. MAS will continue to work with our partners in MoneySense to enhance our financial education efforts so that investors understand the risks and returns of the products that they are investing in, and not to invest in products they do not fully understand." - MAS Spokesperson
Denise Gan
Asst Director (Communications)
Monetary Authority of Singapore
DID: 6229 9425
Tell your Member of Parliament
Hi,
Thanks for your initiative. I hope more people will sign up. There was a protest in Hong Kong on the same issue and understandably, CNA reported, the investors are considering suing the Lehman sellers.
My series 3 was sold to me by X based low risk with the possibility of defaulting if any of the 6 banks declare bankrupt. Given the good rating and the international reputation of these banks, I was encourage to take especially when it is also a bond.
When Lehman declared bankrupt, more information was release from internet [Lioninvestor.com] Then I came to know about Swap agreement, arranger and derivative packaging. Till now, I still have no idea what Lehman do with the money since X did not furnish the information. They are more like trying to say follow the contract i.e. Swap arranger defaulted, so wait for HSBC trustees to determine any $ left.
Bad selling, poor understanding of this product and finally sad for Singapore's financial hub if MAS is not going to help as the investments are hard earn money for retirement. I paid $Y and still thinking how to start saving all over again.
REPLY
I suggest that you should lodge a complaint with your Member of Parliament. I hope that your MP can ask for MAS to be more pro-active in looking after the interest of the general publlic.
Thanks for your initiative. I hope more people will sign up. There was a protest in Hong Kong on the same issue and understandably, CNA reported, the investors are considering suing the Lehman sellers.
My series 3 was sold to me by X based low risk with the possibility of defaulting if any of the 6 banks declare bankrupt. Given the good rating and the international reputation of these banks, I was encourage to take especially when it is also a bond.
When Lehman declared bankrupt, more information was release from internet [Lioninvestor.com] Then I came to know about Swap agreement, arranger and derivative packaging. Till now, I still have no idea what Lehman do with the money since X did not furnish the information. They are more like trying to say follow the contract i.e. Swap arranger defaulted, so wait for HSBC trustees to determine any $ left.
Bad selling, poor understanding of this product and finally sad for Singapore's financial hub if MAS is not going to help as the investments are hard earn money for retirement. I paid $Y and still thinking how to start saving all over again.
REPLY
I suggest that you should lodge a complaint with your Member of Parliament. I hope that your MP can ask for MAS to be more pro-active in looking after the interest of the general publlic.
Special program on CNBC about Credit Linked Securities
CNBC is filming a special program on Credit Link Securities. It is expected to be filmed on Thursday. I do not know the exact details.
I was interviewed on CNBC to give my views about the risk of these securities and why they are not suitable for risk adverse investors. I also suggested the steps that can be taken by the Authority to investigate potential mis-selling by the financial institution and any potential wrong-doing in the structuring of these securities.
Watch out for this program on CNBC.
I was interviewed on CNBC to give my views about the risk of these securities and why they are not suitable for risk adverse investors. I also suggested the steps that can be taken by the Authority to investigate potential mis-selling by the financial institution and any potential wrong-doing in the structuring of these securities.
Watch out for this program on CNBC.
Group Meeting of MiniBond Investors
Message from Jan Chan: Mr. Tan, please help us to pass this message through your blog
We are a group of Lehman Minibonds investors who are organizing a meeting tomorrow to discuss collective action and to sign a petition for submission to the authorities to voice our grievances.
Interested parties are encouraged to join us.
Date/Time : Wed., 24/9/08 at 7pm
Venue : outside Hans Cafe (#01-01) at the Central Public Library, 100 Victoria Street.
Jan Chan
How to get to Central Public Library :
Nearest MRT: Bugis MRT Station or City Hall MRT Station
Bus stop (North Bridge Road ): SBS 145, 197, 32, 51, 63, 7, 80 175 and SMRT 851, 61
Bus stop (Victoria St -Allson Hotel) : SBS 2, 7, 12, 32, 33, 51, 63, 80, 175 and SMRT 61
Bus stop (Victoria St -Bras Basah Complex) : SBS 2, 12, 33, 130, 133, SMRT 960, NR7
Bus stop (Victoria St -St. Joseph's Church): SBS 130, 133, 145, 197, C3, SMRT 851, 960, NR7
Bus stop (Middle Rd - Nam Peng Building) : SBS 56, SMRT 980
We are a group of Lehman Minibonds investors who are organizing a meeting tomorrow to discuss collective action and to sign a petition for submission to the authorities to voice our grievances.
Interested parties are encouraged to join us.
Date/Time : Wed., 24/9/08 at 7pm
Venue : outside Hans Cafe (#01-01) at the Central Public Library, 100 Victoria Street.
Jan Chan
How to get to Central Public Library :
Nearest MRT: Bugis MRT Station or City Hall MRT Station
Bus stop (North Bridge Road ): SBS 145, 197, 32, 51, 63, 7, 80 175 and SMRT 851, 61
Bus stop (Victoria St -Allson Hotel) : SBS 2, 7, 12, 32, 33, 51, 63, 80, 175 and SMRT 61
Bus stop (Victoria St -Bras Basah Complex) : SBS 2, 12, 33, 130, 133, SMRT 960, NR7
Bus stop (Victoria St -St. Joseph's Church): SBS 130, 133, 145, 197, C3, SMRT 851, 960, NR7
Bus stop (Middle Rd - Nam Peng Building) : SBS 56, SMRT 980
Lodge a complaint with the financial institution
1. I have received the particulars of 70 investors of the credit linked securities. It will be quite difficult for me to communicate with you individually. I hope that you will refer to my blog each day to get the updated information.
2. I have arranged for two friends to help me to manage this group:
Peter Ng
Andrew Loh
3. I have asked them to arrange a meeting for the investors to get together. Wait for further details.
4. The Monetary Authority of Singapore had advised these investors to approach the financial institution who sold them the structured product. The investor could seek redress from the financial institution for the loss due to mis-selling. The financial institution is required to have a process to deal with these complaints.
5. I suggest that you should, as soon as possible, write a letter addressed to the CEO of the financial institution from whom you have bought the credit linked securities (i.e Minibond, High Notes, etc). The letter should state the following:
a) What did you invest in, i.e. name of product, amount invested and other particulars?
b) How you happened to invest in these securities, e.g. convinced by the marketing officer to make the investment
c) Any assurances (verbal or otherwise) that you received concerning the low risk nature
d) Your personal risk profile, i.e. were you risk adverse?
e) Were you informed by the adviser about the nature of the risk?
f) Why you feel that you have not been properly advised, i.e. mis-selling, by the adviser?
g) Why a risky investment is not suitable for your circumstances
h) If you have any written evidence to support your statement, you should provide it in your letter.
6. You should send the letter as early as possible, to register your complaint of mis-selling. At this time, you do not need to have a sworn statement, i.e. affidavit. If necessary, you can prepare an affidavit at a later date, using a copy of your letter.
7. You should also see your Member of Parliament and give a copy of your letter to your MP. Let your MP be aware of your feeling on this matter and how painful it is to lose the hard earned money.
2. I have arranged for two friends to help me to manage this group:
Peter Ng
Andrew Loh
3. I have asked them to arrange a meeting for the investors to get together. Wait for further details.
4. The Monetary Authority of Singapore had advised these investors to approach the financial institution who sold them the structured product. The investor could seek redress from the financial institution for the loss due to mis-selling. The financial institution is required to have a process to deal with these complaints.
5. I suggest that you should, as soon as possible, write a letter addressed to the CEO of the financial institution from whom you have bought the credit linked securities (i.e Minibond, High Notes, etc). The letter should state the following:
a) What did you invest in, i.e. name of product, amount invested and other particulars?
b) How you happened to invest in these securities, e.g. convinced by the marketing officer to make the investment
c) Any assurances (verbal or otherwise) that you received concerning the low risk nature
d) Your personal risk profile, i.e. were you risk adverse?
e) Were you informed by the adviser about the nature of the risk?
f) Why you feel that you have not been properly advised, i.e. mis-selling, by the adviser?
g) Why a risky investment is not suitable for your circumstances
h) If you have any written evidence to support your statement, you should provide it in your letter.
6. You should send the letter as early as possible, to register your complaint of mis-selling. At this time, you do not need to have a sworn statement, i.e. affidavit. If necessary, you can prepare an affidavit at a later date, using a copy of your letter.
7. You should also see your Member of Parliament and give a copy of your letter to your MP. Let your MP be aware of your feeling on this matter and how painful it is to lose the hard earned money.
Investors of Credit Linked Securities - particulars
I have used this petition to collect particulars of investors who are affected by the credit linked securities (such as Minibond or High Notes).
http://www.PetitionOnline.com/CLSINVES/petition.html
http://www.PetitionOnline.com/CLSINVES/petition.html
Investors of Credit Linked Securities
I have removed the blog containing the particulars of investors in the credit linked securities. This is to prevent the contact information from being accessed by other people who are not connected with this matter.
If you wish to join a collective action, you can send your particulars to me at kinlian@gmail.com.
I will ask a colleague to contact you and ask for your name, contact number and e-mail address. I will try to arrange a meeting for the registered people to meet and discuss the collective action.
If you wish to join a collective action, you can send your particulars to me at kinlian@gmail.com.
I will ask a colleague to contact you and ask for your name, contact number and e-mail address. I will try to arrange a meeting for the registered people to meet and discuss the collective action.
Hong Kong Monetary Authority
Hello Mr Tan,
Hong Kong Monetary Authority are helping to fight for all these investor. That would include a public reprimand, a fine, or both, or suspension of license," said executive director Raymond Li.But our MAS tells us to sort it out on our own.
http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=df6b33586fa8c110VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Hong+Kong&s=News
Hong Kong Monetary Authority are helping to fight for all these investor. That would include a public reprimand, a fine, or both, or suspension of license," said executive director Raymond Li.But our MAS tells us to sort it out on our own.
http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=df6b33586fa8c110VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Hong+Kong&s=News
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