Sales representatives should tell the truth and admit mistakes

Dear Mr. Tan

I have spoken to my financial advisor who sold me the Notes. My financial advisor mentioned that it seems like the banks & financial institutions are trying to protect their interests and have pushed all responsibilities of misrepresentation to the sales persons selling the Notes products to investors.

I need to highlight this because if the sales person is the one who misrepresented, the banks and financial instituations can claim they are not in the postition to refund or attend to our complaints.

Apparently, my financial advisor mentioned that last week, his company has gotten all their sales staff to sign some documents that in the event of misrepresentation to investors, the sales persons will have to bear the compensation to investors themselves.

REPLY
The responsibility lies with the financial institution, as they have not provided the correct information and training to the sales representatives.

The sales representatives should tell the truth and not be intimidated into telling lies. If they lie, they are commiting a crime. If they make a mistake and gave the wrong information, they should admit it, as it is a genuine mistake.

It is better for the sales representative to tell the truth.