Dear Mr.Tan Kin Lian,
First of all, let us express our great appreciation to your various financial planning advice extended to members of public which we find them beneficial and informative.
We applied for Incomeshield and has been offered which will practically exclude most major illnesses, making the scheme less meaningful and less relevant to us.
Is there a way for us to appeal for a waiver or any other better alternatives for our health insurance? We have declared thoroughly our medical background to NTUC including the contact details of our regular doctor. Our doctor can help to certify that our medical condition is well within the limit and show no sign of deterioration in the last few years under present medication.
REPLY
I suggest that you write to NTUC. I hope that they still retain the cooperative spirit and are willing to treat their customers differently from other commercial insurance compnay.
Monday, September 22, 2008
Affidavit for investors of Credit Linked Securities
I sent this message to a few lawyers. Several lawyers are not able to act for the consumer, as they have relationship with the banks. I hope that some lawyers can come forward.
1. Many people were advised by financial advisers to invest in Credit Linked Securities (such as Mini-bonds, High Notes) on the assurance that they are safe and can earn a better rate of interest compared to bank deposits.
2. The investors are usually ignorant of these financial instruments and are risk adverse. They invested in the CLS on the verabal assurance of the adviser that the CLS is safe.
3. The investors had to sign several forms covering the adviser. Most of them were not aware about what they were signing.
4. The CLS have now turned bad. The investors could most or all of the amount invested.
5. The Monetary Authority of Singapore had advised these investors to approach the financial institution who sold them the CLS 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.
6. I wish to look for a lawyer to help these investors to prepare their statement to be lodged with the financial insitution. The statement should cover the following:
a) Circumstance in which the investor was recommended the CLS product
b) The investor's intention to avoid high risk product
c) The assurance recweived that the CLS was “low risk”
d) Any written document (if any) to support the affidavit
e) A statutory declaration that the statement is true.
7. This legal statement will be useful for the investor to lodge with the financial institution. If there is no redress, the statement can be taken to the next step, i.e FiDREC (financial dispute resolution center, http://www.fidrec.com.sg/).
8. If there is still no resolution, the matter can go to court.
9. Can your firm help the investor to prepare the affidavit at a modest cost?
Tan Kin Lian
1. Many people were advised by financial advisers to invest in Credit Linked Securities (such as Mini-bonds, High Notes) on the assurance that they are safe and can earn a better rate of interest compared to bank deposits.
2. The investors are usually ignorant of these financial instruments and are risk adverse. They invested in the CLS on the verabal assurance of the adviser that the CLS is safe.
3. The investors had to sign several forms covering the adviser. Most of them were not aware about what they were signing.
4. The CLS have now turned bad. The investors could most or all of the amount invested.
5. The Monetary Authority of Singapore had advised these investors to approach the financial institution who sold them the CLS 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.
6. I wish to look for a lawyer to help these investors to prepare their statement to be lodged with the financial insitution. The statement should cover the following:
a) Circumstance in which the investor was recommended the CLS product
b) The investor's intention to avoid high risk product
c) The assurance recweived that the CLS was “low risk”
d) Any written document (if any) to support the affidavit
e) A statutory declaration that the statement is true.
7. This legal statement will be useful for the investor to lodge with the financial institution. If there is no redress, the statement can be taken to the next step, i.e FiDREC (financial dispute resolution center, http://www.fidrec.com.sg/).
8. If there is still no resolution, the matter can go to court.
9. Can your firm help the investor to prepare the affidavit at a modest cost?
Tan Kin Lian
Dubai, 24-27 Sep 2008
I am travelling to Dubai for the next four days. I may not be able to access internet or my e-mail during this time.
Blog for Minibond investors
Hi Mr Tan,
I understand you have talked to a lawyer about the possibility of taking action for minibond holders. Thousands of minibond holders has been to my blog:
http://www.lioninvestor.com/what-will-happen-to-my-lehman-minibond/
If you intend to organise or facilitate anything for them, let me know and I can help to inform them.
Martin
I understand you have talked to a lawyer about the possibility of taking action for minibond holders. Thousands of minibond holders has been to my blog:
http://www.lioninvestor.com/what-will-happen-to-my-lehman-minibond/
If you intend to organise or facilitate anything for them, let me know and I can help to inform them.
Martin
Pinnacle Notes
Here is how the Pinnacle Notes work. It is frightening to me.
http://www.asiaone.com/Business/My%2BMoney/Starting%2BOut/Investments%2BAnd%2BSavings/Story/A1Story20070814-21882.html
http://www.asiaone.com/Business/My%2BMoney/Starting%2BOut/Investments%2BAnd%2BSavings/Story/A1Story20070814-21882.html
Proof of misleading advice
The bank officer selling the credit linked securities tells the investor that the product has low risk. This is done verbally.
But if many investors are able to sign a statement that they receive the same verbal statement from the bank officer, the collective evidence may carry weight in court.
It is important for the investors to get together and give their statement.
But if many investors are able to sign a statement that they receive the same verbal statement from the bank officer, the collective evidence may carry weight in court.
It is important for the investors to get together and give their statement.
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