MAS has announced the decision made by the financial institutions on the 5,000 complaints received from the holders of the credit-linked notes (i.e. minibond, high note, jubilee note).
The other holders who have not lodged their complaints can still lodge them now. If you do not know how to lodge this complaint, I suggest that you see a lawyer to prepare a statutory declaration containing the truthful answers to the following questions:
1. Your name, NRIC, address, telephone
2. How did you get involved in the investment?
3. Which financial institution, branch, amount invested, date
4. What happened when you purchased the investment?
5. Were you alone or accompanied by another person? Who?
6. What did the representative (who sold the investment to you) tell you about investment?
7. Did the representative tell you about any guarantee on your investment?
8. Did they make you sign any form regarding the investment? Did you understand the content of the form? Was it given to you before or after you agreed to make the investment? Did you read the form? Did you understand the content?
9. Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
10. Do you have any other statements to make regarding this matter?
This declaration can be used to support your complaint to the financial institution that sold the credit linked note to you. It can also be used for your complaint to the Financial Industry Dispute Resolution Center (if you have to take it to the second stage). As this statement is made under oath, it is likely to have a stronger impact.
However, you should take note that it is not compulsory for you to have a statutory declaration).
You can contact the following lawyer:
Fee $150 plus GST plus disbursement (total $201.55)
Assomull & Partners
111 North Bridge Road
#22-04/05/06 Peninsula Plaza
Singapore 179098
Contact Person: Ms. Lauereth Loh, Tel: 63394466
You can also contact any of the lawyers listed here:
http://www.tankinlian.com/forms/ListofLawyersFinancialCrisisAssist(081101).pdf
Here is the guide for lodging a complaint to FIDREC:
http://www.mas.gov.sg/consumer/structured_products/fidrec_faqs.html
Friday, January 16, 2009
Queen's Counsel opinion
My lawyer contact has sent a request to the Queen's Counsel a week ago. We have still not received a reply from the Queen's Counsel on the cost of the opinion. Hence, the QC opinion will not be ready this month. I hope that it can be ready next month - provided that the cost is within budget.
Full refund of $100,000
Dear Mr. Tan,
My mother-in-law obtained a full refund of $100,000 from the financial institution on the minibond that she bought. We positioned our complaint based on the advice given in your blog. (Specific details have been removed, due to non-disclosre requirements). I wish to thank you for your help.
Thought for the day - who will speak the words that need to be heard?
" If reporters don't report and universities don't debate; if the "open society" is really just a hushed conversation within a gated community; if information is ground under by right-wing think tanks - in short, if power is admired and truth despised - then who will speak the words clearly that need to be heard"
Roger Langen
Contributed by Ho Cheow Seng
MAS statement: Compensation for credit linked notes
Further details of the compensation are shown in MAS website:
According to the MAS statement, the investors would be informed about the compensation offer in stages over the next few weeks. This could explain why so few investors have received their offer of compensation so far.
Mis-selling of structured products
Almost all elderly investors with little income, formal education or investment experience were compensated.
By Francis Chan
MORE than half of the reviewed complaints of structured products of Lehman Minibonds, DBS High Notes 5 and Merril Lynch Jubilee Series 3 Linkearner Notes have received some compensation, said the Monetary Authority of Singapore on Friday. In the latest update, MAS says 58 per cent of investors who have lodged complaints of mis-selling to the financial institutions that sold them the products have received a full or partial settlement.
About 25 per cent of those received full settlements, while 33 per cent got partial settlements.
According to the MAS, almost all elderly investors with little income, formal education or investment experience have been fully or partially compensated.
MAS deputy managing director for market conduct, Shane Tregillis said: 'MAS is satisfied that FIs have carefully reviewed the complaints based on principals of fairness without taking strict legal positions. This is reflected in the settlements offers that the FIs are making to the investors.'
http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_326983.html
By Francis Chan
MORE than half of the reviewed complaints of structured products of Lehman Minibonds, DBS High Notes 5 and Merril Lynch Jubilee Series 3 Linkearner Notes have received some compensation, said the Monetary Authority of Singapore on Friday. In the latest update, MAS says 58 per cent of investors who have lodged complaints of mis-selling to the financial institutions that sold them the products have received a full or partial settlement.
About 25 per cent of those received full settlements, while 33 per cent got partial settlements.
According to the MAS, almost all elderly investors with little income, formal education or investment experience have been fully or partially compensated.
MAS deputy managing director for market conduct, Shane Tregillis said: 'MAS is satisfied that FIs have carefully reviewed the complaints based on principals of fairness without taking strict legal positions. This is reflected in the settlements offers that the FIs are making to the investors.'
http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_326983.html
Subscribe to:
Posts (Atom)