I have resumed my postings in this blog:
http://singaporepublictransport.blogspot.com/
Do visit it regularly and give your feedback and views.
Saturday, December 13, 2008
Guide - how to lodge a complaint on credit linked notes
If you wish to lodge a complaint on credit linked note, you can refer to this guide:
www.tankinlian.com/forms/GuideOnCreditLinkedNote.pdf
www.tankinlian.com/forms/GuideOnCreditLinkedNote.pdf
Speaker Corner, 13 Dec 2008 Speech by TKL
Speech by Tan Kin Lian
1. Queens Counsel opinion
I have briefed a senior lawyer in Singapore about the credit linked notes. He will be giving a brief to a Queens Counsel in London. We will wait for the QC opinion, expected in January.
2. Briefing of investors – Lawyer
One lawyer has received more than 250 warrants to act. He will be giving a briefing to the investors in January 2009. He hopes to be able to get additional investors to join the class action on the credit linked notes (except the High Notes).
3. Investors of High Notes
These investors have held several meetings. This group is well organised and will be taking separate action. They have a separate website.
4. Investors of Minibonds
These investors are also setting up a separate website and collecting data on their investors. They also plan to have a briefing of their investors in January 2009.
5. Legal action
By end of January 2009, it will be clearer to the investors on the legal action that can be taken. In the meantime, investors can read my blog for updates.
www.tankinlian.blogspot.com
6. Legal action in USA
Several investors have read news report about taking class action in the USA against the financial institutions, similar to what is being done in Hong Kong. I have consulted a Singapore lawyer on this matter. Their advice is that this approach is not applicable to us. We are monitoring the situation.
7. Dual currency investments
Be careful about dual currency investments. Some investors have lost a lot of money on this product. The bad feature is that your gain is capped and your loss is unlimited. If you are leveraged, you can loss your entire capital. I will give some examples.
8. Consumer association for financial services.
Some people have asked me to set up a consumer association for financial services. I have formed a pro-tem committee to look into this matter. The aims are to educate consumers and help them to obtain financial products that give good value to consumers. More details can be found in my blog, www.tankinlian.blogspot.com. A separate website will be set up soon.
9. Guide on making a complaint
I have distributed a leaflet giving information on the contact persons and websites that guide you to make a complaint on the credit linked notes.
Tan Kin Lian
1. Queens Counsel opinion
I have briefed a senior lawyer in Singapore about the credit linked notes. He will be giving a brief to a Queens Counsel in London. We will wait for the QC opinion, expected in January.
2. Briefing of investors – Lawyer
One lawyer has received more than 250 warrants to act. He will be giving a briefing to the investors in January 2009. He hopes to be able to get additional investors to join the class action on the credit linked notes (except the High Notes).
3. Investors of High Notes
These investors have held several meetings. This group is well organised and will be taking separate action. They have a separate website.
4. Investors of Minibonds
These investors are also setting up a separate website and collecting data on their investors. They also plan to have a briefing of their investors in January 2009.
5. Legal action
By end of January 2009, it will be clearer to the investors on the legal action that can be taken. In the meantime, investors can read my blog for updates.
www.tankinlian.blogspot.com
6. Legal action in USA
Several investors have read news report about taking class action in the USA against the financial institutions, similar to what is being done in Hong Kong. I have consulted a Singapore lawyer on this matter. Their advice is that this approach is not applicable to us. We are monitoring the situation.
7. Dual currency investments
Be careful about dual currency investments. Some investors have lost a lot of money on this product. The bad feature is that your gain is capped and your loss is unlimited. If you are leveraged, you can loss your entire capital. I will give some examples.
8. Consumer association for financial services.
Some people have asked me to set up a consumer association for financial services. I have formed a pro-tem committee to look into this matter. The aims are to educate consumers and help them to obtain financial products that give good value to consumers. More details can be found in my blog, www.tankinlian.blogspot.com. A separate website will be set up soon.
9. Guide on making a complaint
I have distributed a leaflet giving information on the contact persons and websites that guide you to make a complaint on the credit linked notes.
Tan Kin Lian
Friday, December 12, 2008
Rejection of travel insurance claim
Dear Mr. Tan,
I wish to seek your opinion and advice on a recent travel claim.
I bought a Travel insurance coverage for myself and my wife for travel to Spain/Portugal. During the trip, we received an urgent call from the travel agency that my wife's brother had a critical stroke and in coma at a hospital. The tour group were 3 days into a tour of 15 days.
My wife and I took a taxi from hotel to the airport and a shuttle flight to catch the SIA flight back to Singapore. We rushed to the hospital and managed to bid farewell to my wife's brother who passed away on the same day.
I submitted a claim for the taxi fare to the airport, shuttle fare and pro-rated reimbursement of 12 days.
I received a letter from the insurance company stating that:
"a - taxi and shuttlefares as expenses incurred after the trip curtailment is not payable under the policy cover
b - trip curtailment expenses for me as the deceased is not considered as a family member under the policy definition."
I would appreciate you frank opinion on 'a' and 'b' before I pursue the matter further.
LNW
REPLY
In my frank opinion, the insurance company should pay your claim, which is quite reasonable and is connected to a covered event. I am sad that they have rejected the claim, which is not fair to the policyholder.
You can file a complaint with Fidrec, www.fidrec.com.sg
I wish to seek your opinion and advice on a recent travel claim.
I bought a Travel insurance coverage for myself and my wife for travel to Spain/Portugal. During the trip, we received an urgent call from the travel agency that my wife's brother had a critical stroke and in coma at a hospital. The tour group were 3 days into a tour of 15 days.
My wife and I took a taxi from hotel to the airport and a shuttle flight to catch the SIA flight back to Singapore. We rushed to the hospital and managed to bid farewell to my wife's brother who passed away on the same day.
I submitted a claim for the taxi fare to the airport, shuttle fare and pro-rated reimbursement of 12 days.
I received a letter from the insurance company stating that:
"a - taxi and shuttlefares as expenses incurred after the trip curtailment is not payable under the policy cover
b - trip curtailment expenses for me as the deceased is not considered as a family member under the policy definition."
I would appreciate you frank opinion on 'a' and 'b' before I pursue the matter further.
LNW
REPLY
In my frank opinion, the insurance company should pay your claim, which is quite reasonable and is connected to a covered event. I am sad that they have rejected the claim, which is not fair to the policyholder.
You can file a complaint with Fidrec, www.fidrec.com.sg
Petition Form for Elected Presidency
Note: If you do not wish to disclose your full NRIC, you can provide only the first 3 digits, ie XXX.
If you wish to help to collect 100,000 signatures, please print this form and get 20 signatures.
www.tankinlian.com/forms/epsingapore1.pdf
Please scan the completed form (with 20 signatures) and send to the e-mail address shown, i.e. epsingapore1@gmail.com.
New online form (optional particulars)
http://www.PetitionOnline.com/TKLFP03/petition.html
Mail to completed form to:
5 Ang Mo Kio Industrial Park 2A, #06-12, S(567760).
Volunteers to help in getting signatures:
http://www.petitiononline.com/VTHTKL1/petition.html
If you wish to help to collect 100,000 signatures, please print this form and get 20 signatures.
www.tankinlian.com/forms/epsingapore1.pdf
Please scan the completed form (with 20 signatures) and send to the e-mail address shown, i.e. epsingapore1@gmail.com.
New online form (optional particulars)
http://www.PetitionOnline.com/TKLFP03/petition.html
Mail to completed form to:
5 Ang Mo Kio Industrial Park 2A, #06-12, S(567760).
Volunteers to help in getting signatures:
http://www.petitiononline.com/VTHTKL1/petition.html
HK: Minibond losers back on the street
Peter So, Dec 13, 2008
Close to 1,000 investors who have lost billions on Lehman Brothers' linked derivatives took to the street again to express grievances against the government and regulators - hours after a widowed investor was rescued from a suicide attempt. ...
http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=63f95c0aa1c2e110VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=hong+kong&s=news
Close to 1,000 investors who have lost billions on Lehman Brothers' linked derivatives took to the street again to express grievances against the government and regulators - hours after a widowed investor was rescued from a suicide attempt. ...
http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=63f95c0aa1c2e110VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=hong+kong&s=news
HK investors protest over mis-selling of Lehman-linked products
December 12, 2008
HONG KONG - MORE than 200 Hong Kong investors marched on 20 local banks on Friday to demand a full refund of the money they lost after putting it into financial products backed by failed US giant Lehman Brothers.
The protesters, who said they were mis-sold the products by the banks, complained of being frustrated that little action had been taken by the banks and financial regulators to settle their cases.
A large team of police officers escorted the protesters as they marched along Des Voeux Road, one of the busiest roads in the city’s central business hub, stopping at almost every one of the banks.
‘You do not have any more credibility. Had it not been your inaction, we would not have taken to the street so many times,’ Phillip Khan, spokesman for the Alliance of Lehman Brothers Victims, which organised the march, told the bank staff through his loudspeaker.
One of the protesters, Yau Pui-fat, said DBS Bank had not contacted him since September when a staff member told him his investment in Lehman Brothers’ structured notes may have become worthless.
‘I am hoping they will return me the money. But they do not even bother to call,’ the 65-year-old told AFP.
Each of the banks they had visited was guarded by staff and security guards at the entrance.
More than 40,000 Hong Kong investors - including many retirees - had put a total of HK$15.7 billion Hong Kong (S$2.99 billion) of their savings into mini-bonds and other complex products backed by Lehman Brothers, which filed for bankruptcy in September under mountains of debts. — AFP
http://www.sgpolitics.net/?p=1544
HONG KONG - MORE than 200 Hong Kong investors marched on 20 local banks on Friday to demand a full refund of the money they lost after putting it into financial products backed by failed US giant Lehman Brothers.
The protesters, who said they were mis-sold the products by the banks, complained of being frustrated that little action had been taken by the banks and financial regulators to settle their cases.
A large team of police officers escorted the protesters as they marched along Des Voeux Road, one of the busiest roads in the city’s central business hub, stopping at almost every one of the banks.
‘You do not have any more credibility. Had it not been your inaction, we would not have taken to the street so many times,’ Phillip Khan, spokesman for the Alliance of Lehman Brothers Victims, which organised the march, told the bank staff through his loudspeaker.
One of the protesters, Yau Pui-fat, said DBS Bank had not contacted him since September when a staff member told him his investment in Lehman Brothers’ structured notes may have become worthless.
‘I am hoping they will return me the money. But they do not even bother to call,’ the 65-year-old told AFP.
Each of the banks they had visited was guarded by staff and security guards at the entrance.
More than 40,000 Hong Kong investors - including many retirees - had put a total of HK$15.7 billion Hong Kong (S$2.99 billion) of their savings into mini-bonds and other complex products backed by Lehman Brothers, which filed for bankruptcy in September under mountains of debts. — AFP
http://www.sgpolitics.net/?p=1544
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