Saturday, October 11, 2008
UOB Structured Notes
Mr. Paul Ly <paul_ly_sg@yahoo.com> wishes to contact other investors who have involved in the UOB Structured Notes. Please contact him directly by e-mail.
Structured products are not sold in the UK
Donaldson Tan posted this comment in my blog:
Retail investors in UK can only buy mutual funds. I don´t understand how come banks can market products riskier than mutual funds to retail investors in Singapore in the first place.
REPLY
Singapore's regulatory approach is modelled along the UK system, i.e.
1. Financial institutions are given freedom to design and market their product
2. The financial institutions have to behave responsibily towards the consumers.
Retail investors in UK can only buy mutual funds. I don´t understand how come banks can market products riskier than mutual funds to retail investors in Singapore in the first place.
REPLY
Singapore's regulatory approach is modelled along the UK system, i.e.
1. Financial institutions are given freedom to design and market their product
2. The financial institutions have to behave responsibily towards the consumers.
3. If they fail in their duty, the Financial Services Authority will impose heavy fines on the institutions and get them to compensate the consumers for their losses
If MAS in Singapore adopt the same approach and impose heavy penalties on the institutions for wrong doing, you will find that the risky structured products will not be sold in Singapore.
MAS has the power to bring the institutions to court for breaking the provisions of the Financial Services Act, Securities and Futures Act and the Trustees Act. I hope that they will carry out their duty to enforce the law.
If MAS in Singapore adopt the same approach and impose heavy penalties on the institutions for wrong doing, you will find that the risky structured products will not be sold in Singapore.
MAS has the power to bring the institutions to court for breaking the provisions of the Financial Services Act, Securities and Futures Act and the Trustees Act. I hope that they will carry out their duty to enforce the law.
Blogs for investors
Some investors want to create blogs targeted at certain groups of investors, such as type of product or distributor.
You can create a blog in www.blogger.com. If you provide the URL of the blog to me, I will help to publicise it in my blog. Be aware that your blog can be read by the public, including the non-investors and the financial institutions.
All the best.
You can create a blog in www.blogger.com. If you provide the URL of the blog to me, I will help to publicise it in my blog. Be aware that your blog can be read by the public, including the non-investors and the financial institutions.
All the best.
Volunteers to lead groups of investors
If you wish to volunteer to lead groups of investors in the credit linked securities, please give your particulars in this blog:
1. Your name, e-mail, telephone number
2. Postal code
3. Type of product invested in
4. Financial institution and branch.
Your information can be seen in this blog. Thsi will allow other investors may contact you.
1. Your name, e-mail, telephone number
2. Postal code
3. Type of product invested in
4. Financial institution and branch.
Your information can be seen in this blog. Thsi will allow other investors may contact you.
Fight for the weak
Some journalists asked, "Mr. Tan, what is your motivation to help the investors?"
I wonder why it is necesary for the journalists to ask this question. Should any action be subject to this type of suspicion? Are we such a selfish society that everyone can only work for their self interest and for personal gains?
I replied, "I see so many people who have lost their hard earned savings, and their life savings, in financial products that are not suitable for them. The financial institution who recommended and sold these products should come forward and bear some of the loss. They cannot keep the gains that they have made, and just said, 'Let's move on'.
I hope that, in the future, more Singaporeans will come forward and fight for the weak, and for people who are the victims of wrong doing. We cannot just stand back and watch idly, while other people suffer. We should not be so selfish, that we can only think of our personal interest. "
A reader of my blog, posting under the name of SiewKhim, even asked this question in an insulting way, implying that I am acting dishonourably. I refused to publish his comment due to its defamatory nature. Anyway, SiewKhim has been creating trouble for me many times before.
I wonder why it is necesary for the journalists to ask this question. Should any action be subject to this type of suspicion? Are we such a selfish society that everyone can only work for their self interest and for personal gains?
I replied, "I see so many people who have lost their hard earned savings, and their life savings, in financial products that are not suitable for them. The financial institution who recommended and sold these products should come forward and bear some of the loss. They cannot keep the gains that they have made, and just said, 'Let's move on'.
I hope that, in the future, more Singaporeans will come forward and fight for the weak, and for people who are the victims of wrong doing. We cannot just stand back and watch idly, while other people suffer. We should not be so selfish, that we can only think of our personal interest. "
A reader of my blog, posting under the name of SiewKhim, even asked this question in an insulting way, implying that I am acting dishonourably. I refused to publish his comment due to its defamatory nature. Anyway, SiewKhim has been creating trouble for me many times before.
You have to take the risk and bear the loss
Dear Mr. Tan,
I lived for several years in a third world country. Every day, burglars ransacked the homes of the people. When the owners complained to the Police, there was no investigation.
They saw the Government leader who told them, "if you wish to live in this country, you have to take the risk and bear the loss. Let's move on".
Does this sound familiar with the minibond issue?
I lived for several years in a third world country. Every day, burglars ransacked the homes of the people. When the owners complained to the Police, there was no investigation.
They saw the Government leader who told them, "if you wish to live in this country, you have to take the risk and bear the loss. Let's move on".
Does this sound familiar with the minibond issue?
Upset investors turn up at Speakers' Corner
Upset investors turn up at Speakers' Corner
By Imelda Saad, Channel NewsAsia
SINGAPORE: More than 1,000 people, who lost hard-earned savings investing in structured products like Lehman Minibonds and DBS High Notes, turned up at the Speakers' Corner on Saturday evening.
They were there to listen to former CEO of NTUC Income, Mr Tan Kin Lian, who has submitted a petition to the Monetary Authority of Singapore (MAS) to request for an investigation into the sale of credit-linked securities.
Many in attendance were upset investors who claimed they had lost their retirement savings through failed investments.
Mr Tan is asking the authorities to investigate if these products were sold according to the law, and to help investors claim compensation for losses caused by misconduct.
He said: "It's an opportunity for the investors of the Minibonds and the High Notes to get together and meet other investors. I hope they would be able to get together to see their Member of Parliament or even to appoint a lawyer, and see how to complain about the bank or investor who had sold them this product."
By Imelda Saad, Channel NewsAsia
SINGAPORE: More than 1,000 people, who lost hard-earned savings investing in structured products like Lehman Minibonds and DBS High Notes, turned up at the Speakers' Corner on Saturday evening.
They were there to listen to former CEO of NTUC Income, Mr Tan Kin Lian, who has submitted a petition to the Monetary Authority of Singapore (MAS) to request for an investigation into the sale of credit-linked securities.
Many in attendance were upset investors who claimed they had lost their retirement savings through failed investments.
Mr Tan is asking the authorities to investigate if these products were sold according to the law, and to help investors claim compensation for losses caused by misconduct.
He said: "It's an opportunity for the investors of the Minibonds and the High Notes to get together and meet other investors. I hope they would be able to get together to see their Member of Parliament or even to appoint a lawyer, and see how to complain about the bank or investor who had sold them this product."
Subscribe to:
Posts (Atom)