Comment posted in my blog
Now, our MAS hold a press conference when HKMA has already achieved so much and are closed to a resolution! But our MAS STILL DON"T GET IT! Our MAS still thinks that Minibonds is just mis-sold, mis-represented to the old & un-educated.
Check first before you make this assumption. If only they bothered to even take a cursory look at the Minibond fact sheets they will know that it was designed to deceive & mislead on a mass scale. I don't know if the people & bosses in MAS have even bothered to look at the Minibond fact sheets or are they still at 10,000 feet.
MAS, please ask yourselves a few questions. Why should 1,000 Singaporeans sign a petition to ask you and Commercial Affairs Department to investigate the FIs if it is only the old, uneducated who have been cheated? If we are bluffing about being cheated, why be so silly to petition the Commercial Affairs Dept to investigate? This is mass cheating not isolated cheating. I hope you get it.
Ask yourselves why are so many people in Hong Kong & Singapore protesting not just the old and uneducated? Ask yourselves, why should the banks in Hong Kong agree to buy back ALL their customers' minibonds & not just from the old and uneducated? The banks are not silly or charitable. If it is a few isolated cases, they will only compensate these few cases. Why compensate so much more? Please open your eyes & investigate properly before you say anything.
I fully sympthize with the old & uneducated being taken advantaged of by the banks. It is totally unbecoming of the banks to do such things. But the old & uneducated are not the only ones being cheated. Do not assume that the educated cannot be cheated. MAS, you are already tardy, do not further damage your reputation by jumping to the wrong conclusions so fast without proper fact finding. We have all been taught that ASSUME makes an ASS of U&ME. Please check if what you think/say is an assumption or a fact. Please don't mess up again and cause us further anguish & frustrations.
Saturday, October 18, 2008
New list of investors sorted by distributor
I am sending out today and tomorrow, the new list of investors sorted out by distributor (i.e. bank or finance company).
I hope that leaders can come forward from each group to contact the other investors and organise meetings for the investors to get together. It is better to communicate according to the distributor, as follows:
1. To help write the statement of claim
2. To help lodge the statement with the financial institution
3. To accompany each other for the interview with the institution
4. To discuss collective legal action
Will the leaders send your particulars to me, i.e. name, e-mail address and contact number (optional). I will publish your particulars for other investors to contact you.
Investors who have not provided the name of their distributor can send an e-mail to tan_yvonne@imi.sg to update your particulars.
I hope that leaders can come forward from each group to contact the other investors and organise meetings for the investors to get together. It is better to communicate according to the distributor, as follows:
1. To help write the statement of claim
2. To help lodge the statement with the financial institution
3. To accompany each other for the interview with the institution
4. To discuss collective legal action
Will the leaders send your particulars to me, i.e. name, e-mail address and contact number (optional). I will publish your particulars for other investors to contact you.
Investors who have not provided the name of their distributor can send an e-mail to tan_yvonne@imi.sg to update your particulars.
Conscience, integrity and trust - a leader's hallmark
Comment posted in http://www.theonlinecitizen.com/
A man should be upright, not be kept upright.” - Marcus Aurelius
“The glue that holds all relationships together — including the relationship between the leader and the led is trust, and trust is based on integrity.” - Brian Tracy
“Integrity is not a 90 percent thing, not a 95 percent thing; either you have it or you don’t.” - Peter Scotese
“You must consider the bottom line, but make it integrity before profits.” - Denis Waitley
“The integrity of men is to be measured by their conduct, not by their professions.” - Junius
“I cannot and will not recant anything, for to go against conscience is neither right nor safe. Here I stand, I can do no other, so help me God. Amen.” - Martin Luther
“It is far better to be trusted and respected that it is to be liked.” - Source Unknown
““Nothing is at last sacred but the integrity of your own mind.” - Ralph Waldo Emerson
“In failing circumstances no one can be relied on to keep their integrity.” - Ralph Waldo Emerson
“Integrity simple means not violating one’s own identity.” - Erich Fromm
“Integrity is what we do, what we say, and what we say we do.” - Don Galer
“It is part of a good man to do great and noble deeds, though he risk everything.” - Plutarch
“The person who is slowest in making a promise is most faithful in its performance.” - Jean Jacques Rousseau
“A man can do only what a man can do. But if he does that each day he can sleep at night and do it again the next day.” - Albert Schweitzer
“It is his nature, not his standing, that makes the good man.” - Publilius Syrus
“Achievement is not the most important thing — Authenticity is” - Source Unknown
“The slow man with integrity will ultimately catch the swift one who has none.” - Source Unknown
“Losers make promises they often break. Winners make commitments they always keep.” - Denis Waitley
“No man should advocate a course in private that he’s ashamed to admit in public.” - George Mcgovern
A man should be upright, not be kept upright.” - Marcus Aurelius
“The glue that holds all relationships together — including the relationship between the leader and the led is trust, and trust is based on integrity.” - Brian Tracy
“Integrity is not a 90 percent thing, not a 95 percent thing; either you have it or you don’t.” - Peter Scotese
“You must consider the bottom line, but make it integrity before profits.” - Denis Waitley
“The integrity of men is to be measured by their conduct, not by their professions.” - Junius
“I cannot and will not recant anything, for to go against conscience is neither right nor safe. Here I stand, I can do no other, so help me God. Amen.” - Martin Luther
“It is far better to be trusted and respected that it is to be liked.” - Source Unknown
““Nothing is at last sacred but the integrity of your own mind.” - Ralph Waldo Emerson
“In failing circumstances no one can be relied on to keep their integrity.” - Ralph Waldo Emerson
“Integrity simple means not violating one’s own identity.” - Erich Fromm
“Integrity is what we do, what we say, and what we say we do.” - Don Galer
“It is part of a good man to do great and noble deeds, though he risk everything.” - Plutarch
“The person who is slowest in making a promise is most faithful in its performance.” - Jean Jacques Rousseau
“A man can do only what a man can do. But if he does that each day he can sleep at night and do it again the next day.” - Albert Schweitzer
“It is his nature, not his standing, that makes the good man.” - Publilius Syrus
“Achievement is not the most important thing — Authenticity is” - Source Unknown
“The slow man with integrity will ultimately catch the swift one who has none.” - Source Unknown
“Losers make promises they often break. Winners make commitments they always keep.” - Denis Waitley
“No man should advocate a course in private that he’s ashamed to admit in public.” - George Mcgovern
General advice to investors of structured products
1. Lodge your complain
The first priority is for each investor to lodge a formal complaint with the financial institution indicating how they had been misled into investing in the structured product. MAS have asked the financial institution to deal with the complaint expeditiously and not to take an “overly legalistic approach”. They also advised that is not necessary for the investor’s statement to be made under oath (i.e. no need for statutory declaration).
It is important for the investor to make a truthful statement to outline how they were misled into investing in the product. Many investors told me that they were misled by the advertisement, sales brochure, and/or assurances and explanation by the sales representative (given verbally or by e-mail).
Many investors were told, or had led to believe, in some of all of the following statements:
> That the funds are invested in the bonds of the reference entitles
> That all of the reference entitles have to fail, before we lose our entire principal
> That their principal is protected, if we keep the investment to the maturity date
I wish to give the following guidelines to prepare your statement to support your complaint with the financial institution. You must give a truthful statement, to the best of your knowledge and memory.
Your statement should cover the following points:
> Your name, NRIC, address, telephone
> How did you get involved in the investment?
> Which financial institution, branch, amount invested, date
> What happened when you purchased the investment?
> Were you alone or accompanied by another person? Who?
> What did the representative (who sold the investment to you) tell you about investment?
> Did the representative tell you about any guarantee on your investment?
> 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?
> Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
> Do you have any other statements to make regarding this matter?
If you fear that the financial institution will challenge with by using the forms that you have signed (for which you were not properly briefed), you can prepare your statement under oath (i.e. statutory declaration) with the assistance of a lawyer.
You can contact Glenn Knight (Telephone Ms Ivy Goh 68999888). His fee is $120 plus GST to prepare the statutory declaration.
2. Outside of “vulnerable group”
MAS have asked the financial institutions to give priority to the vulnerable investors. These are the elderly, low educated and the first time investors. The financial institutions have agreed to take full responsibility for these vulnerable investors who have been mis-sold. The full responsibility includes compensation for part or the full amount that they have lost. This is an encouraging first step.
I wish to ask the other investors, who do not fall into the “vulnerable group” to be patient and to strong. If you have been equally misled into investing in these structured products, and it seems to be clearly the case, you have a strong case to ask for compensation. But, you have to be reasonable in your expectation and may have to accept partial compensation that is lower than the “vulnerable investors”.
You should take the first step now and lodge your complaint.
3. Structured products not connected with Lehman Brothers
If you have bought any structured product that is not connected with Lehman Brothers, you can also file a complaint now against the distributor for mis-selling, if the structured product is different from what you had been led to believe at the point of sale.
For example, if you were told that it is “like a bond” or “low risk” and it actually had credit default swaps or were invested in high risk assets (such as collateralised debt obligations), you can file a complaint now. Do not wait for any of the swaps or assets to fail.
4. Interview with the financial institution
After lodging your complaint, you will be asked by the financial institution to attend an interview. You can attend it with a family member or friend.
At the interview, you have to state the truth as contained in your statement. You should explain the circumstances in which you were sold the structured product and the assurances and explanations that you have received from the sales representative. You can explain your low risk profile and preference.
If the financial institution shows the forms that you have signed, you can reply that you were not informed about the content or that it was not explained to you or that it was written by the sales representative without your consent (if this was indeed the truth).
You should state the truth and not worry about its legal implications. Let this matter be decided by the independent person or by the higher authority. Just state the truth, to the best of your memory.
MAS have asked the financial institution to avoid taking “an overly legalistic approach).
5. Negotiate with the financial institution
The financial institution is required to give you a reply within three weeks. If they offer compensation, you can discuss with them to reach an acceptable sum.
You should consider for 50% to 80% of your invested sum, depending on your personal circumstances. (This is a rough guide only. You can decide what is best for yourself).
If they reject your complaint, you can ask them to state their reasons in writing.
6. Complaint to FiDREC
If your complaint cannot be settled directly with the financial institution, you can send it to the FiDREC (see www.fidrec.com.sg). You can visit their office and get the help of their full time officer.
FiDREC is independent of the financial institution. The officer will explain to you on how the process works.
7. Collective legal action
You can consider collective legal action if the matter is not resolved at FiDREC.
Legal action can be expensive. You should consider it only as the last resort.
If several investors are willing to take collective legal action, you can approach a lawyer and get the lawyer to brief the investors as a group. You should also find out the legal cost and how they are to be shared by the investors.
8. Contact with fellow investors
I will be putting you in contact with fellow investors who bought the structured product from the same financial institution. I will give you the name, e-mail address and contact numbers of the other investors. You can call or e-mail them. You can appoint a leader among the group to arrange meetings.
You can meet on Saturdays from 5 to 7 pm at Speaker’s Corner in Hong Lim Green. I will book the place for the next few weeks.
9. Get updates from my Blog
You can get updates from my blogs:
www.tankinlian.blogspot.com
Do not send individual e-mails to ask me on matters that can be found in my blog. I have to cope with 50 to 100 e-mails a day and cannot find the time to attend to each person individually. It is even difficult for me to read your e-mail and give a reply.
Tan Kin Lian
www.tankinlian.blogspot.com
kinlian@gmail.com
The first priority is for each investor to lodge a formal complaint with the financial institution indicating how they had been misled into investing in the structured product. MAS have asked the financial institution to deal with the complaint expeditiously and not to take an “overly legalistic approach”. They also advised that is not necessary for the investor’s statement to be made under oath (i.e. no need for statutory declaration).
It is important for the investor to make a truthful statement to outline how they were misled into investing in the product. Many investors told me that they were misled by the advertisement, sales brochure, and/or assurances and explanation by the sales representative (given verbally or by e-mail).
Many investors were told, or had led to believe, in some of all of the following statements:
> That the funds are invested in the bonds of the reference entitles
> That all of the reference entitles have to fail, before we lose our entire principal
> That their principal is protected, if we keep the investment to the maturity date
I wish to give the following guidelines to prepare your statement to support your complaint with the financial institution. You must give a truthful statement, to the best of your knowledge and memory.
Your statement should cover the following points:
> Your name, NRIC, address, telephone
> How did you get involved in the investment?
> Which financial institution, branch, amount invested, date
> What happened when you purchased the investment?
> Were you alone or accompanied by another person? Who?
> What did the representative (who sold the investment to you) tell you about investment?
> Did the representative tell you about any guarantee on your investment?
> 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?
> Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
> Do you have any other statements to make regarding this matter?
If you fear that the financial institution will challenge with by using the forms that you have signed (for which you were not properly briefed), you can prepare your statement under oath (i.e. statutory declaration) with the assistance of a lawyer.
You can contact Glenn Knight (Telephone Ms Ivy Goh 68999888). His fee is $120 plus GST to prepare the statutory declaration.
2. Outside of “vulnerable group”
MAS have asked the financial institutions to give priority to the vulnerable investors. These are the elderly, low educated and the first time investors. The financial institutions have agreed to take full responsibility for these vulnerable investors who have been mis-sold. The full responsibility includes compensation for part or the full amount that they have lost. This is an encouraging first step.
I wish to ask the other investors, who do not fall into the “vulnerable group” to be patient and to strong. If you have been equally misled into investing in these structured products, and it seems to be clearly the case, you have a strong case to ask for compensation. But, you have to be reasonable in your expectation and may have to accept partial compensation that is lower than the “vulnerable investors”.
You should take the first step now and lodge your complaint.
3. Structured products not connected with Lehman Brothers
If you have bought any structured product that is not connected with Lehman Brothers, you can also file a complaint now against the distributor for mis-selling, if the structured product is different from what you had been led to believe at the point of sale.
For example, if you were told that it is “like a bond” or “low risk” and it actually had credit default swaps or were invested in high risk assets (such as collateralised debt obligations), you can file a complaint now. Do not wait for any of the swaps or assets to fail.
4. Interview with the financial institution
After lodging your complaint, you will be asked by the financial institution to attend an interview. You can attend it with a family member or friend.
At the interview, you have to state the truth as contained in your statement. You should explain the circumstances in which you were sold the structured product and the assurances and explanations that you have received from the sales representative. You can explain your low risk profile and preference.
If the financial institution shows the forms that you have signed, you can reply that you were not informed about the content or that it was not explained to you or that it was written by the sales representative without your consent (if this was indeed the truth).
You should state the truth and not worry about its legal implications. Let this matter be decided by the independent person or by the higher authority. Just state the truth, to the best of your memory.
MAS have asked the financial institution to avoid taking “an overly legalistic approach).
5. Negotiate with the financial institution
The financial institution is required to give you a reply within three weeks. If they offer compensation, you can discuss with them to reach an acceptable sum.
You should consider for 50% to 80% of your invested sum, depending on your personal circumstances. (This is a rough guide only. You can decide what is best for yourself).
If they reject your complaint, you can ask them to state their reasons in writing.
6. Complaint to FiDREC
If your complaint cannot be settled directly with the financial institution, you can send it to the FiDREC (see www.fidrec.com.sg). You can visit their office and get the help of their full time officer.
FiDREC is independent of the financial institution. The officer will explain to you on how the process works.
7. Collective legal action
You can consider collective legal action if the matter is not resolved at FiDREC.
Legal action can be expensive. You should consider it only as the last resort.
If several investors are willing to take collective legal action, you can approach a lawyer and get the lawyer to brief the investors as a group. You should also find out the legal cost and how they are to be shared by the investors.
8. Contact with fellow investors
I will be putting you in contact with fellow investors who bought the structured product from the same financial institution. I will give you the name, e-mail address and contact numbers of the other investors. You can call or e-mail them. You can appoint a leader among the group to arrange meetings.
You can meet on Saturdays from 5 to 7 pm at Speaker’s Corner in Hong Lim Green. I will book the place for the next few weeks.
9. Get updates from my Blog
You can get updates from my blogs:
www.tankinlian.blogspot.com
Do not send individual e-mails to ask me on matters that can be found in my blog. I have to cope with 50 to 100 e-mails a day and cannot find the time to attend to each person individually. It is even difficult for me to read your e-mail and give a reply.
Tan Kin Lian
www.tankinlian.blogspot.com
kinlian@gmail.com
Interview with Sunday Times
1. At what point did you decide to take action and act for the investors?
Reply: I was shocked to read in the papers about the failure of the Minibonds, High Notes and Jubilee Notes, due to the collapse of Lehman Brothers. I did not like these structured products, but but I was not aware (until the collapse) that it could be so serious. I believe that there is something seriously wrong with the creation and marketing of these products, and that there is some possible wrong doing. I decided to organise a Petition to ask the Government to investigate if there were any wrong doing. This was done about one month ago. The Petition attracted 983 signatories.
2. Why did you decide to act for them, especially since you're not a victim yourself?
Reply: I consider it to be a public duty. If I find that there is something wrong and some many people are affected so badly, it is my responsibility as a citizen to help them to find redress. Actually, this is the resonsibility of the people in the Government. Perhaps they are too busy or not aware of the seriousness of the problem. I hope to raise their awareness, so that they can come forward to use their immense resources to do what needs to be done. After that, I can take a rest.
3. What incensed you the most about this whole saga?
Reply: Occasionally, I get angry. Most of the time, I am quite calm, in spite of the tremendous pressures that I faced in dealing with many distressed investors asking desperately for help.
I am angry that these structured products were allowed to be marketed to retail investors and that they were pushed by the financial institutions who has the responsibility to make the appropriate recommendation to the retail investors. I am angry that, even now, these parties are still not coming forward to do "the right thing". They are adding to the distress of the investors.
I appeal to them to act:
http://tankinlian.blogspot.com/2008/10/act-honourably.html
4. Do you personally know anyone who has bought these failed products?
Reply: I get to know many, many people who have bought these failed products, after the Petition was launched. They told some many heart rending stories to me. I passed their particulars (with their consent) to many journalists from the various mainstream papers, to interview them.
5. Many have hailed you as a hero in this saga. What are your thoughts on that?
Reply: I understand from history that many heroes died in the battle. I hope that I can survive and live to an older age.
6. What is the most heart rending story you've heard from any of the investors?
Reply: There are too many stories that fit into this category. I do not wish to degrade any of them, by singling out one story.
7. How do you think MAS has dealt with this crisis? Are you satisfied with what they've done?
Reply: I do not wish to pass any judgement on MAS. I have suggested in my Petition and in my blog, various actions that MAS could take to resolve this crisis. I hope that they will invite me for a dicussion on some of these suggestions. I also hope that they will adopt some of these suggestions to help resolve the crisis.
8. How do you think the petition and affidavits will help?
Reply: The Petition ask the Singapore Government to investigate if any of the laws had been breached. They are the Financial Advisers Act (section 27), Securities and Futures Act (section 199) and the Trustees Act and to take the appropriate action (if these laws have been breached).
The statutory declaration (previously referred to as the affidavit) allows the investors to give their honest statment under oath, regarding the assurances and explanations that they have received verbally from the sales representatives. They need to have a sworn statement as these statements may contradict the standard forms that they have signed (where the contents were not properly explained to them). We need the statutory declarations of hundreds or maybe thousands of investors to confirm that they were indeed given the wrong information to make their decisions.
9. What do you hope to see happen?
Reply: I hope that there can be a fair settlement. I hope that the financial institutions will offer to compensiate the investors for 50% to 80% of their loss.
Reply: I was shocked to read in the papers about the failure of the Minibonds, High Notes and Jubilee Notes, due to the collapse of Lehman Brothers. I did not like these structured products, but but I was not aware (until the collapse) that it could be so serious. I believe that there is something seriously wrong with the creation and marketing of these products, and that there is some possible wrong doing. I decided to organise a Petition to ask the Government to investigate if there were any wrong doing. This was done about one month ago. The Petition attracted 983 signatories.
2. Why did you decide to act for them, especially since you're not a victim yourself?
Reply: I consider it to be a public duty. If I find that there is something wrong and some many people are affected so badly, it is my responsibility as a citizen to help them to find redress. Actually, this is the resonsibility of the people in the Government. Perhaps they are too busy or not aware of the seriousness of the problem. I hope to raise their awareness, so that they can come forward to use their immense resources to do what needs to be done. After that, I can take a rest.
3. What incensed you the most about this whole saga?
Reply: Occasionally, I get angry. Most of the time, I am quite calm, in spite of the tremendous pressures that I faced in dealing with many distressed investors asking desperately for help.
I am angry that these structured products were allowed to be marketed to retail investors and that they were pushed by the financial institutions who has the responsibility to make the appropriate recommendation to the retail investors. I am angry that, even now, these parties are still not coming forward to do "the right thing". They are adding to the distress of the investors.
I appeal to them to act:
http://tankinlian.blogspot.com/2008/10/act-honourably.html
4. Do you personally know anyone who has bought these failed products?
Reply: I get to know many, many people who have bought these failed products, after the Petition was launched. They told some many heart rending stories to me. I passed their particulars (with their consent) to many journalists from the various mainstream papers, to interview them.
5. Many have hailed you as a hero in this saga. What are your thoughts on that?
Reply: I understand from history that many heroes died in the battle. I hope that I can survive and live to an older age.
6. What is the most heart rending story you've heard from any of the investors?
Reply: There are too many stories that fit into this category. I do not wish to degrade any of them, by singling out one story.
7. How do you think MAS has dealt with this crisis? Are you satisfied with what they've done?
Reply: I do not wish to pass any judgement on MAS. I have suggested in my Petition and in my blog, various actions that MAS could take to resolve this crisis. I hope that they will invite me for a dicussion on some of these suggestions. I also hope that they will adopt some of these suggestions to help resolve the crisis.
8. How do you think the petition and affidavits will help?
Reply: The Petition ask the Singapore Government to investigate if any of the laws had been breached. They are the Financial Advisers Act (section 27), Securities and Futures Act (section 199) and the Trustees Act and to take the appropriate action (if these laws have been breached).
The statutory declaration (previously referred to as the affidavit) allows the investors to give their honest statment under oath, regarding the assurances and explanations that they have received verbally from the sales representatives. They need to have a sworn statement as these statements may contradict the standard forms that they have signed (where the contents were not properly explained to them). We need the statutory declarations of hundreds or maybe thousands of investors to confirm that they were indeed given the wrong information to make their decisions.
9. What do you hope to see happen?
Reply: I hope that there can be a fair settlement. I hope that the financial institutions will offer to compensiate the investors for 50% to 80% of their loss.
Ask for a full refund now
Dear Mr Tan
First, I'd like to THANK and APPLAUD you for being "the voice" of many low/middle-income Singaporeans especially the retirees who have invested large sums of money into high-risk products without realising the consequences.
My reason for writing this is, like these retirees, I am a victim of sorts . When I look into bank's products, my only concern is to invest in 100% CAPITAL GUARANTEED products. When I met up with the Citibank Personal Banker on several occasions, I stressed this primary concern to her. I even elaborated by saying something like "at the end of the tenor, I want 100% of my capital back". However, I was sold the Merrill Lynch Jubilee Series 8 product which had a 100% CAPITAL PROTECTION . I only realised this when I received the prospectus AFTER signing and paying for this investment.
When I brought this up, I received a 3-way telephone call from the PB's head and another person. I related to her my concern and how I was misled into believing that I bought a 100% CAPITAL GUARANTEED product. She assured me that I will get my 100% capital back based on 2 conditions :
1. I have to hold to maturity the principal amount
2. Nothing happens to Merrill Lynch
She said that our conversations are recorded so I should not worry.
REPLY
I advice you to lodge a complaint for mis-selling and to ask for a FULL refund of your money. If the bank does not agree, you should escalate it to Fidrec (www.fidrec.com.sg) or complain to MAS.
First, I'd like to THANK and APPLAUD you for being "the voice" of many low/middle-income Singaporeans especially the retirees who have invested large sums of money into high-risk products without realising the consequences.
My reason for writing this is, like these retirees, I am a victim of sorts . When I look into bank's products, my only concern is to invest in 100% CAPITAL GUARANTEED products. When I met up with the Citibank Personal Banker on several occasions, I stressed this primary concern to her. I even elaborated by saying something like "at the end of the tenor, I want 100% of my capital back". However, I was sold the Merrill Lynch Jubilee Series 8 product which had a 100% CAPITAL PROTECTION . I only realised this when I received the prospectus AFTER signing and paying for this investment.
When I brought this up, I received a 3-way telephone call from the PB's head and another person. I related to her my concern and how I was misled into believing that I bought a 100% CAPITAL GUARANTEED product. She assured me that I will get my 100% capital back based on 2 conditions :
1. I have to hold to maturity the principal amount
2. Nothing happens to Merrill Lynch
She said that our conversations are recorded so I should not worry.
REPLY
I advice you to lodge a complaint for mis-selling and to ask for a FULL refund of your money. If the bank does not agree, you should escalate it to Fidrec (www.fidrec.com.sg) or complain to MAS.
Do not succumb to greed
Dear Mr. Tan,
I have been following your blog for close to a year and from there I have learnt a great deal of things I can never learn from my lecturers or from the textbooks or courses that I take in school.
I attended your talk at NUS earlier today and I would like to thank you for sharing with us so many words of wisdom and financial knowledge that can only be accumulated through many decades of hard work and experience. Being a Computer Science major who spends a great deal of time on my studies, I had struggled even with simple financial terms like “unit trust” and “bonds”, but all thanks to you, I now have better knowledge of what they are.
Even though this is the first time that I have met you and I do not know you personally, you come across as a modest person from humble backgrounds, unlike many of the so-called ‘elites’ in modern Singapore who can never understand the lives of the commoners. What I have also learnt from you is not just about money, but also about life: to stay healthy and lead a good life, to know the limits and not succumb to the sin of greed, to learn to let it go when it is our time to leave this world and not leave a mountain of debt accumulated from medical expenses behind for our family.
Being a Singaporean, I must admit that I feel shameful for a government that focuses all its attention on making money and accumulating wealth, leaving welfare for the disadvantaged and old in society to the hands of the altruistic few.
I wish you all the best in your quest for the rights of the victims in the minibonds crisis, and the very best of health and happy lives for you and your family.
PX
I have been following your blog for close to a year and from there I have learnt a great deal of things I can never learn from my lecturers or from the textbooks or courses that I take in school.
I attended your talk at NUS earlier today and I would like to thank you for sharing with us so many words of wisdom and financial knowledge that can only be accumulated through many decades of hard work and experience. Being a Computer Science major who spends a great deal of time on my studies, I had struggled even with simple financial terms like “unit trust” and “bonds”, but all thanks to you, I now have better knowledge of what they are.
Even though this is the first time that I have met you and I do not know you personally, you come across as a modest person from humble backgrounds, unlike many of the so-called ‘elites’ in modern Singapore who can never understand the lives of the commoners. What I have also learnt from you is not just about money, but also about life: to stay healthy and lead a good life, to know the limits and not succumb to the sin of greed, to learn to let it go when it is our time to leave this world and not leave a mountain of debt accumulated from medical expenses behind for our family.
Being a Singaporean, I must admit that I feel shameful for a government that focuses all its attention on making money and accumulating wealth, leaving welfare for the disadvantaged and old in society to the hands of the altruistic few.
I wish you all the best in your quest for the rights of the victims in the minibonds crisis, and the very best of health and happy lives for you and your family.
PX
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