Especially after the Serangoon Gdn saga? As long as there's no independence of the judiciary from the executive, the Peasants will forever be the losers!
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>All mis-selling complaints to be reviewed: MAS
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Lee Su Shyan, Assistant Money Editor
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
</TD><TD vAlign=bottom>
MAS managing director Heng Swee Keat reiterated that all investors with complaints about mis-selling will have their cases reviewed. -- PHOTO: ZAOBAO
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
All investors in the DBS High Notes 5, Lehman Minibond and Jubilee Series programmes who feel they were mis-sold the product will have their complaints looked into, said the Monetary Authority of Singapore (MAS).
The regulator also said that its upcoming review of the structured products industry will cover areas such as clearer descriptions and better labelling of products and more professionally trained relationship managers.
About 10,000 retail investors here pumped over $500 million into structured products linked to now-bankrupt Lehman Brothers. Last week, DBS Bank, Hong Leong Finance and Maybank said they would look into complaints and fast-track vulnerable cases. This has led to some investors feeling worried about being left out.
However, MAS managing director Heng Swee Keat reiterated that all investors with complaints about mis-selling will have their cases reviewed.
'I understand the anxiety of investors. There are different types of investors, and the way in which these were sold also differed. Hence, each case has to be assessed individually,' he said in an interview last Friday.
'The three-step process that MAS has put in place is serious and impartial, and is one that all investors can use if they feel they were mis-sold.'
The complaints resolution process involves investors lodging a complaint with the bank. The next move is to provide full documentation to the bank for it to make an assessment, and then for the investor and bank to resolve the case.
If this does not happen, he can go to Fidrec, the dispute resolution centre, where there will be a mediation process. If that fails, the investor can seek adjudication.
'We've asked the financial institutions to properly resolve each case, and because of the large numbers that are involved, we've asked the financial institutions to give priority to the vulnerable investors,' Mr Heng said.
So it does not mean that non-vulnerable cases will be ignored. Still there will be a group of investors who may not see much of their investment. There will also be a group he described as 'knowledgeable and experienced'.
'This group should have understood the risks of investing in these products and take responsibility for their actions,' he added.
In the upcoming review of the structured products industry, one of the areas to be studied will be stronger suitability requirements for some types of products and investors. This means stricter checks on whether a product is appropriate before an investor buys it.
In addition, 'we will also look into clearer product labelling and risk rating as well as simpler descriptions which can be more easily understood by investors', he said. 'We will also be looking at strengthening the training of persons who market such financial products.'
MAS will focus on how all the different parties involved in such products can work together better. He referred to banks - their boards and senior management - saying that they must be responsible for ensuring that investors get a fair deal.
One other area the review will cover is education of investors. [email protected]
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>All mis-selling complaints to be reviewed: MAS
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Lee Su Shyan, Assistant Money Editor
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
MAS managing director Heng Swee Keat reiterated that all investors with complaints about mis-selling will have their cases reviewed. -- PHOTO: ZAOBAO
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
All investors in the DBS High Notes 5, Lehman Minibond and Jubilee Series programmes who feel they were mis-sold the product will have their complaints looked into, said the Monetary Authority of Singapore (MAS).
The regulator also said that its upcoming review of the structured products industry will cover areas such as clearer descriptions and better labelling of products and more professionally trained relationship managers.
About 10,000 retail investors here pumped over $500 million into structured products linked to now-bankrupt Lehman Brothers. Last week, DBS Bank, Hong Leong Finance and Maybank said they would look into complaints and fast-track vulnerable cases. This has led to some investors feeling worried about being left out.
However, MAS managing director Heng Swee Keat reiterated that all investors with complaints about mis-selling will have their cases reviewed.
'I understand the anxiety of investors. There are different types of investors, and the way in which these were sold also differed. Hence, each case has to be assessed individually,' he said in an interview last Friday.
'The three-step process that MAS has put in place is serious and impartial, and is one that all investors can use if they feel they were mis-sold.'
The complaints resolution process involves investors lodging a complaint with the bank. The next move is to provide full documentation to the bank for it to make an assessment, and then for the investor and bank to resolve the case.
If this does not happen, he can go to Fidrec, the dispute resolution centre, where there will be a mediation process. If that fails, the investor can seek adjudication.
'We've asked the financial institutions to properly resolve each case, and because of the large numbers that are involved, we've asked the financial institutions to give priority to the vulnerable investors,' Mr Heng said.
So it does not mean that non-vulnerable cases will be ignored. Still there will be a group of investors who may not see much of their investment. There will also be a group he described as 'knowledgeable and experienced'.
'This group should have understood the risks of investing in these products and take responsibility for their actions,' he added.
In the upcoming review of the structured products industry, one of the areas to be studied will be stronger suitability requirements for some types of products and investors. This means stricter checks on whether a product is appropriate before an investor buys it.
In addition, 'we will also look into clearer product labelling and risk rating as well as simpler descriptions which can be more easily understood by investors', he said. 'We will also be looking at strengthening the training of persons who market such financial products.'
MAS will focus on how all the different parties involved in such products can work together better. He referred to banks - their boards and senior management - saying that they must be responsible for ensuring that investors get a fair deal.
One other area the review will cover is education of investors. [email protected]
