MIW "kew chiu" liao. Lumpar ka lau.
58% get compensation
Fri, Jan 16, 2009
The Straits Times
More than half of the reviewed complaints 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 said 58 per cent of investors, or 2,974, who lodged complaints of mis-selling to the financial institutions (FI) that sold them the structured products have received a full or partial settlement.
About 25 per cent (1,282) of those received full compensation, while 33 per cent (1,692) per cent got partial settlement.
According to a statement from MAS, there were 5,381 complaints received altogether - 853 for the DBS High Notes 5, 4,363 for the Lehman Minibond programme notes, and 165 for the Merrill Lynch Jubilee Series 3 LinkEarner notes.
All complaints received on or before Dec 14 last year have been considered by the FIs' internal review panel.
In each FI, the assessment of the complaints was made by an internal review panel, chaired by its CEO in accordance with the framework agreed with independent persons.
Investors who have filed a complaint will be contacted by the respective FIs on the status of their compensation, if any.
Investors who are not satisfied with the outcome of the FIs' review of their complaint may choose to have their complaints referred to Financial Industry Disputes Resolution Centre.
58% get compensation
Fri, Jan 16, 2009
The Straits Times
More than half of the reviewed complaints 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 said 58 per cent of investors, or 2,974, who lodged complaints of mis-selling to the financial institutions (FI) that sold them the structured products have received a full or partial settlement.
About 25 per cent (1,282) of those received full compensation, while 33 per cent (1,692) per cent got partial settlement.
According to a statement from MAS, there were 5,381 complaints received altogether - 853 for the DBS High Notes 5, 4,363 for the Lehman Minibond programme notes, and 165 for the Merrill Lynch Jubilee Series 3 LinkEarner notes.
All complaints received on or before Dec 14 last year have been considered by the FIs' internal review panel.
In each FI, the assessment of the complaints was made by an internal review panel, chaired by its CEO in accordance with the framework agreed with independent persons.
Investors who have filed a complaint will be contacted by the respective FIs on the status of their compensation, if any.
Investors who are not satisfied with the outcome of the FIs' review of their complaint may choose to have their complaints referred to Financial Industry Disputes Resolution Centre.
