EDMW: OCBC shattered my retirement plans

[Asterix]

.............

“Our encounter with OCBC Premier Banking has been a living nightmare; we are sharing our experience to raise awareness of the bank’s ruthless tactics behind its smiling public facade.

Our bank Relationship Manager sold us a ‘4 month SGD Equity Fix Coupon Quanto Callable Investment’ product when we asked for a short-term savings plan or stable investment to allow us to earn a small incentive for our nearing retirement. We had some concerns regarding the choice of shares initially, but she assured us that the bank’s investment experts will assist in choosing shares with high growth potential, and even claimed that some of her customers were already earning profits. We were not sophisticated investors and were definitely not interested in high-risk investments, but she continually assured us of the stability of this investment, so we signed the deal under the impression that it was a stable short term investment with satisfactory returns.

......................

Even though I have never studied law all I have to do is google and know that there is probably fraudulent misrepresentation made by OCBC's employee on its behalf ..........

[video=youtube;TKqqAI_YQFs]https://www.youtube.com/watch?v=TKqqAI_YQFs[/video]

 

[CABcommander]

sinkies are dumbfucks..i am so right.

Not as dumb as some idiot who believed in google nose.

 

[Qantas]

I find it very wrong when a person in his forties/fifties(assumed since looking at retirement) placed his blind faith in a relationship manager in her twenties (looking at the OCBC branches I've been to).

If the OCBC employee is so good, she would not be sitting in a desk hawking such products to you- she would be raking in the millions trading for her own account!.

If the RM is super chio, should also try to up her even if money is lost. At least the consolation is that you get the feeling that you are paying for high class lady lah.

 

[winnipegjets]

99 percent should invest this way ...no rocket science needed.

http://www.chrisperruna.com/2016/04/03/the-only-way-the-99-should-invest-in-the-stock-market/

The worst investment you can do is to leave it in the CPF.

 

[frenchbriefs]

Even though I have never studied law all I have to do is google and know that there is probably fraudulent misrepresentation made by OCBC's employee on its behalf ..........

[video=youtube;TKqqAI_YQFs]https://www.youtube.com/watch?v=TKqqAI_YQFs[/video]

agreed,never mind the fraudulent misrepresentation made by the employee.....the name of the financial product itself is already fraudulent misrepresentation.

if theres a rating between one to five for financial products,this product would be a zero below MBS and junk bonds.government should do more regulations on the types of products sold in the finance industry to unsuspecting sinkies.there should be clear warnings and ratings on every product.

 

[Asterix]

Chances are they are blinded by greed n hooked by the perceived high returns. Ocbc would have covered their ass with a signed form that they had understood the financial product before commitment.

On or before 9 June 2017, licensed corporations are no longer allowed to play the "signed form" trick because new rules (underlined) will be in place:

6.2 Minimum content of client agreement

Subject to paragraph 6.4 and Schedules 1, 3, 4 and 6 to the Code, a Client Agreement should contain at least provisions to the following effect:
….
(g) if services are to be provided to the client in relation to derivative products, including futures contracts or options, (1) a statement that the licensed or registered person shall provide to the client upon request product specifications and any prospectus or other offering document covering such products and (2) a full explanation of margin procedures and the circumstances under which a client's positions may be closed without the client's consent;

(h) the risk disclosure statements as specified in Schedule 1 to the Code; and

(i) the following clause: “If we [the intermediary] solicit the sale of or recommend any financial product to you [the client], the financial product must be reasonably suitable for you having regard to your financial situation, investment experience and investment objectives. No other provision of this agreement or any other document we may ask you to sign and no statement we may ask you to make derogates from this clause.”

Note: “Financial product” means any securities, futures contracts or leveraged foreign exchange contracts as defined under the SFO. Regarding “leveraged foreign exchange contracts”, it is only applicable to those traded by persons licensed for Type 3 regulated activity.

6.5 No inclusion of clauses which are inconsistent with the Code or which misdescribe the actual services provided to clients

A licensed or registered person should not incorporate any clause, provision or term in the Client Agreement or in any other document signed or statement made by the client at the request of the licensed or registered person which is inconsistent with its obligations under the Code.

Note: This paragraph precludes the incorporation in the client agreement (or in any other document signed or statement made by the client) of any clause, provision or term by which a client purports to acknowledge that no reliance is placed on any recommendation made or advice given by the licensed or registered person.

No clause, provision, term or statement should be included in any Client Agreement (or any other document signed or statement made by the client at the request of a licensed or registered person) which misdescribes the actual services to be provided to the client.

http://www.sfc.hk/edistributionWeb/gateway/EN/consultation/conclusion?refNo=14CP7

http://www.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=16EC15

This is what can happen if Sinkies collectively dare to bang the gong loud loud and no gostan .......... I just love the bemused look on the faces of the Ghurka guards ......... the sound of gongs must remind them of some pagan festivals in Kathmandu ........... secretly they are happy that their grossly overpaid bosses are in hot soup ..........

[video=youtube;VWjxY3iX9BU]https://www.youtube.com/watch?v=VWjxY3iX9BU[/video]

 

[extramarital]

A fool and his money are soon parted.

 

[jw5]

A fool and his money are soon parted.

Many sinkies are impressionable and easily manipulated and some suffer from delusion of grandeur.

 

[rurouni]

Many sinkies are impressionable and easily manipulated and some suffer from delusion of grandeur.

For the first time, I just noticed that you did not post your usual "easily impressionable and manipulated"! :p :o
sammyboy.com/showthread.php?227261-Dead-NS-boy-family-ask-for-forensic-report-MINDEF-tell-them-to-fuck-off-cover-up&p=2418783#post2418783

By the way, if I were you, I would say "impressionable and easily manipulated" because:
collinsdictionary.com/dictionary/english/impressionable
("easily influenced or characterized by susceptibility to influence")

 

[jw5]

For the first time, I just noticed that you did not post your usual "easily impressionable and manipulated"! :p :o

Yes, I changed it based on your suggestion, because nothing is permanent. Thanks.