<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Investors hoping for at least 20% refund
</TR><!-- headline one : end --><TR>Mixed reactions after MAS call to financial institutions to prioritise vulnerable investors </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Francis Chan
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A worried Madam Zhou Zhu, 73, was at the Speakers' Corner to find out from others if her investments were at risk. Madam Ng Ai Hua, 58, a retiree, turned up at the Speakers' Corner to find others who, like her, had been misled into buying Minibonds. About 600 people gathered at the Speakers' Corner yesterday to hear Mr Tan Kin Lian speak on the issue of mis-selling. And he had some good news to share on Minibonds. -- ST PHOTOS: CHEW SENG KIM
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Some were appeased, others felt more could be done.
Some felt that they should get back 75 per cent or even 100 per cent of what they had invested, others said they would feel lucky if they receive at least 20 per cent.
Investors' reactions were mixed after the Monetary Authority of Singapore's (MAS) call for financial institutions to prioritise 'vulnerable' investors when studying complaints of Lehman-linked products being mis-sold.
About 600 of them gathered at the Speakers' Corner in Hong Lim Park from 5pm to 7pm yesterday, the second time in a week.
They were there to hear Mr Tan Kin Lian, former chief executive officer of insurer NTUC Income, speak on the issue of mis-selling.
More than 500 investors were at the first gathering at the same venue on Oct 11.
Like the first Saturday, most were above the age of 50. Unlike that first rally, the mood of investors yesterday was noticeably less angry.
=> Let's see. The 154th will report that they support losing money in the next protest?
While most saw MAS' latest announcement as a good sign, many still could not help but feel desperate for more answers.
Last Friday, MAS managing director Heng Swee Keat said that banks should not take an 'overly legalistic' approach when dealing with cases involving retirees, typically above 55 years of age, and those with minimal education.
Vulnerable customers could also be blue-collar workers or unemployed, not proficient in English, unable to read complicated product prospectus or even individuals who have invested a 'significant' amount of their savings.
Mr Heng said that where appropriate, banks and financial institutions should take 'full responsibility' and 'do the right thing'.
A 50-year-old DBS High Notes 5 investor who wanted to be known only as Mr Tan said of the MAS announcement: 'It's a good and positive step especially for retirees like my wife and me, but what kind of compensation are we talking about? I expect 75 per cent at least.'
His wife, who had invested $100,000, said: 'I expect nothing less than a 100 per cent refund because I truly feel misled by DBS.'
Another housewife, who wanted to be known only as Mrs Lim, 50, had invested $100,000 in Minibonds at Maybank.
She said she was just trying to renew her fixed deposit and was persuaded to buy the product. 'I just hope to get all my money back,' she said.
Most of the investors at the rally spoke of coming together to possibly take collective action against the banks and financial institutions which sold them the products.
'I am here to find others who have been misled like me and to see what they plan to do,' said Madam Ng Ai Hua, 58, a retiree who invested $100,000 in Minibonds at Hong Leong Finance.
Some of those present did not have Lehman-linked products but were nonetheless worried.
Madam Zhou Zhu, 73, said she went there to find out from others if her investments were safe. 'After hearing so much about banks failing, I was worried about my savings at POSB,' she said in Mandarin. 'So I am here to see if I can get help to clarify if my savings are at risk.'
Others who feel they do not directly fall into MAS' 'vulnerable' group lamented being in a 'grey area'.
'It's good, but what about older folk like me who are still working,' said Mr H.E. Chua, 63. He invested $250,000 in Minibonds at Maybank.
'But I think if I can get back about 20 per cent, then that's not bad.'
Ms Olivia Tea, 40, who is self-employed, still feels that MAS is not doing enough and urged it to do more than just focus on vulnerable investors.
'MAS plays a major role in the sale of these structured products...They should take more action. If you compare Hong Kong and Singapore, I don't think MAS is doing enough.'
She said she was misled into investing $20,000 in Minibonds at Maybank. [email protected]
</TR><!-- headline one : end --><TR>Mixed reactions after MAS call to financial institutions to prioritise vulnerable investors </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Francis Chan
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
A worried Madam Zhou Zhu, 73, was at the Speakers' Corner to find out from others if her investments were at risk. Madam Ng Ai Hua, 58, a retiree, turned up at the Speakers' Corner to find others who, like her, had been misled into buying Minibonds. About 600 people gathered at the Speakers' Corner yesterday to hear Mr Tan Kin Lian speak on the issue of mis-selling. And he had some good news to share on Minibonds. -- ST PHOTOS: CHEW SENG KIM
</TD></TR></TBODY></TABLE>
<TABLE><TBODY><TR><TD>
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
Some were appeased, others felt more could be done.
Some felt that they should get back 75 per cent or even 100 per cent of what they had invested, others said they would feel lucky if they receive at least 20 per cent.
Investors' reactions were mixed after the Monetary Authority of Singapore's (MAS) call for financial institutions to prioritise 'vulnerable' investors when studying complaints of Lehman-linked products being mis-sold.
About 600 of them gathered at the Speakers' Corner in Hong Lim Park from 5pm to 7pm yesterday, the second time in a week.
They were there to hear Mr Tan Kin Lian, former chief executive officer of insurer NTUC Income, speak on the issue of mis-selling.
More than 500 investors were at the first gathering at the same venue on Oct 11.
Like the first Saturday, most were above the age of 50. Unlike that first rally, the mood of investors yesterday was noticeably less angry.
=> Let's see. The 154th will report that they support losing money in the next protest?
While most saw MAS' latest announcement as a good sign, many still could not help but feel desperate for more answers.
Last Friday, MAS managing director Heng Swee Keat said that banks should not take an 'overly legalistic' approach when dealing with cases involving retirees, typically above 55 years of age, and those with minimal education.
Vulnerable customers could also be blue-collar workers or unemployed, not proficient in English, unable to read complicated product prospectus or even individuals who have invested a 'significant' amount of their savings.
Mr Heng said that where appropriate, banks and financial institutions should take 'full responsibility' and 'do the right thing'.
A 50-year-old DBS High Notes 5 investor who wanted to be known only as Mr Tan said of the MAS announcement: 'It's a good and positive step especially for retirees like my wife and me, but what kind of compensation are we talking about? I expect 75 per cent at least.'
His wife, who had invested $100,000, said: 'I expect nothing less than a 100 per cent refund because I truly feel misled by DBS.'
Another housewife, who wanted to be known only as Mrs Lim, 50, had invested $100,000 in Minibonds at Maybank.
She said she was just trying to renew her fixed deposit and was persuaded to buy the product. 'I just hope to get all my money back,' she said.
Most of the investors at the rally spoke of coming together to possibly take collective action against the banks and financial institutions which sold them the products.
'I am here to find others who have been misled like me and to see what they plan to do,' said Madam Ng Ai Hua, 58, a retiree who invested $100,000 in Minibonds at Hong Leong Finance.
Some of those present did not have Lehman-linked products but were nonetheless worried.
Madam Zhou Zhu, 73, said she went there to find out from others if her investments were safe. 'After hearing so much about banks failing, I was worried about my savings at POSB,' she said in Mandarin. 'So I am here to see if I can get help to clarify if my savings are at risk.'
Others who feel they do not directly fall into MAS' 'vulnerable' group lamented being in a 'grey area'.
'It's good, but what about older folk like me who are still working,' said Mr H.E. Chua, 63. He invested $250,000 in Minibonds at Maybank.
'But I think if I can get back about 20 per cent, then that's not bad.'
Ms Olivia Tea, 40, who is self-employed, still feels that MAS is not doing enough and urged it to do more than just focus on vulnerable investors.
'MAS plays a major role in the sale of these structured products...They should take more action. If you compare Hong Kong and Singapore, I don't think MAS is doing enough.'
She said she was misled into investing $20,000 in Minibonds at Maybank. [email protected]
