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- Jul 17, 2008
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Daniel Goh has a message for DBS High Notes 5 investors.
Petition to MAS Chairman
Subject: Petition for Rightful Compensation for Victims of Mis-representation
To: Chairman of Monetary Authority of Singapore
We are investors of the Mini-bond, High Notes, Pinnacle Notes, Jubilee Notes and/or other similar credit linked securities.
We were misled by the sales representatives and/or by the advertised sales materials that these securities had low risk. In many cases, we were recommended and/or bought these products as alternatives for fixed deposits or low risk bonds. We were not advised that these securities were high risk that could lead to the loss of our entire invested sum on the failure of any one of several reference entities or on the failure of a certain number of the underlying assets. As risk-averse investors, we would have avoided these investments, if we had been properly advised.
Due to their mis-representation of the securities, we had invested large sums of our hard earned savings and had suffered significant losses.
We wish to submit our claim for a full refund of our invested sum and/or a fair compensation for our loss.
The Monetary Authority of Singapore has advised each individual investor to submit a complaint to the financial institution that distributed the product and to resolve the claim with the institution on a “case by case” basis. If not resolved, the investor can lodge the complaint with the Financial Industry Dispute Resolution Center.
Many of the investors are uncertain about the process and are worried of making wrong statements at the interview (called by the financial institution) that may lead to the rejection of our claim.
In view of the large number of about 10,000 investors who could have been misled into these unsuitable investments, we petition the Monetary Authority of Singapore to review the complaint handling process. Specifically, we suggest the following:
1. That the Monetary Authority of Singapore appoints or sets up an independent unit to receive the complaints and to provide assistance to the complainants to write their statement.
2. That the Monetary Authority of Singapore encourage the financial institutions to adopt a collective approach in offering fair compensation to investors who have been misled into investing in these unsuitable investments, according to the category that the investors fall under. These categories could, for example, be determined by the manner in which the investors were advised or approached by the sales representative, or the alleged mis-information given to the investors.
We urge the Monetary Authority of Singapore to encourage the financial institutions to provide fair compensation to their customers and restore our trust in the integrity of the financial institution and the reputation of Singapore as a reliable and trustworthy financial center.
Sincerely,
The Undersigned
Petition to MAS Chairman
Subject: Petition for Rightful Compensation for Victims of Mis-representation
To: Chairman of Monetary Authority of Singapore
We are investors of the Mini-bond, High Notes, Pinnacle Notes, Jubilee Notes and/or other similar credit linked securities.
We were misled by the sales representatives and/or by the advertised sales materials that these securities had low risk. In many cases, we were recommended and/or bought these products as alternatives for fixed deposits or low risk bonds. We were not advised that these securities were high risk that could lead to the loss of our entire invested sum on the failure of any one of several reference entities or on the failure of a certain number of the underlying assets. As risk-averse investors, we would have avoided these investments, if we had been properly advised.
Due to their mis-representation of the securities, we had invested large sums of our hard earned savings and had suffered significant losses.
We wish to submit our claim for a full refund of our invested sum and/or a fair compensation for our loss.
The Monetary Authority of Singapore has advised each individual investor to submit a complaint to the financial institution that distributed the product and to resolve the claim with the institution on a “case by case” basis. If not resolved, the investor can lodge the complaint with the Financial Industry Dispute Resolution Center.
Many of the investors are uncertain about the process and are worried of making wrong statements at the interview (called by the financial institution) that may lead to the rejection of our claim.
In view of the large number of about 10,000 investors who could have been misled into these unsuitable investments, we petition the Monetary Authority of Singapore to review the complaint handling process. Specifically, we suggest the following:
1. That the Monetary Authority of Singapore appoints or sets up an independent unit to receive the complaints and to provide assistance to the complainants to write their statement.
2. That the Monetary Authority of Singapore encourage the financial institutions to adopt a collective approach in offering fair compensation to investors who have been misled into investing in these unsuitable investments, according to the category that the investors fall under. These categories could, for example, be determined by the manner in which the investors were advised or approached by the sales representative, or the alleged mis-information given to the investors.
We urge the Monetary Authority of Singapore to encourage the financial institutions to provide fair compensation to their customers and restore our trust in the integrity of the financial institution and the reputation of Singapore as a reliable and trustworthy financial center.
Sincerely,
The Undersigned
