Tan Kin Lian tell MAS to investigate DBS

[makapaaa]

MAS urged to expedite investigation into mis-sold structured products
Posted: 17 October 2008 2046 hrs

SINGAPORE: Former NTUC Income chief Tan Kin Lian, who petitioned last week for the Monetary Authority of Singapore (MAS) to look into possible wrongdoings by banks in the marketing of structured products, has urged the regulator to expedite its investigations.

He told Channel NewsAsia's "Talking Point" programme that the complaints of mis-selling from consumers suggest that there are breaches to the Securities and Futures Act and the Financial Advisers Act.

"The question is, in the marketing, creation of these products, was there a breach of this law? There's a responsibility for the person recommending the product to explain it properly and make sure it is appropriate.

"Now, I suspect that if there's a proper investigation done, you're going to find that these two Acts have been breached quite seriously," said Mr Tan.

This episode of "Talking Point" will be shown on Sunday at 10.20pm on Channel NewsAsia.


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[wallace]

What has music got to do with TKL and DBS?

 

[theblackhole]

now mas and the government are doing something for the vulnerable group of investors. at least they are seen as doing something. otherwise, more problems and more troubles ahead. already in deep shit now.

 

[Ramseth]

What has music got to do with TKL and DBS?

Try this two songs for relevance:

http://www.youtube.com/watch?v=m3MHptWvC-s

http://www.youtube.com/watch?v=aNaKWXqXkhw

 

[Jade Rabbit]

Waste of time really. I can say most of those "financial advisors" don't even know much about the products that they are selling. All they know is how much is the return, best outcome and cost involved. When asked about worst case outcome all suddenly become totally lost.

 

[jw5]

Waste of time really. I can say most of those "financial advisors" don't even know much about the products that they are selling. All they know is how much is the return, best outcome and cost involved. When asked about worst case outcome all suddenly become totally lost.

In addition to just getting the banks to review the cases, should the individuals who sold the products also be rounded up?

 

[silverfox@]

In addition to just getting the banks to review the cases, should the individuals who sold the products also be rounded up?

In such cases, its hard to round them up as they represent the banks and on their payrolls. At the most, can only take action against the bank. Luckily its against DBS. If its against a bankrupt bank, can wait long long to even get back 1 cent.

 

[pfingo]

auditors should also check for 30 years in ntuc 2 c if tan kin lian did any syphon of funds. loser