"...... companies that sold the DBS High Notes 5, Lehman Minibonds and Merrill Lynch Jubilee Series 3 LinkEarner Notes will name independent parties, as a result of a deal hammered out by MAS and the bank...".
Why must a regulator like MAS "hammer out a deal" to get banks to name a third party to oversee its the "complaints handling process"? MAS has not even met aggrieved investors who are mostly retired ordinary Singaporeans to see what is needed for them to seek redress but it has already met the banks to negotiate this deal in which the banks will choose their own third party to handle the complaints. Investors who originally trusted these banks that sold them those products are now expected to trust the banks to appoint "independent" third parties? Did we not pay our govt enough to meet ordinary Singaporean investors collectively to help them resolve this? Where is the leadership??!!
Among the first thing the HK govt did was to meet the investors to hear them out. The next thing they did was to initiate an investigation into mis-selling: [Link]. Singaporeans you did not pay your govt enough to do all this for you!!!
“Having conducted several meetings with Minibond investors in the last few days to hear their grievances, we have decided to conduct formal investigation into allegations of mis-selling by certain licensed intermediaries,” says Martin Wheatley, chief executive officer at the SFC.
Now the MAS will take action based on documentation from the banks aided by these third parties appointed by banks instead of conducting its own investigation. This will entirely undermine any case that investors can put up because they have to now give their evidence to the bank first for processing. What is the MAS doing??? Where is the leadership in all this?
"We are conservative investors not risk takers. It is my mother's hardearned cash, and she is 78, why would she want to place her money in risky investments....if a robber comes to rob your house, the police will pursue and try to recover your stuff. Surely, the same idea should apply in this scenario " - Ms Koh, whose mother sunk $200K into Minibonds, Today, Pg B1
Perhaps we don't pay our leaders enough to feel the outrage as the lifesavings of old ladies are lost. Why is the MAS hammering deals and meeting with banks that have acted so irresponsibly and greedily in this whole episode? Ordinary Singaporeans are not worth meeting? Shouldn't MAS be organising any collective action to recover their lifesavings instead of Tan Kin Lian. We are told that we have world class govt, leaders without whom this nation will sink. ...leaders who will stand along side the people in their time of need and crisis. So where is the leadership???...Where?