As if it is not painful enough for these people who have lost their lifesavings, MAS made them back to the banks who sold them these products and go through the additional stress. Lets not forget that the regulators in many countries did not allow these products to enter their countries that is why it was sold mainly in Singapore and Hong Kong. Yet MAS has taken no responsibility in the whole fiasco, we only hear this denial:
"'So MAS has never said that these are risk-free products or low-risk products or safe products"- Minister Lim Hng Kiang.
The HKMA has already been made to face up to their mistake of allowing banks to sell these risky products[another link]. They have taken the initiative to help investors as much as they can by setting up a complaints center and to conduct direct investigation into mis-selling. MAS was asleep at the wheel when they allowed these products to be sold in Singapore, they then denied responsibility for the mess, initially distancing themselves then reactively taking action as the protest grew. We are told we have world class govt that has to be paid millions ....please judge for yourself if the performance of this govt is in anyway world class and whether the govt and authorities acted in the best interest of the ordinary people.