Experience in lodging a complaint with the bank

Hi Mr. Tan,

I had a tele conference with two "product experts" of DBS. This conference, arranged by my RM, was to address any concerns I might have about my investment in high notes 2.

We discussed about the several issues and told them that I strongly felt that the product was mispresented to me. I also cited a clause in the pricing statement saying that "the product was not suitable for inexperienced investor" and told them that it was unethical of the bank to have sold many of this risky high notes products to gullible old uncles and aunties.

That noted my complaints and promised that the taped conversation will be passed to an "independent team" within the bank to investigate, the results of which would be forwarded to MAS.

Do you think this is what the MAS wanted the bank to do and is this sufficient? My concerns are not every investor has a RM to ask for a tele conference and how about those who cannot converse in English?

You may want to post this email in your blog (within revealing my email address) so as to encourage as many investors as possible to voice their complaints through such tele conference.

C.S.Tan

REPLY
I do not agree with the approach taken by MAS. I hope that MAS realise that it is very difficult for the public to go through this complicated process. They are likely to get an unsatisfactory outcome from the financial institution.