Experience of investor (1)

Dear Mr Tan

Thank you for compiling this list of affected parties and the advice that you have rendered thus far. I like to take this opportunity to share my experience with others and hopefully more will be prompted to share about how they have dealt with this matter and the results obtained.

Over the last few days, I have written to my distributor and also to MAS regarding this matter. My letter is attached so you may have a better idea of how this fiasco has affected me.

Since sending out the letter on Thursday, I have received 2 seperate calls from MAS regarding the matter. I have been invited to attend an informal meeting with the authorities this coming Monday for them to better understand my situation.

Although they have stressed that the meeting should not be construed as MAS having started an investigation, they have assured me that they are closely monitoring the situation and that they would be getting in touch with the Bank head for her response and action.

I have also spoken to staff of the distributors about this matter and during those conversation, I was still provided with mis-information regarding my investment. I have documented the miscommunications and have written to the distributor again to highlight the present lack of knowledge by their staff and how they are continuing to twist and bend the truth about the investment with total disregard to the accuracy of information that is being dispensed to customers. The note to the distributor is also attached for your reference in understanding this issue better.

This being the case with my distributor, I am wondering whether other affected parties have also been subjected to such misinformation. If so, please share your experience so we can learn from each other.

I read in the papers that the respective distributors are supposed to set up seperate and independent bodies to investigate this matter. It was thus disturbing that I received a call from the branch manager informing me that they have received my letter and were looking into the matter. If the branch itself is involved in the such an investigation, I have serious doubts on how consumer interest can be protected. I will be following up with another letter to the distributor on this matter and seek their clarification.

Mr Tan, if you do have any other suggestion or advice on what can be done further, do let me know. Once again, I am deeply grateful for your assistance in this matter.

REPLY
Let me think over this matter. I think that it is better for MAS to appoint an independent party to receive the complaints, rather than let it be handled by the distributor.