Experience of investor (3)

Dear all

I would like to share with you all what I have done so far on this issue:

I have written an email to ABN AMRO (now known as RBS) last Thursday to file my complaint, attaching the email from my RM to back up my claims for misrepresentation. There were quite a few misleading facts in his email. I also cc the email I wrote to ABN to FIDReC (Financial Industry Dispute Resolution Centre), email: info@Fidrec.com.sg.

Almost immediately, RBS replied that they will take some time to reply me while the officer at FIDReC also replied to my email, advising me to hear from the bank first before filing my case with FIDReC. Since my amount is $100,000 (more than the $50,000 limit that FIDReC is allowed to adjudicate), they will refer my dispute to Adjudication only where the Financial Institute has agreed to submit to adjudication for the higher claim amount and/or if I agree to limit my claim to the sums stated.

Please note that I did not state any monetary claims in my email to RBS. I want to hear the response from the bank on their proposed actions first, if any, before deciding what to do next.

You may want to file a complaint in writing to your bank quickly and cc info@Fidrec.com.sg since MAS had given instructions for banks and FIDReC to attend to complaints quickly and effectively. If there is any documentary evidence (like emails from your RM on the selling points of the product), these should be attached to your email too. Otherwise, just state the facts communicated to you by the RM. Even though FIDReC advised to write to bank first, it is still good to cc FIDReC in your email to the bank so that FIDReC has a feel on the number of complaints on the issue.

The following question pertains to minibond holders only: If the issuer (Minibond Limited) is able to find another swap counterparty to replace Lehmen Brothers Special Financing (LBSF) to take over all the swap agreements or if LBSF continue its obligations (possible since it is taken over by Barclays) so that minibonds do not default, are you still willing to hold the bonds till maturity or do you want out?

With Warm Regards
KK