Dear Mr. Tan,
I read your blog everyday to see if there is any good news about Minibonds. I invested in this product on the advice of the bank officer. She told me that the risk is very small. I did not want to take risk.
I am told now that the Minibond may be worth nothing. I have a lot of my savings invested in this bond. Can I ask the bank to compensate me for my loss?
REPLY
There are many people in a similar situation as you are. I understand that the Financial Adviser Act require the adviser (i.e. the bank officer who sold the product to you) to ensure that the product is suitable to your needs. Clearly, a risky product of this type is not suitable.
You have a case to bring up against the bank officer. I suggest that you get many people in similar situation as you are and take up this matter collectively to the MAS or Consumer Association or other body. You can also take up a legal case.
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