Bank claims to be "order executor"

Dear Mr Tan,

I have attended interviews with OCBC Securities( on Jubilee Notes) and ABN AMRO (on Minibond) and the interviewers are using the argument that they are acting as ”Order executor” for customer and thus exempted from giving financial advice as required by Financial Advisers Act. If FI who are distributors of these products can claim such immunity when the products they sold are more risky than insurance or unit trusts, then this is really an unregulated product and the FI are trying to push the responsibility back to MAS.

It is like allowing Chinese medical Hall to sell prescription drug without a licensed Pharmacist but the same drug when sold in Pharmacy must be supervised by Pharmacist. The consequence is disastrous!

I hope you can publish this in your Blog so we can have more reader input on this argument from FI and also confirmation from MAS.

Thank you,
Benedict