Complaint on mis-selling of CLN

MAS has announced the decision made by the financial institutions on the 5,000 complaints received from the holders of the credit-linked notes (i.e. minibond, high note, jubilee note).

The other holders who have not lodged their complaints can still lodge them now. If you do not know how to lodge this complaint, I suggest that you see a lawyer to prepare a statutory declaration containing the truthful answers to the following questions:

1. Your name, NRIC, address, telephone
2. How did you get involved in the investment?
3. Which financial institution, branch, amount invested, date
4. What happened when you purchased the investment?
5. Were you alone or accompanied by another person? Who?
6. What did the representative (who sold the investment to you) tell you about investment?
7. Did the representative tell you about any guarantee on your investment?
8. Did they make you sign any form regarding the investment? Did you understand the content of the form? Was it given to you before or after you agreed to make the investment? Did you read the form? Did you understand the content?
9. Did you rely on the advice of the representative in making the investment? Which were the important aspects of the advice?
10. Do you have any other statements to make regarding this matter?

This declaration can be used to support your complaint to the financial institution that sold the credit linked note to you. It can also be used for your complaint to the Financial Industry Dispute Resolution Center (if you have to take it to the second stage). As this statement is made under oath, it is likely to have a stronger impact.

However, you should take note that it is not compulsory for you to have a statutory declaration).

You can contact the following lawyer:

Fee $150 plus GST plus disbursement (total $201.55)
Assomull & Partners
111 North Bridge Road
#22-04/05/06 Peninsula Plaza
Singapore 179098
Contact Person: Ms. Lauereth Loh, Tel: 63394466

You can also contact any of the lawyers listed here:
http://www.tankinlian.com/forms/ListofLawyersFinancialCrisisAssist(081101).pdf

Here is the guide for lodging a complaint to FIDREC:
http://www.mas.gov.sg/consumer/structured_products/fidrec_faqs.html