Yesterday night, Heng Swee Keat, Managing Director of MAS, made some remarks on the sale of structured products like Lehman Minibonds, DBS High Notes and Jubilee Notes to the public. These are some of his points:
MAS has been working actively to ensure a fair resolution for investors.
They are making sure HSBC Institutional Trust Services considers all options carefully. A independent financial advisor will be appointed.
They have ensured that each FI now has an independent person to oversee the complaints handling process and that investors get a timely response.
Fast-track process at FIDRec available to investors. For this special case, amounts more than $50,000 will be considered by FIDRec.
Action will be taken against the FI for breaches of regulations.
They are focusing additional attention on vulnerable customers (e.g. retirees) who have bought these products.