More than two months ago, MAS spelt out the timeline for handling of disputes with regards to the sale of structured products like the Minibond, DBS High Notes, Jubilee and Pinnacle. Among other things, it spelt out that financial institutions should:
- acknowledge receipt of a customer’s complaint within two working days;
- have an interview with each customer who files a complaint within two weeks;
- complete the review of a customer’s complaint and update the customer within four weeks of the interview.
Yesterday, MAS released another press release that mentioned:
- they have conducted on-site visits to access the handling and review of complaints;
- they are also looking into selling practices and policies within the financial institutions;
- that financial institutions have indicated to MAS that they will complete the review of complaints no later than end January 2009.
The complete MAS press release can be found below: