Leave a Comment:
8 comments
I am wondering why there is such silence from those who have already being offered compensation. Hardly hear of anyone who has gotten compensation to testify about their experience considering more than 50% are being compensated. Are they observing the “confidential non-disclosure issue to the letter” or too disgruntled to talk about it. They can avoid identifying the FIs and even the amount offered, just let us know you are the fortunate ones.
Please, your testimonies would surely offer some hope and encouragement to those who are still awaiting compensation from the FIs.
Reply
Hi rightherewaiting,
Those who accepted compensation have a non-disclosure agreement.
Mr Tan conducted a short survey which drew 46 replies.
http://tankinlian.blogspot.com/2009/02/compensation-for-credit-linked-notes.html
Reply
Dear all,
Could anyone explain in detail if possible.why those financial toxic victims who bought the products from the brokerage firms have got only 13% out of 535 buyers compared to those bought from the banks, having 74% refunds. Most of us did not have any fact finding, risk profiling, product breifing, order executives & any advice from the brokerage respsentatives that the products were very high risks & were meant for high net worth clients. Yet those bank buyers have enjoyed all these benefits & were highly rewarded. Where is the fairness?
Thank you
Reply
Hi Lo Lock,
One possible reason I can think of is if a client has a brokerage account open, it is sufficient proof that the client has sufficient knowledge of financial products and should take responsibility for their bad choice of investment product.
You see, it is very unlikely for an uneducated old woman to have a brokerage account.
On the same line, it is very likely for someone with a brokerage account to be educated and should have a certain degree of financial product understanding.
One final argument used by many people successfully is mis-selling. They had wanted to put fixed deposits with the bank but were persuaded to buy structured products. You don’t go to a Brokerage to put a fixed deposit.
The above is purely my opinion and guess.
Cheers,
Intheknow
You have missed my other question which is how do I register for the SIAS sessions in case I am not satisfied with the FI’s offer.
Also, concerning the CDP statement, has anyone already gone for compensation review and also asked to bring along their statement. What is the final outcome?
Hi 62yroldinvestor,
I don’t have the details from SIAS but here is the SIAS website:
http://www.sias.org.sg/index.php?option=com_feedback&view=form
You can contact them for further information.
Here is another post where someone else was asking about the CDP:
http://www.martinlee.sg/what-will-happen-to-my-lehman-minibond/#comment-9283
Not sure what is the final outcome yet.
ReplyHow do I register for these session? I have been asked by FI to see them next week probably regarding the final outcome of my complaint for compensation. Have already gone through telephone interview process more than two months ago.
Wondering why they cannot inform me the outcome by mail. Should I bring along my CDP statement as requested by them? I find the request a bit odd and suspicious?
ReplyCome to think of it, they might want to see the CDP to verify that the minibond is still in the account.
Perhaps you can bring it along, but keep it close at hand until they tell you the settlement offer.
Reply