Review Complaint Handling Process sign now

We are investors of the Mini-bond, High Notes, Pinnacle Notes, Jubilee Notes and/or other similar credit linked securities.

We were mis-informed by the sales representatives (of the financial institutions) that these securities had low risk. In many cases, we were recommended these products as alternatives for fixed deposits and/or low risk bonds. We were not advised that these securities were high risk that could lead to the loss of our entire invested sum on the failure of any one of several reference entities or on the failure of a certain number of the underlying assets. As risk-averse investors, we would have avoided these investments, if we had been properly advised.

Due to their mis-representation of the securities, we had invested large sums of our hard earned savings and had suffered significant losses.

We wish to submit our claim for a full refund of our invested sum and/or a fair compensation for our loss.

The Monetary Authority of Singapore has advised each individual investor to submit a complaint to the financial institution that distributed the product and to resolve the claim with the institution on a case by case basis. If not resolved, the investor can lodge the complaint with the Financial Industry Dispute Resolution Center.

Many of the investors are uncertain about the process and are worried of making wrong statements at the interview (called by the financial institution) that may lead to the rejection of our claim.

In view of the large number of about 10,000 investors who could have been misled into these unsuitable investments, we petition the Monetary Authority of Singapore to review the complaint handling process. Specifically, we suggest the following:

1. That the Monetary Authority of Singapore appoints or sets up an independent unit to receive the complaints and to provide assistance to the complainants to write their statement.

2. That the Monetary Authority of Singapore encourage the financial institutions to adopt a collective approach in offering fair compensation to investors who have been misled into investing in these unsuitable investments, according to the category that the investors fall under. These categories could, for example, be determined by the manner in which the investors were advised or approached by the sales representative, or the alleged mis-information given to the investors.

We urge the Monetary Authority of Singapore to encourage the financial institutions to provide fair compensation to their customers and restore our trust in the integrity of the financial institution and the reputation of Singapore as a reliable and trustworthy financial center.

Sign The Petition

Sign with Facebook
OR

If you already have an account please sign in, otherwise register an account for free then sign the petition filling the fields below.
Email and the password will be your account data, you will be able to sign other petitions after logging in.

Privacy in the search engines? You can use a nickname:

Attention, the email address you supply must be valid in order to validate the signature, otherwise it will be deleted.

I confirm registration and I agree to Usage and Limitations of Services

I confirm that I have read the Privacy Policy

I agree to the Personal Data Processing

Shoutbox

Who signed this petition saw these petitions too:

Sign The Petition

Sign with Facebook
OR

If you already have an account please sign in

Comment

I confirm registration and I agree to Usage and Limitations of Services

I confirm that I have read the Privacy Policy

I agree to the Personal Data Processing

Goal
0 / 50

Latest Signatures

No one has signed this petition yet

Information

Nora ShafferBy:
WorkIn:
Petition target:
Chairman of Monetary Authority of Singapore

Tags

No tags

Share

Invite friends from your address book

Embed Codes

direct link

link for html

link for forum without title

link for forum with title

Widgets