How to prove DBS mis-selleing Lehman minibonds??

[Cheekg98]

DBS to investigate claims of mis-selling of Lehman-related products

 

By Nicholas Fang, Channel NewsAsia | Posted: 13 October 2008 2046 hrs

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Development Bank of Singapore

 

SINGAPORE: DBS has said it would take responsibility if customers are able to give evidence of mis-selling in relation to products affected by the collapse of Lehman Brothers.

 

In such cases, the Singapore lender said it would work with the customers on compensation on a case-by-case basis.

 

In a statement out on Monday, DBS said customers who bought its High Notes 5 product in Singapore and Constellation Structured Retail Notes in Hong Kong will know the final valuation of the products by the end of the month.

 

The valuation is determined by the market and DBS has warned that some customers could lose their entire investment.

 

The bank's managing director and head of consumer banking group, Mr Rajan Raju, said over 300 customers had approached the Investor Care Centre in Singapore to express concerns about their investments

[Cheekg98]

maybe chinese signature among those angmo wordings ? no one translates the terms and conditions to investor ??

[Ultramega]

I heard some banks covered backside by asking the investor to sign a doc saying proper verbal translation was done and understood.

[Tigershark1976]

if they can say this, it means they r 100% sure that they are covered...

[Mzrmazda3]

I really wonder how the investors are going to prove that

[Yaloryalor]

Maybe first they asked their Customer Service personnel to sign and declare they din mislead the buyers else they are liable for the claims.

[Blackyv]

how to prove with evidence? well, next time we should carry a video recorder to bank and capture all communication and the f***ing face of the finacial concultant because they need evidence and "our words" cannot be use as evidence.....to have more evidence, we should also bring our own T&C in simple layman words and sentences for them to sign include official stamp.....

[Vroomtattat]

Yes, very hard to claim back after signing on the dotted line. There's T&C to protect the Banks from disputes.

[Solar]

nowadays mobile phones can take 2gb to even 8gb micro sd cards.. enough to video record the blabblings from 'financial consultants' for future evidence, should dispute occur

[Kingcopa]

This is effectively telling the investor that they will not be getting their $$$ back.

All this are approve by MAS, those documents. Once u sign on it, that is it. How to prove u are being mislead?????? witness????

 

Well done DBS just one sentence and u are all clear.

[Rickster]

That is a damn good idea. Sometimes i think all these people are really operating with no ethics. No diff from Sunshine empire.

[Rickster]

I think we should place the phone in record mode under the full view of the financial advisor when they are doing their sales pitch - as a constant reminder.

 

This will ensure that they are telling the truth and not witholding any information from you or glossing over some important facts.

[Lv3338]

just do a mass "soon pa" like the retired insurrance had said.." ...

just like a mass orgy... but doubt it work

Edited October 14, 2008 by Lv3338

[Solar]

voice only maybe not enough, bank can dispute that its not their employee. video will be much better.

the advisor will also be prudent not to 'smoke' the customer, since its captured on video..

 

well, if everyone does that, who knows, in addition to crash helmets, they'll come up with another poster: no video devices

 

edit: btw, if i may sound crossed about these 'consultants', well, my mom nearly kenna.. twice, when she went to deposit some money and renew fix deposit.. lucky she called me before she signed the dotted line. claimed that guarantee bao chia one. pui!

Edited October 14, 2008 by Solar

[Sfhuang]

The way I see it, nothing will come out of the investigation, the investors lose their money and life goes on as usual. Welcome to the modern economy.

[Jacf]

how to prove with evidence? well, next time we should carry a video recorder to bank and capture all communication and the f***ing face of the finacial concultant because they need evidence and "our words" cannot be use as evidence.....to have more evidence, we should also bring our own T&C in simple layman words and sentences for them to sign include official stamp.....

 

i think best is to bring your own lawyer along too..

[Clubace]

i think those old folks who had commited their entire savings into this bond will commit suicide right at the doorstep of DBS if this is not resolved amicably.

[Ellf]

There is always a slip of paper that investors sign to resolve all liabilitiy, stating that all T&C was explained in full details. There is no case. Consider this, when interests were given, no one complained. When everything go wrong, everyone KpkB. Well, all investments have risks, explict or implict. It is up to that person to take these risks.

 

Something which irks me is that in the past when on visits to banks, you are also referred to some planner before you are referred to the counter. This is really irritating. There was this instance that I had to speak to some planner before I can open an account. Why must I speak to a planner when I am there for other banking matters?I immediately walked out of that bank and opened an account with another.