How to prove DBS mis-selleing Lehman minibonds??

[Loneranger]

totally agree, cant afford to lose than dont invest.

[Babyt]

yes..video recording will be good.

 

a more proper way is to get at least 2 witnesses to sign the contract w the investor...but who wants to disclose their money they have with them to witnesses? hmm..

[Gearoil]

Old folks die becos they were greedy?

 

O.K what!...one type of mishap is just good business for another....the undertakers that is!

 

 

 

 

 

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What reccession?...it all depends on HOW you look at it!

[Rickster]

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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!

 

My mom also kena. She took out her fixed deposit from H*ng L*ong F*nance and the in-house sales phyco her to get the minibonds saying that it is very safe just like a bond. She is the type who is very very risk averse and as such, has not invested into any equity funds, but purely on bonds & fixed deposits & shares from govt. companies (eg. singtel, smrt etc).

[W2wwong]

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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.....

 

that's what i usually do whenever money is concerned, or there's a potential for dispute. For me, there's no such thing as he say or I say. everything will be on paper.

 

e.g.

 

when i was buying my car, i wrote down all the finance calculations, whatever the agent said, promised, etc on a piece of paper. in the end, he also asked me to let him photocopy. in this way, there wld be less chance of any disputes.

[W2wwong]

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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

 

ha ha, that's what i do also. everything also record.

 

anyway, also got way to prove mis-selling.

 

if there are records to show that this person did not participate in any high risk financial instruments for say the past 5-10 years, how could he be doing so now?

 

point is, could be how far you intend to pursue the matter, if you're one of the victims, as a dispute could be costly.

[Furrynadz]

up the lorry liao

 

 

[Niteblu]

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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.

 

 

it's not a Bond.

So don't call it that.

 

It's a credit-link Structured Product.

 

Massive misonomer.

[Joajas]

Consumers do not have anyway way of proving mis-selling on DBS's part. It is stated in the contracts that all information have been conveyed to the consumer and that the consumer fully understands what they are buying.

 

But most of the time consumers do not realise what they are getting into. In their head it is all the sweet scenarios put forward by the seller.

 

Though I am not involved in this issue, I feel that the way the bank sells their products is questionable.

 

I bought 1 long term investment from DBS, 1 week after I signed the contract, the executive who sold me the product is no longer with DBS. And I was not even informed.

 

Till now I have not bought anything else from any of the banks. I realised that they are all commercial entities only interested in their own profit. Your investments' performance and returns were never on their agenda.

 

When you forget to pay 1 dollar, they will get debt collectors, lawyers and whatever to collect that 1 dollar from you + interest and fees for engaging these money suckers.

 

When you want to terminate your investments because it is not performing as what they stated, they will charge you whatever fees they would have earned had you not terminate your investment and call it termination fee.

 

In short, the moment you sign on the paper, they would have earned their fees for the whole period of investment regardless of whether you keep your investment or terminate half way through.

 

So I guess keeping the money in my pocket is still safer than anything else.

[Gylgyl]

My mom also kena. She took out her fixed deposit from H*ng L*ong F*nance and the in-house sales phyco her to get the minibonds saying that it is very safe just like a bond. She is the type who is very very risk averse and as such, has not invested into any equity funds, but purely on bonds & fixed deposits & shares from govt. companies (eg. singtel, smrt etc).[/reply]

 

I have the same situation as u, my mum going to lose everything... as a son i m so sad ... my mum so old liao still pple cheat her money... ... what are u going to do ?? can inform me? u can pm me for contact...

[Boxster]

I think it is quite difficult especially you are unprepared when signing contract.

 

I remembered that there was once I was doing FD at DBS. These adviser see from the teller's screen you got a bit of $$ asked to explain structured deposit to me.

After the explanation, I told her that I will consider.

She ask me if I could sign on the contract 1st and then she will contact me on the closing date whether to proceed with the structure deposit.

Luckily I was very film and said NO

If not I will be

[Bird5011]

DBS - Damned Bullsh*t Sales

then became Declared Butt Safe!!

[Ellf]

Some of them want the sales. Kena before until I DL and went to other banks. I really hate it when they start pushing the products. I really pity those who lost $$$$ in these bonds. Read the fine prints.

[Kelpie]

1. This whole episode is all about a single word, i.e. Greed.

 

2. Where got such thing in this world as 100% safe investment ? Who will know one of the top banks in the world like LB would fail? It is not wrong for the sales person to convey the message that LB related structured products are relatively safe at the point of sales. Even putting money in FD is also a risk on its own. If really can't stomach losses, keep all the money in guni gong better.

 

3. Good time no one complain but when time is bad, everyone banged the Bank for misleading them machiam like time share programe .

 

4. One of my properties heavy fund dip more than 30%, so should I cry mother cry father at the Bank staff ?

 

5. I think we should be fair in this case. If one has no interest in those structured products, simply say no lor, no one point a gun at you to buy wat.

 

Regards,

[Cheekg98]

see on TV the way the HK investors are protesting ... can see how serious the situation is

[Ender]

This is slightly different. Alot of these are aunty, uncle who risk profile are limited to fix deposit. And if banks has misrepresent their product as of equivalent low risk as fix deposit, than this is different from your case.

Edited October 15, 2008 by Ender

[Asd78]

Actually it's all down to greed lah...if this debacle never happened and the structured products made tons of money, would these people be complaining?

 

But I must also say that the wordings of these products are phrased till too tempting. Maybe this could be a bone of contention. ROI too tempting and risks of products glossed over.

[Kingcopa]

Sometime when i watch TV n see those protest........... u lose $ u demand govt to take responsibilities. But is today situation is u make tons of $$$, will u demand govt take a share of ur joy?

 

U wanna invest in this crap, u take ur own responsibilities. Like what DBS said, show us the proof that u r being mislead into buying this, we will refund u.

 

Last nite News, there is this lawyer being interview n he commented that if alot of ppl petition that they are being mislead into investing, there is a higher chance.... i was like WTF.......... does he know what he toking?????? He also say if there is a witness like ur spouse, beside u when u are toking to the bank staff n ur witness can prove that they are misleading u, chnaces are high...... i was like WTF x2!!!!!!! I wonder how this lawyer got his license.