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SINGAPORE : Almost all of the complaints submitted to financial institutions over the collapse of structured products have been resolved.
This was revealed by Trade and Industry Minister Lim Hng Kiang.
Responding to questions in Parliament on Thursday, the minister said that 97 per cent of the 7,257 cases submitted to financial institutions has been resolved.
He added that further steps are being taken to ensure better regulation of such products in the future.
Mr Lim said: "The MAS (Monetary Authority of Singapore) is intensifying its supervision of financial institutions in the sale of such investment products. Through inspections mystery shopping and meeting with senior management, MAS will assess whether financial institutions have the proper systems and the controls in place to comply with these regulatory obligations."
As of December last year, 66 per cent of the resolved cases have been offered settlements, with 95 per cent of the claimants accepting.
1,823 formal complaints were also lodged with the Financial Industry Disputes Resolution Centre (FIDReC) for structured products, with 993 cases having been resolved.
The rest are either pending mediation or being deferred. - CNA/ms
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