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SINGAPORE: The Monetary Authority of Singapore (MAS) has issued guidelines for financial institutions to help them deal with the influx of investors applying for redress.
This relates to investors who had bought into structured products linked to the US investment bank Lehman Brothers - like Lehman Minibonds, DBS High Notes 5 and Merrill Lynch Jubilee Series 3 LinkEarner notes.
The MAS says that institutions should give every applicant a full opportunity to be heard, putting aside the necessary resources to deal with cases.
Applicants should also be fully informed of the information they need to present their case.
Financial institutions should also have an independent body to review the cases, and any evidence of mis-selling ought to be reported to the MAS.
If the applicant so requests, the financial institution should have a system in place to forward the complaint to the Financial Industry Disputes Resolution Centre for resolution.
The MAS also recommends that reviews conducted by institutions should be completed in a reasonable amount of time.
The aim of appointing independent parties is to ensure that complaints are dealt with fairly, effectively and promptly.
- CNA/yt
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