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SINGAPORE: Former NTUC Income chief Tan Kin Lian, who petitioned last week for the Monetary Authority of Singapore (MAS) to look into possible wrongdoings by banks in the marketing of structured products, has urged the regulator to expedite its investigations.
He told Channel NewsAsia's "Talking Point" programme that the complaints of mis-selling from consumers suggest that there are breaches to the Securities and Futures Act and the Financial Advisers Act.
"The question is, in the marketing, creation of these products, was there a breach of this law? There's a responsibility for the person recommending the product to explain it properly and make sure it is appropriate.
"Now, I suspect that if there's a proper investigation done, you're going to find that these two Acts have been breached quite seriously," said Mr Tan.
This episode of "Talking Point" will be shown on Sunday at 10.20pm on Channel NewsAsia.
- CNA/so
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