Oct 13 2008
DBS to Take Responsibility if Misselling is Involved
After all the efforts by the investors of structured products, we finally have the first financial institution to make a comment that is positive to investors.
DBS has issued a statement that it would take responsibility if customers are able to give evidence of misselling in relation to products affected by the collapse of Lehman Brothers.
DBS would work with the customers on compensation on a case-by-case basis.
The onus is still on the customer to provide evidence but at least it’s a good start.
Also, I managed to find the link on the DBS website that provides the pricing for the DBS HIgh Notes. DBS High Notes investors might find that useful.
As most, if not all of the “mis-selling” was verbal, how could anyone prove it with evidence - recorded conversation ??
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A statutory declaration might help.
http://tankinlian.blogspot.com/2008/10/affidavit-statement-made-under-oath.html
Someone will have to test the water.
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sufferer of the bomb Reply:
October 14th, 2008 at 2:41 am
hi lioninvestor,
the problem is that if there is no damage, there is no compensation.
for lehman minibond except series 5/6 who has defaulted and facing the fate of winding up, the rest of the series has not come to this extent - therefore i suppose we have to wait for the winding process to take place and thereafter after ascertain our damage we can ascertain the compensation. correct me if i am wrong ??? i just want to gather my ammunitions and make useful claim than to shoot compensation email like a headless chicken.
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lioninvestor Reply:
October 14th, 2008 at 9:40 am
It is clear that we will not be getting back 100%.
So if there is misrepresentation, you can proceed to send in your complaint letter first.
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To give evidence of misselling than they(DBS) will be responsibility??? I walk in with 50k and insisted of opening a fixed account, but the lady who approached me told me that they don’t have this fixed deposit account for this month as they doing a promotion on high notes which we can get high interest and there’s no worries at all as all participating banks are all big banks. I still worry as I don’t know those banks at all but the lady(from DBS) ask me a question” Do you think DBS will go bankrupt??? Those participating banks are same like as what DBS is in Singapore so do not worry”. So, no other choices, I signed. I’m very angry why DBS don’t have fixed account that time, or they do have this fixed account but wanted us to sign this HIGH NOTES 5 scheme so they can get more advantage from it????????Now, I was told that come to worst my 50k will go down the drain. Who’s responsible??
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Anybody here have DBS High Notes Series 1. Still not sure if I should cash out. Wonder if the 100 RE will survivie? Right now, redemption will lose some money…
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I do not have HN5 but have Minibond3. What DBS is trying to do is a ploy to split up the investors. Other banks may try this same trick.
Almost all investors were mis-sold of the product but it is extremely difficult to prove in a court of law. Once investors are divided into those who can prove misselling and those who cannot, our case will become weak. Do not fall into this trap. FIs should make a general offer to buy back notes at a fair price, or compensate all investors with the same %.
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Hi
I have placed an S$100k estate (from by husband) with DBS High Notes 2 two years ago. I am not a risk taker, and also with that sum of money that was left by my husband for my 2 kids, I really don’t know what to do with it except leave it with a reputable bank…thinking surely a very safe place
I am lost and don’t know what else to do, except praying that there’s a turn-around on the world financial crisis, and hoping that the money will be ‘well-protected’ until the maturity date.
The banker told me that should another 2 of the banks/financial institution that they have invested in, in relation to the DBS high notes 2, go bust…..the DBS high notes 2 will equal to $0.
Can anyone shares with me your opinions and advises, please…..
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DBS High Notes Group
http://dbshns.blogspot.com/
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