Anyway, a lot of these 20 something, 30 something salesmen just talk shop. At the end of the day, no matter how honest they make themselves to be, they are just people who are after your money. Come on lar, you think they really have your interest at heart? I spoke to one who used all the nice words, “I understand your situation”, “I also go through it myself”, “Unlike the rest, I sell only the cheap policies to you cos I have your welfare at heart”, “I also have all these policies”, etc, etc… I’m sure many of you out there have heard of such things before and been conned.

So, please, really take care of your hard earned money. Don’t think that financial advisors are always on your side even if they claim to be. A lot of them will be getting you to invest and buy policies from them now, they’ll tell you that it’s a good time, think through very carefully, dun fall into traps or else, you’ll be like poor Mrs Lim on the news. Lose all your hard earn money.

But how many of these Realtionship Managers actually know what thet are selling? Those who encounter these people at DBS may know.

RM is just another name for a salesman. What they are concerned about is not the customer’s welfare but meeting their sales target. As long as they do, anything that happens after you sign on that dotted line is not their problem.

How can an everyday person be expected to know the risks when the ones pushing them don’t?

What are the qualifications required to be a RM? Looking at the job site of DBS, not much.

These people should also be held responsible for misrepresentation.

What about progress package? it is pork barrel too.

WASHINGTON (AP) — Bank of America Corp. has agreed to buy back up to $4.7 billion in auction-rate securities to settle charges it misled thousands of customers about the risky investments, federal and state regulators said Wednesday.
Full detail…

Finally, SEC in US in doing something right. The regulator in US did not say CAVEAT EMPTOR, BUYER BEWARE. They responded and there is compensation action by the accused bank. I hope it will be the same for Singapore. If a wrong is not corrected / punished, then our social moral has taken a big step back.

Let look at this from another point of view. If big institutions can misled you and they have CAVEAT EMPTOR as the ultimate weapon, then the society has failed.

It is as good as saying:
1. I can misled you. If you do not believe, then I have done nothing wrong since you have not taken the bait.
2. I can misled you. If you believe, then I have done nothing wrong since you accept my misleading by signing.

Can we accept this kind of misleading?

http://www.moneyandmarkets.com/files/documents/Final-Bailout-White-Paper.pdf

How did these comedians see it coming
when financial reporters did not?

http://www.brasschecktv.com/page/187.html

The personal bankers, relationship manager, etc at our local retail banks are financial advisors. They fall under the category of the Exempt Financial Advisor as they derived their license by being a representative of the bank they work for. Hence, these sales people still falls under the jurisdiction of the Financial Advisor Act and are liable for their recommendations, as described by Section 27 in the same act.

So the ¨father and son¨ are in cahoots.

My friend, Donaldson. Singapore is unique lah. The is what you will get if you are not politically and financially aware from the lack of openess / discussion on the “dirty & messy but important stuff” due to a very controlled msm. At least, you are trained to size up on all these matters.

And here, we still have some other people trying to perpetuate the very kind of approach that should not be there in the first place. Who are they trying to protect.

Should be to Oscar Choy

An instrument called “Structural Deposit”, “Notes”.”Mini Bonds” was planned to lure small fishes into the mouth.”

Hey, your said the word ‘lure’ yourself. So any culpability on those people who may be exercising the act of luring, if any. Probably not for you. Because “small fishes can excercise “freedom of choice” swimming in and out happily”.

What happened if the small fishes are decent aunties & uncles and the people doing the ‘luring’ have this picture of an angel (trusted institutional name) pasted on their foreheads.

You completely missed the point here. I am only want MAS to investigate. MAS says they will investigate if there is evidence of mis-representation and mis-selling. However, MAS should be suing the banks if there is evidence of mis-representation and mis-selling instead. This is only fair because personal bankers have privelleged access to information with regards to valuation and risk of these structured products while retail investors have neither the sophisitication nor background. Go look up Section 27 of the Financial Advisor Act in your free time.