Mr Tan, I applaud you for tnikag up a stand for Singaporeans who are looking for a forum to seek redress for being mis-sold in this sorry financial saga.I totally agree with the CFA's post earlier. The suggestion to also set up a committee based on products purchased from related FI is a pro-active step forward. The news in the papers is currently on the Lehman minibonds but I believe there are many investors of other financial structured products which fall into what the CFA mentioned ie, unlimited downside risks for very limited upside gain for investors, who are seeking help. I was sold UOB One Year Medium Term Note linked to 3 Singapore Shares ie, DBS, Kep Corp and Semb Corp Marine, which in no way matches my risk profile as I trusted the suggestion by my UOB Relationship Manager who thinks it "matches" my risk profile. Since its maturity on 20 Oct 08, my initial investment has fallen to almost 25% of my capital.This in no way matches my instructions stated to her on "My Wealth Planner" form A ie, to preserve my initial investment but am willing to accept minor negative fluctuations.That aside, to allow such high risk schemes with a very limited upside is devastating not only to retail investors but to the financial system of a country when wealth are wiped out so easily with crippling consequences, as CFA rightly pointed out. Singapore cannot afford a financial debacle like what the States have. We will be attending this Saturday to see if there are any other UOB investors out there like us who wants to seek redress.
Mon message
En respectant les règles, je participe librement et gratuitement à cette discussion :