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Tuesday 4 November 2008
DBS Bank fails to reply to some investors’ complaints within 48 hours
“Total silence is not acceptable. While the timing is within 48 hours, I accept that there will be lapses due to the volume because you can’t process hundreds of cases within 48 hours, but that is the target you aim.”
DBS Bank fails to reply to some investors’ complaints within 48 hours
4 November 2008
SINGAPORE: DBS Bank seems to be having problems coping with the number of complaints from investors who bought High Notes 5, a financial product linked to the failed Lehman Brothers.
At a dialogue session on Tuesday, it was revealed the bank has not replied to some complaints within the stipulated 48 hours.
The dialogue was held behind closed doors, but the emotions could still be heard through the walls.
“What is the bank’s responsibility? ... Now the money gone down the drain, you ask us to hold the responsibility, because we signed the documents. You failed us all; our loyalty to you. We had trust in you. Where is your trust now when we need you?” demanded an emotional investor.
About 300 investors attended two different dialogue sessions.
“There’s no satisfaction gained. The dialogue session basically (explains) to us what we can do and how the bank is going to solve the problem with us individually. We can never be satisfied until the bank makes a final decision,” said Mr Chia, who co-signed with his 80-year-old mother who invested S$600,000.
Another investor who invested S$50,000 said: “They claim to be taking it seriously, they want to maintain and restore good relations with customers so that there’s long term business (relationship), but the outcome will affect whether I will my banking (relationship) with them.”
He added he has yet to receive a prospectus on his investment till today. The bank had previously told him that they had run out of copies. He said he would be happy if he can get at least 50 per cent of his principal sum back.
Some investors also said they have yet to receive replies for their complaints to DBS Bank.
Gerald Ee, who has been appointed by the Monetary Authority of Singapore (MAS) as an independent external advisor said: “Total silence is not acceptable. While the timing is within 48 hours, I accept that there will be lapses due to the volume because you can’t process hundreds of cases within 48 hours, but that is the target you aim.”
“I know they’re all working long hours, but to hear people saying that ... (they) haven’t heard a reply (after 3, 4 or 5 weeks), that’s not acceptable. So we’ll go back and find out where are the kinks in the system that we need to iron out, and make sure it progress along more smoothly.”
Ee said he has reviewed all cases concluded by the bank, and has only asked for one case to be re-opened so far.
About 1,400 investors bought the DBS High Notes 5. Over 600 investors have attended a total of four meetings held.
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DBS Bank fails to reply to some investors’ complaints within 48 hours
4 November 2008
SINGAPORE: DBS Bank seems to be having problems coping with the number of complaints from investors who bought High Notes 5, a financial product linked to the failed Lehman Brothers.
At a dialogue session on Tuesday, it was revealed the bank has not replied to some complaints within the stipulated 48 hours.
The dialogue was held behind closed doors, but the emotions could still be heard through the walls.
“What is the bank’s responsibility? ... Now the money gone down the drain, you ask us to hold the responsibility, because we signed the documents. You failed us all; our loyalty to you. We had trust in you. Where is your trust now when we need you?” demanded an emotional investor.
About 300 investors attended two different dialogue sessions.
“There’s no satisfaction gained. The dialogue session basically (explains) to us what we can do and how the bank is going to solve the problem with us individually. We can never be satisfied until the bank makes a final decision,” said Mr Chia, who co-signed with his 80-year-old mother who invested S$600,000.
Another investor who invested S$50,000 said: “They claim to be taking it seriously, they want to maintain and restore good relations with customers so that there’s long term business (relationship), but the outcome will affect whether I will my banking (relationship) with them.”
He added he has yet to receive a prospectus on his investment till today. The bank had previously told him that they had run out of copies. He said he would be happy if he can get at least 50 per cent of his principal sum back.
Some investors also said they have yet to receive replies for their complaints to DBS Bank.
Gerald Ee, who has been appointed by the Monetary Authority of Singapore (MAS) as an independent external advisor said: “Total silence is not acceptable. While the timing is within 48 hours, I accept that there will be lapses due to the volume because you can’t process hundreds of cases within 48 hours, but that is the target you aim.”
“I know they’re all working long hours, but to hear people saying that ... (they) haven’t heard a reply (after 3, 4 or 5 weeks), that’s not acceptable. So we’ll go back and find out where are the kinks in the system that we need to iron out, and make sure it progress along more smoothly.”
Ee said he has reviewed all cases concluded by the bank, and has only asked for one case to be re-opened so far.
About 1,400 investors bought the DBS High Notes 5. Over 600 investors have attended a total of four meetings held.
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