Singapore distributors appoint independent parties to oversee investigations into product misselling
Structured products distributors in Singapore, which sold DBS High Notes 5, Lehman Minibonds and Merrill Lynch Jubilee Series 3 LinkEarner Notes, in consultation with the Monetary Authority of Singapore (Mas) have appointed independent parties to oversee their complaints handling processes and investigations into any misselling of these products. The independent party is intended to assure investors that their complaints will be heard, documented and reviewed fairly and swiftly.
The Mas will work with Financial Industry Disputes Resolution Centre (FIDReC), the independent parties and the distributors so that documentation from the distributors’ review process can be used, should investors choose to seek mediation and adjudication with FIDReC.
The Mas also asked DBS Bank to appoint an independent party to review the computation of the payout to investors of the DBS High Notes 5. The notes, which were linked to a basket of reference entities including Lehman Brothers
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