MAS NOTIFIES SAM MAY QUEEN OF DISSATISFACTION WITH HER PAST PERFORMANCE

1 On 14 June 2010, MAS notified Sam May Queen, formerly a financial adviser’s representative of DBS Bank Ltd (“DBS”), that it was not satisfied as to the record of her past performance in providing financial advisory service as a financial adviser’s representative.

2 DBS is licensed as a bank under the Banking Act (Cap. 32). It is exempted from holding a financial adviser’s licence in Singapore in respect of any financial advisory service pursuant to section 23(1)(a) of the Financial Advisers Act (Cap 110).

3 In April 2007 Ms Sam recommended to clients structured notes linked to Lehman Brothers that were issued by DBS ("HN5") on the basis that the clients had understood the features of the product. However neither the clients’ education, employment status and investment background supported this conclusion. The clients are a 69 year-old mechanic and his wife a 66 year-old housewife. Both have received only primary school-level, Chinese language-medium education, do not speak or read English and had not previously invested with DBS in products of similar risk profile or features as HN5.

4 MAS views Ms Sam’s performance as unsatisfactory. Ms Sam has since left the financial industry and ceased to provide financial advisory services. MAS has notified Ms Sam that had she continued to provide financial advisory services as a representative, MAS would have issued an order prohibiting her from providing any financial advisory service and from providing any financial advisory service by taking part, directly or indirectly, in the management of any financial adviser in Singapore for six months.