Letters to Editor
Published Date: 14 September 2004

Response to "Secrecy Prevents Investor Diligence And "More Transparency Will Help Investors" (Today, 10 August and 11 September 2004)

Dear Sir,

I refer to "Secrecy prevents investor diligence" and "More transparency will help investors" (TODAY, 10 and 11 September 2004).

2   The Monetary Authority of Singapore (MAS) sees benefits in publishing its regulatory actions against financial institutions under certain circumstances.  We have been studying the issue of publication of enforcement action as part of an ongoing review of policies and will announce the details shortly.  

3   I would also like to clarify the comments made by Mr Spencer Campbell.  First, MAS did not inform Mr Campbell that his was a case of misrepresentation as we do not comment on civil disputes between customers and their banks.  Second, rulings made by the Consumer Mediation Unit's panel of mediators are binding on the bank but not on the consumer.  If a consumer chooses not to accept the panel's ruling, he can consider other options such as seeking legal recourse.

Yours sincerely,

Angelina Fernandez
Director (Communications)