Comments by Mr Heng Swee Keat, Managing Director, Monetary Authority of Singapore, in response to the announcements by DBS Bank, Hong Leong Finance and Maybank
Comments by Mr Heng Swee Keat, Managing Director, Monetary Authority of Singapore, in response to the announcements by DBS Bank, Hong Leong Finance and Maybank:
"In our press conference on the sale of structured products to retail investors on 17 October 2008, MAS set out the 3-step resolution process that financial institutions (FIs) have put in place for every investor.
MAS also asked FIs to give priority to cases where there are sufficient indications that the product was mis-sold or that it was clearly inappropriate given the investor's profile and circumstances. For such cases, we emphasised that the FIs should take responsibility and work towards fair settlements, in part or in full.
MAS welcomes the statements from DBS Bank, Hong Leong Finance and Maybank that they are expediting the resolution of cases involving vulnerable investors. It is right that FIs are giving priority to such cases. We understand that the FIs are finalising the details of the settlement for these cases, and will communicate the decisions to the affected investors. MAS expects other FIs to take a similar approach.
MAS also expects FIs to deal with the remaining cases, regardless of the background of the investors, in accordance with the serious and impartial process that has been set out earlier."