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DBS HN5
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Senior |
11-Nov-2011 09:19
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Last week the Appeals Court in Singapore said 'DBS HN5 was really a BET dressed up and marketed as an Investment' - which means DBS MIS-SELLED HN5. How come banks in Singapore can mis sell financial products and get away with it - and they didn't have to show all relevant documents related to the product? Isn't MAS the regulator who ensures innocent clients of the banks such as retirees and those who went to renew their fixed deposits are protected against such products? In any other country in the world, the bank would have to return the clients money and slapped with a heavy penalty for misselling such a product. In fact in Hong Kong DBS had to return the clients money for essentially the same product as HN5. Why in Singapore they engaged a senior counsel to defend themselves - so if you sue them and lose you have to pay for their costs. |
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