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10 barred from notes sale

Below, latest wat AK hv. Wondering others FI, r they good?? Currently, tycoon Mr Neo is filing law suit against Citi. Bad ah, looking at d table, so many well educated investors not claiming. Those claiming ones, guesses they kena turned down loh. For sharing only.

FI banned for 6 mths, wef 1 Jul 09
S/N	Ins	No of clients	Sum incr(m)	Legal File	Compensated#
1	ABN-Amro*	870	120	637	262
2	DBS*	1083	137	873	197
3	Maybank*	2456	97.6	1757	1100
4	DMG Partners Sec	63	2.5	16	1
5	UOB KH	315	1.35	150	8
FI banned for a yr, wef 1 Jul 09
S/N	Ins
1	CIMB,	217	9.7	91	53
2	Kim Eng Sec	208	8.8	49	21
3	OCBC Sec**	1204	51.4	404	128
4	Phillip Sec	712	26.1	242	86
FI banned for 2 yr, wef 1 Jul 09
S/N	Ins
1	Hong Leong Fin*	2781	162	2284	2048
* bank
** permanent banned from using Introducers
# No, ranging fr below 50% to Full compensation

 

I agree with article by Wong Wei Kong,BT toady(08/07) Its nothing more than a slap on the wrist.

Hulumas      ( Date: 08-Jul-2009 10:47) Posted: Is that a "FINE SHOW"? singaporegal      ( Date: 07-Jul-2009 22:29) Posted: 10 barred from notes sale SINGAPORE - Singapore's central bank banned 10 financial institutions on Tuesday from selling structured products, saying the firms had sold notes linked to Lehman Brothers without ensuring their staff were properly trained. The 10 financial institutions are DBS Group , UOB Kay Hian , OCBC Securities, ABN AMRO (Singapore Branch), Maybank Singapore, CIMB-GK Securities, Hong Leong Finance , DMG & Partners, Phillip Securities and Kim Eng Securities. ABN, DBS, Maybank, DMG and UOB Kay Hian received the lightest ban of six months, while Hong Leong Finance was slapped with the heaviest penalty of two years, the Monetary Authority of Singapore (MAS) said in a statement.

 

Is that a "FINE SHOW"?

singaporegal      ( Date: 07-Jul-2009 22:29) Posted: 10 barred from notes sale SINGAPORE - Singapore's central bank banned 10 financial institutions on Tuesday from selling structured products, saying the firms had sold notes linked to Lehman Brothers without ensuring their staff were properly trained. The 10 financial institutions are DBS Group , UOB Kay Hian , OCBC Securities, ABN AMRO (Singapore Branch), Maybank Singapore, CIMB-GK Securities, Hong Leong Finance , DMG & Partners, Phillip Securities and Kim Eng Securities. ABN, DBS, Maybank, DMG and UOB Kay Hian received the lightest ban of six months, while Hong Leong Finance was slapped with the heaviest penalty of two years, the Monetary Authority of Singapore (MAS) said in a statement.

 

After d Lehman, then some of d High Notes were got involved as well. Glad to see that some hard-earned $ had been solicited by some but pity for those who see no return.

AK opines that there are still existing notes n others not affected structures products currently still managed n kept by d various FI/BK, including those 10 listed. Not sure, I still see few of them listed in d FI website.

Not sure what would d follow up action by d FI, esp those sold UT to d young and old. Quite worry whether those amateurs understanding d initial 3-5% admin fee on d invested cap sum n subsequently d  yrly another admin fee of not less than 1.25-1.5%, if not mistaken.

AK sold all d 5 UT invested in mid 07 owing to d above 2 main reasons. Ha ha, 2 of them r in d 10 black listed FI, except AIA(AIG?)???? Now, wash hand liao. But helping other old folks to monitor their portfolio. They were not prompted wat to do during d finance crisis. Surprise, one of them is d retired school principal leh.

 

No big deal lah! Even without the ban, there isn't any structured product to sell in the Market. Therefore, it doesn't affect the said Financial Inst. at all !!!! Heavy fines would be more apt! Cheers!

 

Wow... the banned list covers many major players and most brokerages in Singapore

 

10 barred from notes sale

SINGAPORE - Singapore's central bank banned 10 financial institutions on Tuesday from selling structured products, saying the firms had sold notes linked to Lehman Brothers without ensuring their staff were properly trained. The 10 financial institutions are DBS Group , UOB Kay Hian , OCBC Securities, ABN AMRO (Singapore Branch), Maybank Singapore, CIMB-GK Securities, Hong Leong Finance , DMG & Partners, Phillip Securities and Kim Eng Securities. ABN, DBS, Maybank, DMG and UOB Kay Hian received the lightest ban of six months, while Hong Leong Finance was slapped with the heaviest penalty of two years, the Monetary Authority of Singapore (MAS) said in a statement.