Dear Mr Tan Kin Lian how about those honest DBS bank investors, who can help serve their interest?
DBS financial products: Why must shareholders absorb the loss?
Tue, Jan 20, 2009
The Straits Times
IT WAS reported that DBS has completed its review of complaints related to structured financial products. The amount is estimated to be $80 million.
The report said the bank will absorb the loss. In fact, it is the shareholders who ultimately absorb the loss. Throughout this saga, I, as a shareholder, have seen no specific communication from management to assure me that my interests will be well taken care of.
There is either mis-selling in each case, or there is not. If there is, the bank should indeed compensate investors. However, as a shareholder I must insist that there is assurance that those responsible are also held accountable - this could include (but may not be limited to) the relationship managers in question, the head of wealth management or equivalent (there must be leadership and accountability, not to mention that the bonus would surely have reflected 'successful sales' over the past few years), and, to some extent, the risk or compliance manager who approved the policies and procedures that were supposed to prevent misselling.
Kevin Kwek
DBS financial products: Why must shareholders absorb the loss?
Tue, Jan 20, 2009
The Straits Times
IT WAS reported that DBS has completed its review of complaints related to structured financial products. The amount is estimated to be $80 million.
The report said the bank will absorb the loss. In fact, it is the shareholders who ultimately absorb the loss. Throughout this saga, I, as a shareholder, have seen no specific communication from management to assure me that my interests will be well taken care of.
There is either mis-selling in each case, or there is not. If there is, the bank should indeed compensate investors. However, as a shareholder I must insist that there is assurance that those responsible are also held accountable - this could include (but may not be limited to) the relationship managers in question, the head of wealth management or equivalent (there must be leadership and accountability, not to mention that the bonus would surely have reflected 'successful sales' over the past few years), and, to some extent, the risk or compliance manager who approved the policies and procedures that were supposed to prevent misselling.
Kevin Kwek
