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Source:
www.mas.gov.sg |
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MAS Statement on Pinnacle Notes
Series 9 and 10 |
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MAS has been informed by the arranger of the
Pinnacle Notes Series 9 and 10, Morgan Stanley Asia (Singapore) Pte,
that a number of credit events have occurred in relation to the
underlying securities of the notes, triggering an early redemption. MAS
understands noteholders would be concerned about their investments. |
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MAS has asked the distributors of the notes
to ensure that all affected investors are contacted and informed of the
early redemption of these notes immediately. |
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We are in close contact with Morgan Stanley
Asia (Singapore) Pte to ensure that they provide all the necessary
information on the early redemption of the notes to interested parties.
Morgan Stanley Asia (Singapore) Pte has informed MAS that it is in the
process of finalising the terms for the appointment of an international
accounting firm to assess the early redemption process for the Pinnacle
Series 9 and 10 notes. |
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Issue Size and Distributors |
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The total issue size of the Pinnacle Notes
Series 9 and 10 was S$26 million, sold to about 700 retail investors
through five distributors: DMG & Partners Securities, Hong Leong
Finance, Kim Eng Securities, OCBC Securities and UOB Kay Hian. |
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Handling and Resolution of Complaints |
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Investors who consider they have a genuine
claim that they were mis-sold the product or that the product was
misrepresented to them should lodge their complaints with the financial
institutions (FIs) that sold them the products. |
MAS has set up a three-step process for
investors' complaints to be handled and resolved.
Step 1: Lodge your complaint directly
with the FI that sold you the products.
Step 2: Provide full details of your
case to the FI to allow the FI to make fair assessment of your case.
Step 3: Accept the decision of the FI
or refer your complaint to the Financial Industry Dispute Resolution
Centre (FIDReC). A fast-track process has been put in place for cases
referred to FIDReC.
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MAS requires FIs to have a rigorous
process to look into every complaint and to ensure that legitimate
grievances are dealt with expeditiously. MAS has stressed to the FIs
that they should devote all resources necessary to deal with
affected investors and should ensure that their processes are
independent, fair and transparent. Each FI has set up an internal
review panel, chaired by its CEO to review customers' complaints and
decide on a course of action. |
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This is a serious and impartial process
for investors to resolve their complaints. If there is evidence of
potential breaches of our laws or regulations, MAS will investigate
and take appropriate action. |
Annex 1
Frequently Asked Questions on Pinnacle Series 9 and
10 Notes
Annex 2
Three-Step Process for the Resolution of Complaints
on Pinnacle Series 9 and 10 Notes
Annex 3
Key Things to Note About the FIDReC Fast-Track
Dispute Resolution Processes
Annexes 1 to 3 are available on
the MAS website
www.mas.gov.sg |
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Source:
www.mas.gov.sg Press Release 14
Nov 2008 |
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Important
Notice |
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Our FrontPage
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FrontPage Edition: Mon 17 Nov 2008
All rights reserved
