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Singapore's financial regulator said yesterday that it will review the way that structured investment products are marketed and sold to retail investors.
The move comes in the wake of news that thousands of investors who had bought structured products linked to the now-bankrupt investment bank Lehman Brothers could now lose most of their money.
Areas under study include stronger suitability requirements for certain types of products, as well as clearer product labelling and risk rating, said MAS. And one outcome of the review could be simpler descriptions of the features and risks of products, so that they can be more easily understood.
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3 complaints watchdogs
Separately, MAS also announced yesterday that it has identified three 'well-respected' individuals to oversee how complaints from customers stuck with Lehman-linked products are handled. The three will not be personally involved in settling individual complaints, but they will make sure the processes are independent, fair and transparent for customers.
Last night, DBS Bank, which sold the Lehman-linked High Notes 5, confirmed that it appointed Mr Gerard Ee as its independent external consultant.
Mr Law Song Keng will be appointed by ABN Amro, Hong Leong Finance and Maybank. And Mr Hwang Soo Jin will provide oversight at six local stockbrokers.
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