FINANCIAL institutions (FIs) that have sold the DBS High Notes 5, Lehman Minibonds and Merrill Lynch Jubilee Series 3 LinkEarner Notes have decided to appoint independent parties to look into their complaints-handling process.

The parties will also oversee investigations into any misselling of these products, said the Monetary Authority of Singapore (MAS) in a statement last night.

The move is to assure investors that their complaints will be heard, documented and reviewed fairly and swiftly.

MAS will use the outcome of this process to consider what FIs need to do to strengthen internal processes and controls, and whether a review of regulations is required.

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