NOW that DBS Bank plans to compensate some investors who bought Lehman-linked policies, what about those who bought non-Lehman-linked policies? In 2003, I went to a DBS branch in Eunos MRT station intending to open a savings account.
However, I was persuaded to sign up for a 'savings plan' instead.I feel I was misled to sign up for this 'savings plan', which is actually an investment policy (His Assurance Gold). I went to a bank purely with the intention to save my hard-earned money. Had I wanted to invest, I would have gone to a financial or insurance institution.
I approached DBS to compensate my 'loss', but all I got was a letter saying it was unable to accede to my request. I want to inform the public who may be in a similar situation. I really don't understand why banks and financial or insurance institutions have such investment policies in the market. It's so confusing and misleading to people like me.Can the Monetary Authority of Singapore remove such policies from the market?
