(SINGAPORE) Financial institutions that offered structured products linked to the now-bankrupt Lehman Brothers are assessing the situation and will update affected investors as soon as information is available, the Monetary Authority of Singapore said yesterday.

Saying it is in close contact with the institutions, MAS advised investors to first contact their institution if they believe that they were mis-sold a product or a product was misrepresented to them. Institutions should handle such queries or complaints promptly under existing MAS requirements, it said.

Investors who are not satisfied with the response they get and have a legitimate grievance can approach the Financial Industry Disputes Resolution Centre, MAS said. The centre is an independent organisation that helps resolve disputes in the financial sector.

MAS will monitor how financial institutions are handling complaints. It said it expects all institutions to market and sell investment products appropriately and will hold them to account if there is evidence of a breach of laws or regulations.

MAS also urged consumers to be careful in their investment decisions, saying that it will continue to work with MoneySense to enhance financial education efforts.

This article was first published in The Business Times on September 23, 2008.