IF YOU believe you have been mis-sold a structured product, follow this three-step dispute resolution process set up by the Monetary Authority of Singapore (MAS).
* Lodge a complaint with the institution that sold you the product
You can do this by telephone or in person at the institution, which will acknowledge your complaint within two working days.
It will then arrange to meet with you in person for an interview to hear your case within the next two weeks.
* Explain the details clearly
When your complaint is being recorded, ensure that you have all the details clearly presented.
This will allow the financial institution to make a fair assessment of your case.
You will also get a copy of the report after the interview.
* If you are not happy with the proposed resolution, go to Fidrec
The financial institution will complete the review of your complaint and provide an update within four weeks of the interview.
If you are not happy with the resolution, you can still refer the case to the Financial Industry Disputes Resolution Centre (Fidrec) for independent mediation or adjudication.
Typically, Fidrec does not handle cases exceeding $50,000 in invested funds, however, in this case, they will.
