FURTHER to Mr Teo Kueh Liang's letter, "Set up financial- sales watchdog" (my paper, Oct 20), I would like to suggest that the Monetary Authority of Singapore implement measures to ensure that banks do not pressure inexperienced investors to buy products they do not understand.
First, the investor should get an independent professional party, such as a financial adviser or lawyer, to confirm in writing that he is fully aware of the type of product he is buying, as well as the risks involved.
Second, the bank should provide a free-look period of, say, three weeks.
This will give the investor a chance to withdraw from the contract without any penalty if he has second thoughts. Mr Nelson Quah
