Hong Kong has started investigations into mis-selling allegations.[Link][Link]
Hong Kong authorities have met investors, set up direct hotlines, and law makers have met investors to organise a collective action which the best way to recover investors' money because you don't expect banks to volunteer compensation.
"MAS has also asked FIs to keep us informed of customers' queries and complaints "
"Why is MAS listening to the bank and not the people. Why don't MAS let customers inform them of their complaints directly?" - Lucky Tan
"What really frustrates me is the subdued response from MAS. As the financial watchdog, I think it has been extremely reactive and it has so far distanced itself from blame"-Mr Peter Lim, a Minibonds investor
.MAS in its statement advises investors to go back to the FI (financial institutions) as individuals with their queries. The latest statement says it is "in close contacts with FIs" and have asked the FIs to keep them informed of complaints. I see...this is how our system works. When anything goes wrong, MAS will link up with the banks and listen to them. Hmm....if you're a bank, what would you be telling MAS? Now I see why we pay our ministers and civil servants so much. If anything goes wrong and Singaporeans need help, they are there to teach Singaporeans to be self-reliant. At the end of the day, no matter how this matter is resolved, Singaporeans will remember the response of their authorities vs those in Hong Kong. Remember when the pay of high ranking civil servants and ministers was hiked, we were told that it was for their performance....and this is typically how they perform in times when Singaporeans need them.