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Updated
Oct 25, 2008
500 protest lost savings
The rally at Speaker's Corner, the third so far, was led by former NTUC Income chief Tan Kin Lian.
By Gracia Chiang
The rally at was led by former chief executive officer of NTUC Income Tan Kin Lian (pictured), who announced that he was starting a fourth petition to urge banks to seek a 'common approach' to compensate investors who had bought Lehman's Minibonds. -- PHOTO: THE NEWPAPER
WELL-EDUCATED, English-speaking investors flocked to Speakers' Corner on Saturday to make their frustrations heard.

For the third week in a row, about 500 investors gathered in Hong Lim Park eager to find out how they can seek redress for Lehman-linked financial products they claim were mis-sold to them.

Organised by former chief executive officer of insurer NTUC Income Tan Kin Lian, the rally was intended for those who had sunk their money into such products to band together and exchange suggestions.

Unlike the previous two Saturday rallies which saw mostly Mandarin-speaking and older investors, many who showed up on Saturday evening were those who did not fall into the 'vulnerable' group which financial institutions have said they would focus on when compensating investors.

Following calls from the Monetary Authority of Singapore (MAS) for priority to be given to the 'highly vulnerable' investors, including the elderly, retired and less educated, DBS Bank, Maybank and Hong Leong Finance said last week that they would be fast-tracking such cases.

Those who don't fall into this group are now complaining of being sidelined.

At the rally on Saturday, Mr Tan and 30 other volunteers handed out 1,000 forms for investors to fill in. They are asked to fill in information like whether they were led to believe there was a guarantee on their investment.

He said the forms would make it easier for them to lodge formal claims with their financial institution.

He is also starting a fourth petition, this time urging MAS to find a collective solution if mis-selling is found instead of having financial institutions compensate investors on a case-by-case basis.

'It's taking so long and there are so many people who are distrustful of the process. They say, 'If I say the wrong thing, I'll get less,'' said Mr Tan, referring to institutions holding individual evaluations with clients.

He also encouraged investors to band together and request for an open forum with the institution that sold them the product.

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