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How customers can make vendors of unsuitable financial products pay
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Consumers can now claim for losses of up to $150,000 at FIDReC without the need of hiring lawyers if they have been sold unsuitable investments.
PHOTO: SPH MEDIA
Although the Monetary Authority of Singapore’s fair dealing guidelines may not have the force of law, recalcitrant parties should think twice about not playing by the book because any breaches will provide ammunition for aggrieved customers to lodge claims at the Financial Industry Disputes Resolution Centre (FIDReC).
