In the latest statement from MAS HERE with regard to many consumers crying foul for being misled into buying unsuitable products, it has "taiji" its responsibility to "3rd parties" to look into the matter. The scope of the work by the independent parties are:

a) Reviewing the internal complaints handling procedures of the FI (Financial Institutions) to determine that they are independent, fair and transparent.

(b) Where there are any shortcomings identified in the complaints handling process and resolution process, these should be brought to the attention of senior management of the FI and rectified

(c)  Any other matter that will ensure that FI deal with investors' complaints fairly, effectively and promptly.

I am shocked to see that MAS is redirecting its responsibilities to "3rd parties." This is the role of the regulator and not another party. The true independent party that has both the authority and expertise is the regulator itself. Who is this "3rd party"? How can consumers be assured that these 3rd parties are truely independent? Who is compensating these "3rd parties" for this work? Is it taxpayer money or will be paid by the financial institutions? If it is the financial institutions, it cannot be independent. If it is taxpayers' money, it is unnecessary because taxpayers' money are already used to fund MAS to do this job. MAS should take this crisis opportunity to show that it can be a world-class regulator.

The lesson is this: Investors cannot rely on the regulator anymore to help them. The industry is a cow-boy town. Learn how to defend yourself. Next week, I'll write something in more details on how consumers can protect themselves without relying help from regulator, FIDREC, MoneySense or even your Member of Parliament. Rely on no one else for this is the route to financial freedom.