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| Written by Wilfred Ling | ||||||
| Wednesday, 12 November 2008 | ||||||
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Certain financial institutions have admitted liability in terms of its sales force mis-selling financial products to its customers. Yet I noticed that our regulator has not made any announcement with regard to taking any punishment action against these practices. I suspect that no action will be done since some of these institutions will be compensating their investors. However, the rule of law cannot be merely dependent on whether was there compensation or not. Looking at the situation, it seems there will be no public prosecution against these institutions that mis-sell. So all these "penalties" are just another hot-air. I really wonder what taxpayers are thinking that so much public money has been spent supporting these government agencies. Moving forward, I seriously doubt Singapore can been a leader in a financial hub. During this crisis period, the regulator must show its leadership by been more pro-active (e.g. don't outsource to "3rd parties") and enforce the rule of law in this country. Now that investors and institutions know that the regulator may not punish wrong-doers, will they dare to park their money in Singapore? In the United Sates, it is learning to swallow its bitter medicine. Its politicians and regulators have been going all out to "fight the fire". I believe that the country's regulatory framework will become much stronger after this crisis period. But in Singapore? I think it will only grow weeker. For a layperson to lead protests at Speaker's Corner just to get MAS to do something is an embrassement.
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