many would be happy with 50% refundSingapore Way
MAS said, "If the investors had been mis-sold the product or where the product was clearly inappropriate to their circumstances, MAS expects the FIs to take full responsibility... fair settlement .. to be assessed on case by case basis"
How to assess?
The current definition of "vulnerable" customers are uninformed elderly, retirees with limited savings and those not English-proficient to understand the product literature.
If you open one door to an old illiterate lady, hundred of others would claim to be illiterate too. If FI pay to the old lady as "mis-sold", will it open the doors for others to take legal action on this basis?
Hong Kong Way
From what I understand, the government is asking the respective banks and FIs to partially refund the monies to all.. perhaps 30%?
Which is the better way?
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