CNBC.com, 2 Oct 2008, Reuters
Singapore's central bank said it does not have the power to force banks to compensate retail investors who bought structured products linked to failed U.S. investment bank Lehman Brothers.
The Monetary Authority of Singapore (MAS) said, however, that it has appointed three "well-respected individuals" to oversee the banks' complaints handling and resolution processes. Action would be taken if the banks were found to have breached guidelines related to the selling of investment products.
"Regulatory action could include fines and public reprimands but cannot include requiring FIs (financial institutions) to pay compensation to affected investors," MAS said in a statement.
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