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Independents asked to oversee Lehman products in Singapore


September 25, 2008

Independents asked to oversee Lehman products in Singapore
Singapore's central bank has asked financial institutions that sold structured products linked to Lehman Brothers to appoint independent parties, who will oversee and investigate complaints from concerned investors, reported Reuters.

"The independent party is intended to assure investors that their complaints will be heard, documented and reviewed fairly and swiftly," said the Monetary Authority of Singapore in a statement issued late on Wednesday.

Asian retail investors who bought products linked to the collapsed U.S. investment bank have complained about the poor advice from banks and have urged authorities to save them from losses.

MAS said it has directed DBS Bank to appoint an independent party to review how it computes the payout to investors in its DBS High Notes 5 product.

It has also asked HSBC Trustee to speed up the resolution of issues relating to the UK-based bank's Lehman Minibonds.

"While MAS cannot order financial institutions to pay compensation, we are committed to ensuring a fair resolution process for all affected investors," said MAS deputy managing director Shane Tregillis in the statement.

The central bank added that it will consider if a review of existing regulations is needed, and will investigate and take action if it finds evidence of potential regulatory breaches.

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