Singapore MAS Tharman Shanmugaratnam: Bank Offers Scammed Victims Lower Settlement Amount, Victims Can Approach Financial Industry Disputes Resolution Centre (FIDReC)
Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more
2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only.
You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
Singapore MAS Tharman Shanmugaratnam: Bank Offers Scammed Victims Lower Settlement Amount, Victims Can Approach Financial Industry Disputes Resolution Centre (FIDReC)
1st December 2022 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam (Senior Minister & Minister in charge of MAS) reply to questions on lower settlement amount for scammed banking victims. Banks may offer customers goodwill payment, and dissatisfied customers can approach Financial Industry Disputes Resolution Centre (FIDReC) – an independent and impartial institution that provides a low-cost dispute resolution service for financial institutions and their customers.MAS Tharman Shanmugaratnam:“Any customer who accepts an offer of goodwill payment will be bound by the terms of the offer. Should new information come to light that is materially different from the premise upon which the customer accepted an offer from the bank, it is within the customer’s rights to request the bank to relook the case, or approach FIDReC for assistance.”Banks are also expected to treat customers fairly, and police will also investigate the scam.
“ Bank Offers Scammed Victims Lower Settlement Amount, Victims Can Approach Financial Industry Disputes Resolution Centre (FIDReC) “
The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
The 2024 Family Office Summit17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here
2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
MAS Tharman Shanmugaratnam on Scammed Victims Offered Lower Settlement Amount by Banks
Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam
Reply to Parliamentary Question on on Scammed Victims Offering Lower Settlement Amount by Banks
Date: For Parliament Sitting on 30 November 2022
Ms Yeo Wan Ling, MP, Pasir Ris-Punggol GRC
To ask the Prime Minister (a) whether the Government is aware of banks offering alleged scam victims offers of final settlement which can be significantly lower than the scammed amount, while police investigations are ongoing; and (b) whether the Government will consider regulating this practice to ensure that scam victims who accept such offers are nonetheless not precluded from commencing further claims to recover their money when investigations conclude that the banks are at fault for allowing the scams to succeed.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. MAS expects banks to treat customers fairly. When handling cases of suspected scams, the banks must promptly investigate the relevant transactions performed. They must consider whether they have fulfilled their own obligations, and whether customers had done their part to protect their own accounts. The Police will also investigate the scam, but they do not determine the culpability of the banks in allowing the scam to succeed.
2. Depending on the outcome of the banks’ investigations, they may offer goodwill payments to customers. In such cases, banks are expected to give customers sufficient time to consider any such offer. A customer may decline an offer if he is not satisfied with it. He may then approach the Financial Industry Disputes Resolution Centre (FIDReC) for mediation and adjudication. FIDReC is an independent and impartial institution that provides a low-cost dispute resolution service for financial institutions and their customers.
3. Any customer who accepts an offer of goodwill payment will be bound by the terms of the offer. Should new information come to light that is materially different from the premise upon which the customer accepted an offer from the bank, it is within the customer’s rights to request the bank to relook the case, or approach FIDReC for assistance.
4. MAS is working with other government agencies to design a fair and effective framework for shared responsibility amongst relevant parties when a scam occurs, and one which incentivises each party to be vigilant against scams. This will complement the processes mentioned earlier.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
The leading financial platform covering capital market, investments, private wealth & family office in Asia. For top investment professionals, advisors, investors, business leaders. Join 11,000+ top investment professionals, institutional investors, professional investors & advisors. Our users typically manage $20 million to $30 billion of assets, invest $3 million to $300 million, or advise institutions, billionaires, UHNWs & HNWs.
Caproasia.com | Newsletter Daily 2 pm | Caproasia Access | The Financial Centre | Family Office Circle | Family Office Summit | Investment Day | Investment, Risk & Wealth Intelligence | Latest News | Reports | Insights | Subscription | Membership & more
” Intelligence at your fingertips. Find useful info & services. Time lost is never found. Take advantage of big investment opportunities. Avoid fraud, fines, & jail. Manage your risks. “
2025 Upcoming Events
> The 2025 Investment Day Hong Kong – March / July / Sept / Nov
> The 2025 Investment Day Singapore – March / July / Sept / Nov
> The 2025 Investment / Alternatives Summit Hong Kong – April / Oct
> The 2025 Investment / Alternatives Summit Singapore – April / Oct
> The 2025 Family Office Summit Hong Kong – April / Oct
> The 2025 Family Office Summit Singapore – April / Nov
> The 2025 Private Wealth Summit Hong Kong – TBC
> The 2025 Private Wealth Summit Singapore – TBC
2024 June / July Report Release:
> Asset Management Report 2024
> Family Office Report 2024
> UHNW Wealth Report 2024
> Top 50 Southeast Asia Companies Report 2024
> China & Hong Kong IPO Report 2024
> Hong Kong SFC Financial Industry Report 2024
> Private Capital / Equity Fund Managers IRR & Bonuses Report 2024
> Sports Report 2024
