Lucky Tan said:

Nobody in authority saw anything wrong with 20-something RMs selling products they could hardly understand to old ladies who could never understand what they were buying. Several public spirited Singaporeans, like Dr. Money and Tan Kin Lian who warned investors of the pitfalls of structured products : [Link] - it was an accident waiting to happen. But a handful of Singaporeans cannot overcome the marketing budgets of banks and their armies of RMs.

MAS first response to the blowup of DBS High Note 5 and Lehman Minibonds was to advise customers to go back to the banks with their queries. As the outrage and disquiet began to spread, the MAS struck a deal with the banks to have them appoint their own "independent" investigators. You can be sure the banks have already hired the best lawyers by now and asking the customers to hand over their complaints to the bank so they can build a defense for misselling totally undermines any chance of a legal redress.

Recommended by at82: "Can the "investigators" APPOINTED by the BANKS be truly independent?! "

Link