premier banking

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

premier banking

Postby sharon1234 » Mon Feb 18, 2013 2:52 pm

I am premier customer of OCBC bank and I am not happy with my relationship manager. wonder how many are in the same boat? what can we do about it? What will happen if we bring it up to his manager?

sharon1234
GreenBelt
GreenBelt
 
Posts: 154
Joined: Sat Nov 28, 2009 10:16 am
Total Likes: 1


Re: premier banking

Postby Harlequin » Mon Feb 18, 2013 8:41 pm

You should make an appointment to see your RM's superior, be it regarding your investment portfolio performance or his service that you are not pleased.

You would be assigned a new RM, and maybe you'd receive a fruit basket with a bottle of Dom Pérignon or Moët at Chandon :wink:

Cheers!

Harlequin
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5249
Joined: Fri Nov 16, 2012 8:16 am
Total Likes: 43


Re: premier banking

Postby GLORYmum » Mon Feb 18, 2013 9:52 pm

you can write to MAS quality service and copy to OCBC customer service about your complaint.

if financial loss is involved, you can write to Financial Industry Disputes Resolution Centre Ltd (fidrec.com.sg). They handle claims up to SGD50k.

before the above, first ask to meet his team leader.

all the best.

GLORYmum
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5967
Joined: Sat Jul 21, 2012 10:59 pm
Total Likes: 101


Re: premier banking

Postby Harlequin » Mon Feb 18, 2013 11:08 pm

If you have to resort to FIDREC, a few things to note--

What was your "risk profile"? Usually it is a questionnaire form that you signed when you agreed to open the investment account, it's just that one time and subsequently review on the yearly basis, it also may be reviewed by the bank as and when the net balance in your account register a significant hike. The latest risk assessment is the one that is in effect. Were the financial products recommended to you out of your risk profile? If yes, you have a strong case.

Were you misled? Every transaction is recorded, voice and on paper; if you have consented to the transactions on the phone and subsequently signed for the transactions, your case doesn't look good... unless you can produce other legitimate reasons that you were misled into committing to the transactions.

Any misrepresentation? Did the RM or the bank misrepresented or hide any crucial and critical info of the products from you? If so, can you prove it?
..............

But I hope your case is not about monetary damage. :xedfingers:

Harlequin
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5249
Joined: Fri Nov 16, 2012 8:16 am
Total Likes: 43


Re: premier banking

Postby sharon1234 » Tue Feb 19, 2013 7:35 am

I have noted all your sharing. Thank you.

yes, my risk profile is "balance".
I need to find out if the loss exceeds the limits of my profile. It is in DCR... Has anyone had similar experience?

sharon1234
GreenBelt
GreenBelt
 
Posts: 154
Joined: Sat Nov 28, 2009 10:16 am
Total Likes: 1



Re: premier banking

Postby GLORYmum » Tue Feb 19, 2013 10:23 am

What is dcr? Dual currency pairing ?

GLORYmum
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5967
Joined: Sat Jul 21, 2012 10:59 pm
Total Likes: 101


Re: premier banking

Postby Harlequin » Tue Feb 19, 2013 11:35 am

About the Risk Assessment Profile, I don't think it spells the limitation to one's losses/profits in any transaction in absolute term, it is just an assessment to your risk withholding appetite, and used as a guideline for the finance products suitability. The institutions/banks are not in any manner, underwriting your investments; even though some products "guaranteed" capital return, its not to be taken as underwriting the losses.
If each transaction is done with your consent, it's thus assumed that you are aware of the risks you will be undertaking. Banks/institutions are the agent, earning commission for their service; only cases like misrepresentation/negligence that the banks are liable.

Cases like the ultra rich sign pre-agreement as to what dollar to call/put their options to effect/close their transaction is another separate agreement. Under such agreement, when the net balance in a particular transaction reached an pre-determined price or optimum with about 20% buffer or reached the pre-agreed dollars the transactions could be closed by the bank without any obligation to notify the clients or seek further consent (which also rarely happened, usually under most circumstances, the bank would however try to locate the client as a formality.)

PS. Unless you have signed another separate agreement to restrict your losses/profit, your risk assessment profiling is not helping with your case unless the wrong/unsuitable products were recommended to you. Which, could be taken as misrepresentation or negligence of the bank.

Also, note that you should not be influence by the RM when you do the risk assessment, it's always prudent to stay at the "low risk taker" category, you would still be eligible to higher risk products upon case by case review; should any dispute arises, you would have an advantage, IMO.

Harlequin
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5249
Joined: Fri Nov 16, 2012 8:16 am
Total Likes: 43


Re: premier banking

Postby 3Boys » Tue Feb 19, 2013 5:14 pm

sharon1234 wrote:I have noted all your sharing. Thank you.

yes, my risk profile is "balance".
I need to find out if the loss exceeds the limits of my profile. It is in DCR... Has anyone had similar experience?


It's quite unusual to make big losses in DCR, due to the short term nature of such instruments. Also, I don't think there is such a thing as a loss 'limit' dictated by your profile, only that your profile will define the types of products that you can be offered. For instance, if you were offered a particular unit trust (not high risk), and that investment lost 20%, that is something you will have to bear on your own.

My view of premier banking services is that they are out for the fees.......buyer beware!

3Boys
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5014
Joined: Tue Sep 02, 2008 5:28 pm
Total Likes: 220


Re: premier banking

Postby Rio » Tue Feb 19, 2013 6:15 pm

It would always be good to have RM with 2 or 3 banks, and compare the information given by 1 RM with another. I openly tell my RM that I also have relationship with other banks, and they better give me the best deals. In dual currency pairing, I would ask for quotes from all of them, and u will be surprise the differences between banks can be quite wide. N if a particular RM recommend me an unit trust, I would also check the advise from other bank's RM plus do my own research, before parting with my money.

RM are there for us to make use of, but I definitely cannot trust them to make money for us.

Rio
OrangeBelt
OrangeBelt
 
Posts: 53
Joined: Tue Jun 10, 2008 12:55 am
Total Likes: 1


Re: premier banking

Postby Harlequin » Tue Feb 19, 2013 7:51 pm

Dual Currency Pairing is not about the rate, it's about the tenure. The rates offer by different banks are at very marginal difference, you get a better rate is due to the unfavourable tenure.

The interest rate and even the exchange rate are all factored in when they fix a tenure. Basically, you should focus on how long you think the currency you paired is going to work in your favor otherwise you always end up with the weaker currency.

IMO, unless you are well verse with currency future trade or you have to hedge over a certain currency, else this is not your game. My 2cents.

Harlequin
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5249
Joined: Fri Nov 16, 2012 8:16 am
Total Likes: 43


Next

Return to Money Matters