Just like the first comment on your blog, both FIDREC and the adjudicator are on the FI’s side, be it the Bank or the Brokerage.
FIDREC’s expenses in staff and office are financed by annual contributions from the FIs, so this body knows exactly who is their boss,honestly the adjudication stage is just a show, the process and outcome is just the same.
We could only show sympathy for the victims in private, no use bringing up to MAS, all of them work in collaboration for show only.
We put too much trust in this Govt, who let us down in times of need. One investor said that the adjudicator finally said during hearing, that investor should put the entire blame on MAS who allowed the derivatives to be sold to retail investors, not fault the FI who sold them, the FI is only the go between agent.
A consumer view about Fidrec