TRIBUNALS’ SECRETS AND FINANCIAL SERVICES’ DARK SIDE

Uncovering the Truth in Financial Services Tribunals

In the world of financial services, there are tribunals that adjudicate criminal and civil infractions. However, what happens when these tribunals fail to uncover the truth? And what about the role played by individuals in these infractions?

Concealing Information and Hiding Misconduct

According to sources, several tribunals in Singapore have been accused of concealing information and using sophisticated trading methods to hide the existence of prior misconduct. These tribunals include:

• The Financial Industry Disputes Resolution Centre (FIDReC)
• Arbitration tribunals

FIDReC’s jurisdiction is limited to disputes between consumers and financial services firms, with a cap of S$100,000 per claim. But what happens when these disputes involve larger sums or more complex issues?

Criminal Infractions and Concealed Information

Criminal infractions are adjudicated in the Singapore courts only. However, sources suggest that the courts may be complicit in concealing information and allowing individuals to avoid accountability.

The Role of Compliance Officers and Internal Auditors

The MAS Risk Management Guidelines provide a framework for financial services firms to manage risk. But what happens when these guidelines are not followed? And who is held accountable?

Sources reveal that compliance officers and internal auditors have been accused of turning a blind eye to misconduct, rather than addressing it. This raises questions about the effectiveness of these gatekeepers in preventing and detecting financial crimes.

Directors’ Duties and Liability Laws

The directors’ duties and liability laws in Singapore provide a framework for holding individuals accountable for their actions. However, sources suggest that these laws may be inadequate or poorly enforced, allowing directors to avoid accountability.

Conclusion

In conclusion, the tribunals, compliance officers, internal auditors, and directors of financial services firms in Singapore have been accused of concealing information and avoiding accountability for prior misconduct. The public has a right to know the truth about these allegations and to hold those responsible accountable.

• The lack of transparency and accountability in financial services tribunals
• The failure of compliance officers and internal auditors to address misconduct
• The inadequacy or poor enforcement of directors’ duties and liability laws