David Gerald, President SIAS:
“We need to understand some of the reasons behind the late
announcement, but certainly I agree that there could been a better
or earlier announcement.”
“The banks still need to determine if there is mis-selling, so
the internal inquiry still needs a bit of time. And also the bank
by making the statement is admitting liability, so they need to
seek advice from the lawyers, the board, so it will take a bit of
time.”
“A better avenue would be FIDReC. The tribunal is
ready to hear your case. If you don’t like the decision, you can
walk away. The investors are not bound by the FIDReC’s decisions,
only the FIs are bound, so my recommendations is for investors to
file your claim with FIDReC if you do not want to go through the
3-step process by the bank.”
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