ABS to private banks: Be upfront about charges in bond sales
Several bonds have defaulted, and investors are estimated to have lost about S$1.1b, or 0.74% of Singdollar bonds
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Singapore
THE Association of Banks in Singapore (ABS) has reminded private banks to disclose all fees, charges and rebates in bond sales, following an outcry by investors who lost money in recent defaults.
Private banks have been under a cloud over their selling tactics, with several bonds having defaulted; investors' losses amount to about S$1.1 billion, representing about 0.74 per cent of the S$149 billion outstanding Singdollar bonds.
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