Retiree sues UOB

my regular mutton fix

Plaintiff - Customer - Mr Go - age 69 - lost $350,000 over 2 transactions worth $2.75mio. Said to be an ex-property developer and experienced investor in equity.

As reported in ST yesterday, Mr Go sue on the basis of misrepresentation, negligence and breach of duty under the Financial Advisers Act on Nov 3.

Defendent 1 - UOB Bank
Defendent 2 - Mr Yeo Beng Hee - age 28 - so called Relationship Manager

While the Court has yet to decide on who is right or wrong, the rosy world of high finance for this young 28-year old is now in nightmare.. But will he survive to continue in his banking career?

Should the banks be more stringent in the quality and experience of people they put in the frontline advising clients on matters worth a lot of monies?? Quantum of funds they themselves may not even have and thus had no personal experience handling.

While I know everyone got to start somewhere, I will still say quality and experience level of people at the frontline must prevail. It should not be based just on passing a few exams and they happily go around Boat Quay telling people they are BANKERS. Sigh!!