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.”
Watch the CNA video "Talking point" here: