OCBC Securities has reviewed and enhanced its sales and distribution processes, and further strengthened its internal framework to ensure that we continue to make available appropriate products and services to our customers. The improvements made are in line with a series of additional measures we have decided to implement.  These include enhancing our training framework to ensure that our Trading Representatives stay updated and have the necessary knowledge of the various listed investment products to better serve our customers.

All these measures are outlined in an action plan we have submitted to the authority, and Pricewaterhouse Coopers LLP, our appointed independent adviser, has reviewed and accepted the plan.

Delivering fair-dealing outcomes to our customers is an on-going effort.  Hence, the Board and Senior Management are committed to implementing the additional measures to deliver on this undertaking.  These include taking steps to align our operations to the principles underlying the various proposed changes as outlined in the Monetary Authority of Singapore’s Consultation Paper on Listed and Unlisted investment products, and we expect to incorporate the relevant changes into our regulatory framework once the Consultation Paper comes into effect.

OCBC Securities has stopped distributing structured notes since November 2008 before financial institutions were asked to stop selling such instruments.

Updated 24 August 2010