Standard Chartered Trading that don’t admit they are of any wrong.
Just my bad luck, a telephone call to Standard Chartered trading cause me to lose an upfront S$1,100 from an action of one of my US stock. I feedback, complaint & plead with Standard Chartered on many occasions including their social media but still the Securities department felt their new & inexperienced staff answering my call has no fault and I as a customer have to bear the full S$1,100 monetary loses from my call to them. Which means they are faultless.
On 18 Aug 2020, I received a SMS on my phone with minimum details to call Standard Chartered Trading of a Corporate action event know as a Tender Offer for one of my US counter, Intel Corp. I called and a Client Care Executive called Ozzy attended to me. Having no prior knowledge to such Tender Offer and sms did not contain any link to the Corporate action, I asked Ozzy to explain to me. However just my luck I didn’t know he was new, he just read out some script of the Tender Offer memo which ring no bell to me. When I asked him to explain more to me, he couldn’t and just move to this tender offer option available to me which are Option 1: Take Cash (USD), or Option 2: Take No action (default).
Frankly for other banks or Trading Securities when a client asked to explain more or something new to him/her, the client expect the call centre executive to be professional and ethical enough explain the matter or divert the call to a more experienced staff to handle the call. Unfortunately, Ozzy didn’t and just read from what’s available to him and didn’t bother to pass my question of what is a Tender offer to a more experienced colleague. Coincidentally, this US counter Intel Corp recently issued a cash dividend and I asked Ozzy later in the call if is related to the recent ex-dividend that I can take cash out or from. Ozzy didn’t corrected my mistake or misunderstanding, and I concluded my decision for Option 1: Take Cash (USD) with thinking of take cash from dividend issued to me.
The result is having just barely brought the Intel stock for a month at US$51, this 3rd party mini tender offer that was unsolicited & offer $45.63 per share of 6.21% below market price I have accepted unknowingly thanks to a newbie talking my call.
These are the pointers Standard Chartered Trading defended that they are faultless:
• Theresa their team leader has reviewed the phone conversion and said Ozzy repeatedly informed me that this is a tender offer
• Claimed he has requested me if I wish to amend my instruction can still do so by 24 August 2020
• I could have referred to more details on this tender offer from a letter sent to me on 17 August 2020
• Standard Chartered said they are working on an execution-only service and do not provide investment or other advice to their client. And they are not in a position to advise if any corporate action event, including but not limited to, tender offers, are favorable to their client or not.
So you guys have been warned that even as you paid Standard Chartered Trading of trading fees and kept large amount of currency in the trading account, they are not obliged to advise what is the action, or advise you of the trap holes and potential monetary loses even if you called them to explain. If things go wrong like my case having a newbie took my call, the bank would just claim they have no fault as their client never do their homework and checking.